A. In order to off-set the costs of the development of affordable units pursuant to this chapter, the city/Agency will approve any or all of the following incentives:
1. A density bonus;
2. Flexible development standards, such as, a reduction in unit square footage, on-site requirements, and off-site improvements;
3. Deferral of development impact fees;
4. Use of Building Code alternatives;
5. Assistance in application for public funds, such as rent subsidies, bond financing, community development block grants;
6. Redevelopment set-aside funds;
7. Any other lawful means of offering the costs of providing affordable units.
B. Should the appropriate incentives not offset the cost of the required affordable units as shown in the impact analysis, then the number of required affordable units shall be reduced until the city determines a break even point has been met.
C. The Planning Commission shall approve all incentives offered under this program and shall evaluate each program on a project specific basis. Any use of Redevelopment Agency set-aside funds shall require the approval of the Agency Board.
(Ord. 934, passed 3-2-93)