In lieu of including the inclusionary units in the residential development pursuant to § 23.15.040, the requirements of this chapter may be satisfied through one or more of the alternatives set forth in this section, in accordance with procedures and standards set forth in the regulations.
(A) In lieu fee. At the discretion of the developer, if a residential development consists of 20 units or less, payment of a fee in lieu of all or some of the inclusionary units, as follows:
(1) The amount of the fee shall be calculated using the fee schedule established by resolution of the City Council.
(2) One-half of the in lieu fee required by this division shall be paid (or a letter of credit posted) prior to issuance of a building permit for all or any part of the residential development. The remainder of the fee shall be paid before a certificate of occupancy is issued for any unit in the residential development.
(3) The fees collected shall be deposited in the Inclusionary Housing Trust Fund.
(B) Off-site units. Upon application by the developer and at the discretion of the Director, the developer may satisfy the requirement of providing inclusionary units as part of the residential development, in whole or in part, by constructing or substantially rehabilitating the required number of inclusionary units at a site different than the site of the residential development.
(C) Land donation. Upon application by the developer and at the discretion of the Director, the developer may satisfy the requirement of providing inclusionary units as part of the residential development, in whole or in part, by a conveyance of land to the city for the construction of the required inclusionary units.
(Ord. 4823, passed 1-22-24)