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the units affordable for a 15 year period. For rental projects such as this one, "affordable" is defined in the county's LDRs as a unit having a monthly rental rate equal to .083 times 20% of the non -adjusted annual median family income for Indian River County as established by the FHFA. Satisfaction of the tax credit program requirements will satisfy county affordable housing density bonus requirements. Based on the proposed PD and proposed program participation, staff has determined that the applicant meets county requirements for a 20% affordable housing density bonus, although a 10% density bonus is being requested. To ensure that these requirements will be met, the applicant will need to provide the county with a letter from the state or federal agency responsible for funding and monitoring the project under the tax credit program. In addition, the LDRs require the applicant to record a restrictive covenant that specifies the terms of the affordable housing approval, and places any prospective buyer of the project on notice as to the terms of approval. 8. New Impervious Surface Area: Phase I: 4.76 acres Phase II: 5.34 acres Total: 10.10 acres 9. Open Space: Required: RM -10: 30.0% Provided: Phase I: 50.6% Phase II: 58.4% Both Phases at Buildout: 55.1% Note: Since the area of development is entirely within the RM -10 zoning district, the RM -10 open space criteria of 30% was applied to the site. The RS -1 portion of the site will be left undeveloped, providing 100% of the area as green open space. 10. Recreation Area: Required: Phase I: 1.73 acres Provided: Phase I: 1.73 acres Required: Phase II: 1.92 acres Provided: Phase II: 2.40 acres Both Phases at Buildout Required: 3.65 acres Both Phases at Buildout Provided: 4.13 acres 11. Traffic: The project will be accessed from Indian River Boulevard with a driveway that will align with 8th Street and straddle the boundary between the project site and the site immediately north. This driveway alignment is dependent upon the applicant securing an easement from the property owner to the north prior to PD plan release. If the easement is not secured, the applicant will need to redesign the project access with a right-in/right-out driveway located in the middle of the property, at least 175' from the intersection of 8th Street and Indian River Boulevard. Within the project site, an internal loop road is proposed to service Phase I. The road will loop through the site and provide access to various parking areas that will serve the apartment buildings. From Phase I, the loop road will stub - out to a loop road for Phase II, which will provide access to the buildings within Phase II. - 24 JANUARY 28, 1997 e00K � 0" 0 FACE J3 M M M