...Title
Approval of a Multifamily Housing Incentive Program Residential Tax and Fee Waiver for The Aquino at 498 West San Carlos Street.
...Recommendations
(a) Conduct a public hearing to approve an economic development tax and fee waiver in connection with a reduction in construction taxes and a reduction of the Inclusionary Housing Ordinance in-lieu fee for The Aquino at 498 W. San Carlos Street, which meets the requirements of the Multifamily Housing Incentive Program enacted by the City Council on December 10, 2024, in an amount of up to $4,071,272.74 pursuant to California Government Code Section 53083 and Open Government Resolution No. RES2024-99 Section 2.3.2.6.C.
(b) Adopt a resolution approving the tax and fee waiver and authorizing the Housing Director, or his designee, to negotiate and execute documents and document amendments related to implementing the Multifamily Housing Incentive Program, such as construction progress agreements.
CEQA: Addendum to the Downtown Strategy 2040 Final Environmental Impact Report (Resolution No. 78942) for the Madera Residential Project, File Nos. SP20-019-01 and SP20-019-02. Council District 6. (Housing/Planning, Building, and Code Enforcement/Transportation)