File #: 18703   
Type: Public Hearing Status: Agenda Ready
Meeting Body: City Council
On agenda: 4/30/2019
Title: 950 West El Camino Real - Affordable Housing Project
Attachments: 1. Council Report, 2. ATT 1 - Resolution for a PCP, DR, PUP, & a HTRP with Conditions, 3. ATT 2 - Project Plans, 4. ATT 3 - Neighborhood Meeting Notes, 5. ATT 4 - EPC Public Hearing Report, February 20, 2019, 6. ATT 5 - Parking and Traffic Study, 7. ATT 6 - Project Financing Summary (Pro Forma), 8. ATT 7 - NOFA Proposal: City Council Meeting 05-15-18, Item 7.2
Related files: 200219, 190239


950 West El Camino Real - Affordable Housing Project

Recommended Action

1.                     Adopt a Resolution Conditionally Approving a Planned Community Permit and Development Review Permit for a Five-Story, 71-Unit Affordable Studio Apartment Development (Including One 2-Bedroom Manager's Unit) and a Density Bonus Request With Waivers, a Provisional Use Permit for Rooftop Amenities Above the Third Floor and Residential Accessory Uses Utilizing the Ground-Floor Commercial Setback, and a Heritage Tree Removal Permit to Remove Eight Heritage Trees at 950 West El Camino Real, to be read in title only, further reading waived (Attachment 1 to the Council report).


2.                     Appropriate $21,072,844 in Below-Market-Rate (BMR) funds for Palo Alto Housing’s 71-unit affordable housing development located at 950 West El Camino Real.  (Five votes required).


3.                     Authorize the City Manager or his designee to negotiate the loan and agreement terms, and execute a funding commitment letter, loan agreement, and related loan documents.