(A) The city will grant either a density bonus or provide other incentives of equivalent financial value to a condominium conversion project that agrees to pay the reasonably necessary administrative costs incurred by the city pursuant to this section if either:
(1) Thirty-three percent of the total units of the proposed condominium project is affordable to persons and families of moderate income households; or
(2) Fifteen percent of the total units of the proposed condominium project will be affordable to persons and families of lower income households (Cal. Gov't Code, Section 65915.5(a)).
(B) Definition of density bonus for condominium conversion projects - If the requirements of Section 16-410.20(A) are met, then the condominium conversion project will be entitled to an increase in units of 25% over the number of apartments, to be provided within the existing structure or structures proposed for conversion from apartments to condominiums. (Cal. Gov't Code, Section 65915.5(b))
(C) Pre-submittal preliminary proposals for density bonus or incentive for condominium conversion projects - Prior to the submittal of a formal request for subdivision map approval or other application for necessary discretionary approvals, an applicant to convert apartments to a condominium project may submit to the director a preliminary proposal for density bonus or other incentives of equivalent financial value. The director shall, within 90 days of receipt of a written proposal, notify the applicant of the director's preliminary response and schedule a meeting with the applicant to discuss the proposal and the director's preliminary response. (Cal. Gov't Code, Section 65915.5(d))
(D) Application for density bonus or incentives for condominium conversion projects - An applicant must submit a completed application provided by the city for a density bonus or for other incentives of equivalent financial value. The application must be submitted concurrently with the application for the condominium conversion project. The application must include the following:
(1) All information and documentation necessary to establish that the requirements of Section 16-410.20(A) are met;
(2) The proposal for a density bonus or the proposal for other incentives of equivalent financial value;
(3) Site plans demonstrating the location of the units to be converted, the affordable units, the market-rate units, and the density bonus units in the condominium conversion project; and
(4) Any other information and documentation requested by the city to determine if the requirements of Section 16-410.20(A) are met.
(E) Both the application for a density bonus or other incentives of equivalent financial value and the application for the condominium conversion must be complete before the application for a density bonus or other incentives of equivalent financial value will be considered.
(F) Granting density bonus or incentive for condominium conversion projects -
(1) Approval -
(a) If the requirements of Section 16-410.20(A) are met, the decision-making body for the condominium conversion project application is authorized to grant an application for a density bonus or other incentives of equivalent financial value, subject to Section 16-410.20(F)(2).
(b) Reasonable conditions may be placed on the granting of a density bonus or other incentives of equivalent financial value that are found appropriate, including, but not limited to, entering into an affordable housing agreement pursuant to Section 16-410.19 which ensures continued affordability of units to subsequent purchasers who are persons and families of moderate income households or low income households. (Cal. Gov't Code, Section 65915.5(a))
(2) Ineligibility - An applicant shall be ineligible for a density bonus or other incentives of equivalent financial value if the apartments proposed for conversion constitute a qualified housing development for which a density bonus as defined in Section 16-410.2 or other incentives were provided. (Cal. Gov't Code, Section 65915.5(f))
(3) Decision on condominium conversion project - Nothing in this section shall be construed to require the city to approve a proposal to convert apartments to condominiums. (Cal. Gov't Code, Section 65915.5(e))
(Ord. No. 2912, 3035)