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CDP_003
` COASTAL RESIC"TIAL DEVELCP.- CO( %CIL POLICY ?-1 CITY OF NE~TPL .l BEACH A cation Reed ay Fee: PLANNXNG DEPARZ7G= CURRENT PLANNING DIVISION 3300 Newport Boulevard Newport Beach, CA 92663 (714) 640-2218 or 640-2219 Applicant (Print)— L.W. Rylee Phone (714)640-2912 Hailing Address 190 Newport Center Drive, Newport Beach,CA 92660 Property Owner L.W. R lee, Allan Arthur, Peter DeBaun & Robert Crevier Phone (714)640-2912 !tailing Address 190 Newport Center Drive, Newport Beach, CA 92660 Address of Property Involved 311 Carnation, Corona Del Mar, CA Legal description of Prdhorty Involved (if too long, attach zteparatr nhrnt) See Attached Exhibit A Description of the Proposed Project Four Unit Townhouse Condominium Project, each with attached two car garage. Nurber of Units Four Rrrrrrraralrr Raarrrrrwrwat�ewfFt+Marrrrrrrrr.rrrrrrrryrrrrrrr*er*rrrr*rrrwrwawt+rw!**srrrlrrarr*r Please attach a statement indicating the proposed selling price of the units, the anticipated coat of developing the proposed project and any other information that could affect the feasibility of providing low/moderate income units in conjunction with the proposed project. raarRrlwaRwfrRrrfr rrrrtrfw!!!!rlrrR!lfwrrrrwrfrrfrrfrrr rrr rrr rrrrrrrrrrrrr��frrfrr!l rrrrrawa fo (We) L.W. Ry-lee, Allan Arthur, Peter DeBaun, Robert Crevier depose and say that (I am) (we are) the owner(s) of the property(ies) involved in this application. (I) (We) further certify, under penalty of perjury, that the foregoing statements and answers herein contained and the information her to the beat of (r+Y) (our) knowledge and Signature( NOSES An agent may sign for the owner if written authorization frog the reccrd owner is filed with the applicant. Date Filed Planning Dir*ctor Action Date Do NOT COMPLETE APPLICATION BLOW THIS LINE Fee Pd. P.C. Hearing /%-" /o .d 3 --- -- Date C.C. Hearing Receipt No. Agpcsl P.C. Action Appeal C.C. Action Date SG: rasa ! 12/14/62 MINUTES eX Cr �"Qz you. CAA emovestber IQ, 1983 41 ity of Newpor t Beach Resubdiyision No. 745 (Continued Public tlearin9! Item #3A Pequest to resuhdivide .445 acres of land into a single parcel for residential condominium purposes. R-745 AND Use Permit No. 3033 (Continued Public flearinq) Item 13B UP-3033 Request to permit the construction of a four (4) unit residential condominium development and related garage spaces in the R-3 District. The proposal also inclssdees a request to allow a portion of the development to exceed the 28 foot height limit on the rear nnn-half of the lot located in the 28/32 scot lleight LIPItation District and the acceptance+ of an P.nvlrormental Document. AND Coastal Development Permit No. 3 (Discussion) Item 13C CDP 110, 3 Request to consider a Coastal Develnpment Pa mit for the purpose of establishing project compliance for a four unit residential development pursuant to the administrative guidelines for the implementation of the State law relative to low -and -moderate incce►e touesing within the Coastal Zone. LOCATION: A portion of Nock D of Corona del Mar Tract, located At 311 Carnation Avenue., on the northwcstarly corner of Carnation Avenue and Bayside Drive, northeasterly of Seaview Avenue, in Corona del Mar. ALL APPRD1fED COLS Z011E I R-3 TIo� Y APPI.ICAIM M. Petyo and Associater, Irvine OWNERS Molspe•d and Rylee, Newport Beach ENCINEERs Same as applicant Mr. William I.aycock, Current Planning Adssinistrator, referred to Page 3 of the staff report for October 10, 1983, and stated that there will be ]O parking spaces provided on -site, rather than 9 parking spaces. coon . 7Covember 10, 2983 f r ■ 2 a o= City Of NeWPOrt Beach WXL CALL The public hearing opened in connection with this item and Mr. wendall Rylee, the owner, requested approval of this item and stated that he concurs with the findinryn and conditions of the staff report. Mr. Steven Crooke, attorney, appearing on behalf of his parents who own the parcel located at 307 Carnation Avenue, appeared before the Commission. Mr. Crooke stated that the staff report contains letters he had written to the City and the applicant. He expressed their concerns relatinq to the existing slope and stated that a certified topographical survey is needed. lla stated that the topographical analysis submitted is Inadequate. He stated that Conditions of Approval No. 3 and 4, relating to the building heights, may not by sufficient if the adjustment is larger than anticipated. Planning Director HowicPer stated that the project would have to come back before the Planning Commission if the project exceeds its approved height limit. Mr. Crooke also expressed their concern as to whether the size of the proposed project is appropriate, given the nature of the parcel. He referred