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5. 6. 7. M M M Number of Units: Proposed: 304 units *Allowed: 340 units *using full density bonus for affordable housing Off -Street Parking: Phase I: Required: 288 spaces Provided: 288 spaces Phase II: Required: 320 spaces Provided: 320 spaces Total: Required: 608 spaces Provided: 608 spaces Note: To reduce the required parking, the applicant wants to reserve the right to propose a "no similar use" parking study with the yet -to -be -submitted preliminary PD plan. At such time as the preliminary PD plan is presented, the Planning and Zoning Commission can consider such a request. Density: Allowed (with density bonus & transfer): 12.56 units/acre Proposed (with density bonus & transfer): 11.03 units/acre Note: The density is based on 27.05 acres of developable RM - 10 zoned property. For the overall property, the density is 7.14 units/acre based upon 304 units on 42.55 acres. By using the affordable housing density bonus available through the PD process, the applicant is proposing a 10% density bonus increase above the project's normally allowed maximum density. The applicant will also be dedicating additional right-of-way for Indian River Boulevard and will be compensated through a density credit. The yet -to -be -dedicated right-of-way is included in the site's gross upland area acreage (27 acres), as indicated below. Both the affordable housing density bonus and the density credit as compensation for the proposed right-of-way dedication are provided for in the LDRs and have been applied to other previously approved residential projects. The total maximum number of units allowed on the project site is as follows: Overall Project: 42.55 acres Environmentally Sensitive: 15.5 acres Upland Area: 27.05 acres (effective base residential area) 26.67 X 10.0 units/acre = 266.70 units .38 X 10 = 3.8 units right-of-way dedication density credit 270.5 X .2 = 54.1 units affordable housing density credit 15.5 X 1 unit/acre = 15.5 units density transfer from environmental area 266.70 + 3.8 + 54.1 + 15.5 = 340.1 units or 340 units allowed (note: 304 units are proposed). Pursuant to section 911.14(4) (zoning chapter) of the county's land development regulations (see attachment #4), the applicant has requested an affordable housing density bonus of 10%, or 27 units. The applicant is providing affordable housing through the Low Income Housing Tax Credit Program administered by the Florida Housing Finance Agency (FHFA). Under that program, the applicant is required to keep all of 23 JANUARY 28, 1997 Boor. , U FA _. -1