Except as otherwise provided for plan area projects, the actual number of inclusionary housing units that a developer must construct in accordance with this chapter is calculated as follows:
(A) The percentage of inclusionary housing units required by this chapter will be applied to the total number of dwelling units proposed for a project;
(B) At the developer's option, any remainder resulting from the calculation in this section may be converted into an in-lieu fee or rounded up to the nearest whole number;
(C) For example, and without limitation, if a project has a total of 11 dwelling units and the developer opts to construct inclusionary housing units for very low-income households, then the developer would be required to construct 1.1 inclusionary housing units (10% multiplied by 11 dwelling units). Because of the remainder, the developer could either construct an additional inclusionary housing unit or convert the remainder into an in-lieu fee payable to the city as provided in this chapter.
(Ord. 1142, passed 11-7-05)