§ 9.09  PAYMENT IN LIEU OF AFFORDABLE UNITS.
   (a)   Based on research conducted in support of this section and pursuant to §§ 9.01 through 9.03, a verified payment in lieu rate is hereby established as set forth in City Code Appendix A per square foot and is calculated based on the leasable market rate unit square footage of the interior unit only, and not the total building square footage. For sale unit in lieu payment is calculated based upon the livable square footage only.
   (b)   The opportunity housing requirement in § 9.06 may be satisfied by making a payment to the city Affordable Housing Trust Fund established by this chapter in lieu of constructing the opportunity housing units, provided that such payment is received by the city prior to the issuance of the building permit for the project.
   (c)   If a developer chooses not to construct a portion of the required opportunity housing units mid project, the developer may make a payment in lieu of developing the remaining units that is proportional to the requirement of this section, provided that such payment is received by the city prior to the issuance of the building permit for the project.
   (d)   If a developer chooses the in lieu payment, the fee in-in lieu shall be paid to the Affordable Housing Trust Fund, but the developer may assign the in lieu payment to another housing development when it is:
      (1)   To a development by the same developer that will include at least 20% of the housing units affordable to households at or below 60% AMI provided the development receives city site plan approval within 24 months of beginning construction on the market rate units;
      (2)   To a development by different developer that will include at least 20% of the housing units affordable to households at or below 60% of AMI provided the development receives city site plan approval within 24 months of beginning construction on the developer’s original housing development; or
      (3)   To a NOAH property in the city to maintain, rehabilitate, and preserve the existing affordable housing units within 24 months provided the developer submit a maintenance repair plan and enters into an affordable housing agreement approved by the city.
   (e)   The payment amount will be reviewed annually by resolution of the City Council.
   (f)   A developer that chooses to make a payment in lieu of the opportunity housing requirement in § 9.06 is not eligible for the affordable housing tools and incentives described in §§ 9.15 through 9.31.
(Ord. 2019-16, passed 2-25-2019; Ord. 2020-40, passed 11-23-2020; Ord. 2021-1, passed 3-8-2021)