to his letter contained in the staff report and discussed the buildable acreage criteria. . s . Commissioner McLaughlin was present at 9s55 p.m. In response to a question posed by Commissioner Person, Mr. Don Hebb, City Engineer, stated that a certified survey is a requirement of the resubdivision application. Mr. R.C. Crooke, resident of 307 Carnation, appeared before the Commission and stated that overall, the proposed project will improve the neighborhood. However, he expressed his concern with the geology of the slope. He stated that he has spoken with the architect and the surveyor, and he believed that the contours were taken froo aerial photography. He stated that aerial photography is very inaccurate. -22- MNUT€s N XX MATES POLL ULI !lotion Amendment IC x Q f s p a V1 • Movewber 10, 1983 • Mr. Crooke requested that a licensed survey contour topography map be on file with the City. Mr. Harvey Pease, owner of property located at 314 Carnation Avenue, appeared before the Commission. Mr. Pease submitted to the Planning Commission his letter dated November 10, 1983, stating his concern that the project will exceed the height limitation. He stated that his property will be adversely impacted if the proposed project intrudes or encroaches into the view of his property. He stated that the landscaping of the proposed project should be restricted in height not to exceed the height limitation of the building itself. Ile stated that the proposed project is not consistent with the surrounding neighhorhnod and that the use permit should be denied, Commissioner Goff stated that if this property were to be constructed as rental unitn, rather than a condominium project, the project could contain an additional 7,000 square feet if it were to be built within the height limit and would not require Planning Commission approval. Planning Director Eiewicker stated that a Coastal Development Permit is required regardless of the height limit being exceeded. Planning Director Hewicker state4 that the areas which the roof exceeds the height limit are not in areas which block a view, but are located in areas over the down slope topography of the hack portion of the property and lass likely to block the view. Motion was made for approval of Pssubdivision No. 745, Use Permit No. 3033, and Coastal Development Permit No. 3, subject to the findings and conditions of Exhibit NA". Amendment was wade to the approval of Use Permit No. 3033, amending Condition of Approval No. 7 to reflect that attention shall be given in the landscaping plan to preserving all existing views. Commissioner Goff stated that Condition No. 8 requires that the landscaping plan be reviewed by the parks, Beaches and Recreation Department and approved by the Planning Department, at which time the landscaping plan shall be prepared with consideration of the least impact to existing views. -23- CoMNVSS�OrERS tx C a x p ROLL CAL1 Not Accepted X Ayes X X Noes X X Abstain Ayes X X X X ) Abstain X eHovenber 10, 1983 MINUTE 5 • Its/ Of Newwt Beach Commissioner Person stated that he can not accept the amendment to his motion. He stated that Condition No. N is adequate, in that it requires review by the Parks, Reaches and Recreation Department and approval of the Planning Department. Coeamiissioner Goff's amendment to the motion was now voted on, which AMENDmrr FAILED. Commissioner Person's original motion for approval was now voted on, which MOTION CARRIED, as follows: USE PERMIT No. 3033 FINDINGS: 1. That each of the proposed units has been dnainned as a condominium with separate and individual utility connections. 2. The project complies with all applicable standards, plans and zoning requirements for new buildings applicable to the district in which the proposed project is located at the time of Approval, except for a portion of a roof that exceeds the basic height limit. 3. The project lot size conforms to the Zoning Code area requirements in effect at the time of approval. 4. The project in consistent with the adopted goals and policies of the General Plan and the adopted Local Coastal Program, Land Use Plan. S. That adequate on -site parking spaces are proposed in conjunction with the residential condominium development. 6. The increased building height will result in more Public visual open space and views than is required by the basic height lWt inasmuch as there is a greater amount of open space on the site adjacent to Sayside Drive and Carnation Avenue. -24- INDEX CONI • MINUTES Wovember 10, 1983 4rbX J 4 X G r Beach ROLL CAU IN 7. The increased buildinq height will result in a more desirable architectural treatment of the building and a stronger and more appealing visual Character of the aron than is required by the basic height limit. 