A density bonus may be approved pursuant to a request for approval of a density bonus, provided the request complies with the provisions of this Chapter. Each application for a density bonus request shall be accompanied by the following:
A. A site plan that identifies all units in the project including the location of the affordable units and the bonus units;
B. A narrative briefly describing the housing development and shall include information on:
1. The number of units permitted under the general plan.
2. The total number of units proposed in the project.
3. The number of affordable and/or senior units.
4. The number of bonus units requested based on the tables provided in Section 17.28.050 of this Chapter.
5. A breakdown of units proposed for very low, lower, and moderate income, senior citizen, and/or market rate units.
6. Any requested incentive(s), including an explanation as to why the incentive(s) is required for the housing development.
C. Information indicating that appropriate and sufficient infrastructure capacity (water, sewer, roadway) and water supply is available to serve the bonus units;
D. A pro-forma illustrating the financial need for the density bonus and/or any requested Incentives. The information that shall be included is as follows:
1. The project pro-forma shall include, but is not limited to: capital costs, operating expenses, return on investment, revenues, loan-to-value ratio and debt-coverage ratio, any contribution provided by subsidy programs, and the economic effect created by the use and income restrictions of the affordable units.
2. An appraisal report indicating the value of the density bonus and any incentive(s) requested.
3. A source and use of funds statement identifying any projected financing gap of the project. The developer shall establish how much of the gap is covered by the density bonus units, and how much will be covered by the requested incentive(s).
E. Any such additional information in support of a request for a density bonus as may be requested by the planning and redevelopment department.
(Ord. 823-2016 § 11 (part), 2016)