R-10530ATTACHMENT A
City Council Meeting 09-28-10 Santa Monica, California
RESOLUTION NUMBER 10530 {CCS)
(City Council Series)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA MONICA
AUTOMATICALLY ADJUSTING THE AFFORDABLE HOUSING UNIT
DEVELOPMENT COST PURSUANT TO SANTA MONICA MUNICIPAL CODE
SECTION 9.56.070(c) BASED ON CHANGES IN CONSTRUCTION COSTS
AND LAND COSTS
WHEREAS, on June 13, 2006, the City Council amended Santa Monica
Municipal Code Section 9.56.070 to provide that the City's affordable housing
unit development cost shall be established by resolution and that commencing on
July 1, 2007, the affordable housing unit development cost shall be automatically
adjusted annually by City Council based on changes ih construction costs and
land costs; and
WHEREAS, Santa Monica Municipal Code Section 9.56.020 defines
"affordable housing .unit development cost" as "the City's average costs to
develop a unit of housing affordable to low- and moderate-income households;"
and
WHEREAS, in order to implement the Council's decision that the
affordable housing unit development cost be adjusted based on changes in
development costs and (ands, staff formulated. a specific method of measuring
changes in construction costs and land costs; and
WHEREAS, this proposed methodology was detailed in an April 2~, 20106 letter
prepared by Paul S. Silvern of I-#R&A Fidvisors, Inc. {"NR&A") on behalf a# the Gity and
approved by the Council on June 13, 2006; and
WHEREAS, pursuant to this methodology, on July 24, 2007, the City Council
adopted Resolution (~o. 10230 {CGS} which established an affordable housing unit
development cost of $265,632; and
WHEREAS, pursuant to this methodology, on July 23, 20{38, the City Council
adopted Resolution No. 10330 {CGS} which incrementally adjusted this unit
development cast by X11,953; and
WHEREAS, pursuant to this methodology, on September 8, 2009, the Gity
Council adapter( Resolution Flo. 10423 {CGS} which incrementally adjusted this unit
development cost by $7,217; and
WHEREAS. Resolution No. 101230 {CCS), Resolution Rio. 10330 {GCS),
Resolution ~Jo. 10423 {CCS thereby established an affordable housing unit
development cost of $284,802; and
WHEREAS, on September 16, 2010, the City published a notice that at the
WHEREAS, the City republished this notice on September 22, 2(110; and
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ltVHEREAS, a copy. of HR&A's analysis has been available in the City Clerk's
Office for public review since September 16, 2{}10; and
WI-IEREAS, based on this analysis, a decrease in the amounk of $3,702 to the
current affordable housing development asst of $284,802 would be appropriate,
NOW; THEREFORE, THE CITY COUNGiL Oi= THE GiT`( OF SANTA IUtONICA
DOES RESOLVE AS FOLLOWS:
SECTION 1. The current Affordable Housing unit Deueiopment Cost of
$284,802 established by Resolution No. 10230 {CCS}; Resolution No. 10330 {CCS),
and Resolution Rlo. 10423 {CCS} shall be decreased by $3,702.
SECTION 2, ~l"he City Clerk shall certify to the adoption of this Resolution, and
thenceforth and thereafter the same shall be in faall force and effect on R9ouember 29,
2010.
SECTION 3. Resolution No. 10230 (CGS): Resolution No. 10330 {CCS), and
Resolution No. 10423 {GCS) shat! remain in full force and effect. This resolution does
not supersede or alter Resolution hio. 10230 {CCS}, Resolutian No. 10330 {CCS), and
Resolutian Rio. 10423 {CCS) in any respects.
APPROVED AS TO FORM:
MOtJTRIE
G
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Adopted and approved this 28th day of
1, Maria M. Stewart, City Clerk of the City of Santa Monica, do hereby certify that
the foregoing Resolution No. 10530 (CCS) was duly adopted at a meeting of the Santa
Monica City Council held on the 28th day of September, 2010, by the following vote:
Ayes: Councilmembers: Bloom, Davis, Holbrook, O'Day, McKeown
Mayor Shriver, Mayor Pro Tem O'Connor
Noes: Councilmembers: None
Abstain: Councilmembers: None
Absent: Councilmembers: None
ATTEST:
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Maria M. Stewart, Ci Clerk