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deny the special exception use request. In making its decision, the Board must determine if the request is appropriate for the subject property and surrounding areas. The Board may then grant approval and attach any condition(s) and safeguard(s) deemed appropriate to mitigate impacts and to ensure compatibility of the use with surrounding areas. Planned Development Special Exception Use Analysis: 1. Density Bonus: The applicant is proposing a 9.1% density increase in the project's normally allowed maximum density using the affordable housing density bonus available through the PD process. A density increase of 20% is allowed through the PD special exception process. The total number of units allowed on the property is as follows: 15.41 X 10 unitstacre = 154.1 units 154.1 X.2 = 30.82 affordable housing density bonus units 154.1 + 30.82 = 184.92 or 184 units allowed Allowable Density with Bonus = 11.94 units per acre (184 -units) Proposed Density with Bonus = 10.90 units per acre (168 units) Pursuant to zoning chapter section 911.14(4) (see attachment #4), the applicant has requested an affordable housing density bonus of 9.1%. 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 the units affordable for a 15 year period. For rental projects, affordable is defined in the county's LDRs as a project having a monthly rental 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% density bonus. 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. In addition, the applicant will need to record a restrictive deed covenant in the public records. The covenant will specify the terms of the affordable housing approval, and will place any prospective buyer of the project on notice as to the terms of approval. 2. Buffer Requirements: Residential Planned Developments (PD) are required to provide a 25' building setback from the perimeter of the PD to all buildings, driveways, roadways, and parking areas within the boundaries of the project. The conceptual plan provides the required 25' PD building setback Based on the land use designation of adjacent properties bordering a PD project, additional landscaping and buffering may be required. Since the project is adjacent to properties having a medium density residential land use designation, the compatibility standards for PD developments do not require a buffer, other than the 25' building setback. However, pursuant to the general zoning regulations, where multi -family projects abut single firmily zoning, which is the case along this project's southwest comer, an intervening landscape buffer shall be provided. In this case, the normal LDR requirement gives the developer the option of providing either a Type "C" buffer with a 3' opaque feature or a Type "D" buffer with a 6' opaque feature. However, the Planning and Zoning Commission has recommended (with staff concurring) that, along the project's southern perimeter that abuts single family parcels, the developer shall provide a 6' opaque feature with either a Type "C" or Type "D" buffer. The county is currently in the process of revising portions of the LDR landscaping regulations which include enhanced landscaping requirements for projects along arterial and collector roadways. The Board has invoked the pending ordinance doctrine and instructed staff to apply the proposed standards. Since the subject site fronts a collector roadway (49th Street), the developer is required to provide perimeter landscaping consistent the pending ordinance. Along the project's 49th Street frontage, the developer will provide one tree for each 25' of roadway frontage and a continuous hedge. 3. Compatibility: With the exception of three larger, deep parcels containing single family homes located along the subject site's southern boundaries, the site is bordered by large parcels zoned RM -10 that are either developed as multi -family apartments or can be developed as multi -family projects at densities allowed in the RM -10 district. To the west of the subject site are two existing apartment projects with a combined total of 154 units. Victory Park, immediately to the west of the subject site, contains 100 units at a density of 9.1 units per acre. To the east is a 5 acre vacant parcel zoned RM -10. Opposite the subject site on the north side of 49th Street are 152 acres of pasture land zoned A 1 with a land use designation of L-2. OCTOBER 7, 1997 b am M