8. The increased building height will not result in undesirable or abrupt scale relationships being created between the structure and existing developments or public spaces. 9. The structure will have no more floor area than could have been achieved without the una permit for the building height. 10. The approval or use permit tto. 3033 will not, under the circumstances of this case, be detrimental to the health, safety,peace, morals,comfort and general welfare of persons residing and working in the neighborhood or be detrimental or injurious to property and i=provements in the neighborhood or the general welfare of the City. CONri1TIONSs I. That development shall be in substantial conformance with the approved plot plan, floor plans and elevations except as may be noted below. 2. That two garage spaces shall be provided for each dwelling unit. 3. That the proposed residential development shall meet the provision of Section 20.11.020,B., of the Newport Beach Municipal Code as to permitted building heights in the R-3 District in Corona del liar except for those portions of the roof as shown on submitted plans, which exceed the 28 foot basic height limit on the rear one-half of the lot. -25- • CORM • November 10, 1983 n 3 ` Cit of t Beane xx 4 0= RaL CAU 4. That the applicant shell provide verification during the course of construction that the proposed development fully complies with the provisions of condition No. 3 above, 11wiuIred verification shall be prepared and certified by a licensed land surveyor or civil engineer prior to final inspection of rough framing. S. Should any resources be uncovered during construction, a qualified archaeologist or paleontologist shall evaluate the site prior to completion of construction activities, and in accordance with City Policies K-6 and K-7. 6. Final design of the project shall provide for the incorporation of water-snvinq devices for project lavatories and other water -using facilities. 7. A landscape and irrigation plan for the project shall be prepared by a licensed landscape architect. B. A landscape plan shall be subject to the review of the Parks, Beaches, and Recreation Department and approval of the Planning Department. 9. The landscape plan shall include a maintenance program which controls the use of fertilizers and pesticides. 10. The landscape plan shall place heavy emphasis on the use of drought -resistant native vegetation and be irrigated via a system designed to avoid surface runoff and over -watering. 11. That a grading plan if required, shall include a complete plan for temporary and permanent drainage tacilities, to minimize any potential impacts from silt, debris, and other water pollutants. 12. The grading permit shall include, if required, a description of haul routes, access points to the site and a watering and sweeping program designed to minimize impact of haul operations. 13. An erosion and dust control plan, if required, shall be submitted &M be subject to the approval of the Building Department. -26- MINUTES INOX C0Nt November 10, 1983 e 7� � y � al a = G o� port Beach Rot OUL 4 14. That an erosion and siltation control plan, if required, be approved by the California mgional Water Quality Control Board - Santa Ana Region, and the plan be subaitted to said Board ten days prior to any construction activities. 15. The project shall be so designed to eliminate light and glare spillage on adjacent residential uses, 16. That prior to the occupancy of any units a qualified acoustical engineer shall demonstrate to the satisfaction of the City that the roadway noise impact on the project does not exceed 65 dba CNEL for outside living areas and the rMluirements of the law for interior spaces. 17. That all conditions of the Resubdivision Ito. 745 shall be fulfilled. 18. That the proposed development shall he Type V, one hour construction, and in addition, shall provide built-in fire protection (sprinklered), or other provisions as may be accepted by the Pire Department. RESUiVIVISION NO. 745 FIND INGSt 1. That the map meets the requirements of Title 19 of the Newport Beach Municipal Code, all ordinances of the City, all applicable general or specific Plans, and the planning Commission is satisfied with the plan of subdivision. 2. That the proposed subdivision presents no problems from a planning standpoint. CONDITIONSt I. That a final slap be filed. Z. That all improvements be constructed as required by ordinance and the public Works Department. -27- MINUTES Nax 0 Noves'ber 10, 19e3 0 M NUTES Notion x Ayes x x Abstain 111- 9 � �. 3. That each unit shall have separate waear services and sewer connections, unless otherwlsn approved by the Public Works Department. 4. That curb,gutter, sidewalk and pavement be constructed along Carnation Avenue (private street) frontage, and that the curb location and grades be approved by the Public Works Department. 