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• <br />RESOLUTION NO. 86 -101 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH <br />APPROVING THE DENSITY BONUS REQUEST OF THE MESA DEVELOPMENT COMPANY, <br />THE WAIVER OF APPLICATION FEES AND THE ALLOCATION OF <br />$357,000 OF COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS FOR PURPOSES OF <br />CONSTRUCTING A 25 -UNIT APARTMENT DEVELOPMENT AFFORDABLE TO <br />VERY LOW INCOME FAMILIES FOR A PERIOD OF 30 YEARS <br />WHEREAS, the City Council of the City of Newport Beach has <br />made a commitment to increase the supply of affordable housing in <br />Newport Beach; and <br />WHEREAS, the Housing Element of the Newport Beach General <br />Plan has established policies pertaining to providing housing oppor- <br />tunities for all economic segments of the City; and <br />WHEREAS, these policies include providing incentives and <br />direct assistance to property owners, within the limitations of <br />available resources; and <br />WHEREAS, as a part of encouraging the provision of afford- <br />able housing in the City, the City Council can waive all of the <br />required fees for affordable housing projects; and <br />WHEREAS, the City of Newport Beach continues to use the <br />majority of its Community Development Block Grant funds to assist in <br />the development of Affordable Housing; and <br />WHEREAS, Section 65915 of the California Government Code <br />provides for approval of a density bonus for affordable housing <br />developments; and <br />WHEREAS, the Mesa Development Company development provides <br />25 units affordable to very low income families for a period of thirty <br />years; <br />NOW, THEREFORE, the City Council of the City of Newport <br />Beach does hereby resolve as follows: <br />That a density bonus is hereby granted to the Mesa Develop- <br />ment Company for the proposed 25 -unit rental apartment <br />development at 1544 Placentia Avenue in this City. That <br />$357,000 of Community Development Block Grant funds will be <br />used to assist in the development of this affordable housing <br />project in conformance with the City's Final Statement of <br />Community Development Objectives and Projected Use of Funds <br />for the 1985 -86 and 1986 -87 program years. Further that <br />application fees for Amendment No. 1540 are hereby waived. <br />