The Parker Place Project, formerly known as 375 Parker Place, is a housing development of 22 residential units in Rodeo that was approved by the County Zoning Administrator on January 4, 2021. The site for the development is located at the corner of Parker Avenue and Fourth Street in the unincorporated area of Rodeo. The approved project is subject to the County's Inclusionary Housing Ordinance, and the approval included conditions requiring the construction and rental of three inclusionary units on site. The developer sought and was granted a density bonus for the project to develop six additional units. A Density Bonus and Inclusionary Housing Agreement (Agreement) is required by the County's Density Bonus and Inclusionary Housing Ordinances and was a condition of approval to implement the project's inclusionary housing obligations. Staff has prepared the attached Agreement between the County and Harjap Singh and Parvinder Kaur, trustees of the Harjap Singh and Parvinder Kaur Family Trust and current property owners. If approved, the Agreement will be recorded against that property. If the property is sold to another developer, the Agreement will run with the land, and the new developer will be subject to the Agreement's obligation.
The Agreement requires the developer to construct and rent three affordable units and covers the ongoing obligations of the developer and the County over the 55-year time period, under which the three units will be provided as affordable housing units. Of the three units, one unit must be made affordable to a very low-income household, and two must be made affordable to lower-income households. The affordable units must be phased in on the same schedule as the market rate units and be of the same exterior appearance with the same average number of bedrooms as the market-rate units. The attached Final Inclusionary Housing Plan identifies where the affordable units will be located throughout the development. County staff will monitor the rental of affordable units to ensure compliance with the affordability restrictions. There is no change in the project as approved; the Agreement and Final Inclusionary Housing Plan simply provide the details of the density bonus and inclusionary housing requirements that were included in the project's Conditions of Approval.
The Parker Place Apartment project was approved with conditions for the developer to enter into a Density Bonus and Inclusionary Housing Agreement pursuant to the County's Density Bonus and Inclusionary Housing Ordinances. The consequences of negative action would delay the development of the project, as an executed agreement is required prior to the issuances of building permits or recordation of the subdivision map.