5. That a standard subdivision agreement and accompanying surety be provided to guarantee satisfactory completion of the street improvements, if it is desired to obtain a building permit or record the parcel mep prior to completion of the street improvements. COASTAL DEWLOPMEttT PERMIT NO. 3 Motion was made for approval of Coastal Development Permit No. 3, subject to the following findings, which MOTION CARRIED: FINDINGS: 1. That in accordance with Section 65590 of the State Government Code and Newport Beach City Council Policy P-1, the Planning Coa,mission has evaluated the feasibility of providing low and moderate income housing in conjunction with the proposed new housing development. 2. That it is not economically feasible to provide low or moderate income housing on -site. 3. That it is not economically feasible to provide low or moderate income housing off-sLte. A A A The Planning Commission recessed at 10:1S p.m. and reconvened at 10:20 p.m. f � A -26- INDEX CONSOLIDATED REPROGRAPHICS MICROFILM DIVISION Y *`Lumnin; Cumisso, City u: Uwport 3eaca htov. 10, 1933 33W '+'ewport Boulevard Sewpor t 3each, California 92a60 �~ VJ /� - ,. s mem_oranduz is aub.:ittsd In :.'" ponce to tre 3pP11c1tioa for a Usd Permit for property located it 311 Carnation AV -Saud, Corona ,,el :ar, California. . I am thu owndr of the .roperty.&.. 314 Carnation Avenue, Cor-.:na Del asu, which is situated diagnna],2y acr97s from t.:e .Applicants s property. t,a P340 2 of the Plaaaing Departaent Staff "Reports, under the topic *Surroundiag Lad Use" z7,property is refarred.to as belAg to the "east across abandoned Carnation Avenue (4j) a sDuplmss. This identification of aey property may be misleading. 3is7 I point out .that this will be =7 personal residence which is nearing completion of construction. It is .situated on two bluff lots and provides a mew of the waters of Newport Harbor. In addition .to a dining, Living and family roam, the home will contain 4 bedrooms, 4 batha and a separate guest unit. Based upon -the: i^eport of estimated value of the proposed condo- mdaivas .filed with the Planning Commission, the property , in qy opinion as well, will bane a valuation in excess of 311,00000 O. The sole purpose in laping these facts before the Commission is this: MT decision of the Planaiag Cocuaission which adversely affects the view and snjoysent of the property will necessarily, save a substantial impact upon and reduction of the valuation. This fact should be kept in mind daring the course of these del.iheratiovA. A point I .wish to . emphasize is that prior approval, by the Pluming .Commission in July, 19820 for a Use Permit to build on this site has no bearing On the present application. The only similarity In the two pro- jects is that both proposed to. build 4 condominiums. ?here► the similarity stops. They differ as to ownership, applicants, design, density, improve- ments, building height ant# open space. The two applications are-anrelated indepoadeat of the other.. ' se fit'°• �stinct, and totally Prior action by, the Planning Co;�ssion and the City Council with respect to the saws site should be disregarded as having no. binding legal effect either upon the rights of the Applicant or upon ay rights, nor upon the rights and interests of the citizens. of Newport Beach. Is I understand this Application, the Applicant, is requesting awn& otter things psrsission to axaeed the established 241 and 28s building heights. Basically the Applicant seeks to construct a high vaulted roof, Presumably for esthetic: considerations. The request is not predicated On geological, strustural or sagineering problaas. There is no substan- tive problems nor hardship shown which will be sorrected architecturally ITT by, wceedirng established height liaitations. This. was clearly "wo by en incident pertaining tea submission of Plans for review by "S tars* . An exud atioa of the Plans showed suteasive erasures of the' root linen because they exceeded the 28, - 32t-height Umdts. TO exceed these height Unitations would. require a Varianeer, Application. This was not the intention of the Applicant. So by, sic le sarssure on the Drawiass hum the roof height Alwered and brought down to A the the Use Pandt. regt�t�esrr<ts of TU SAYE APPSOACH CAN AND SHOULD BE APPLICED TO IDI- W THE ROOF TO A LE73L GONSITMT '.!M ESTABLISHED POLICY AND REGu"TIGNS A"LATED BY TIM PLUMM COMISSION AIM ADOPTED BY THE CITY COUNCIL ** THAT I3, 24' iN nm. UPPER HALF AND 281 IN THE LOM HALF OF IM SITE. As -A further consideration, it would appear that the City► has adversely •diseriminated against property owears along the southerly side of Carnation Areas by failing to adopt and to apply the sale policy of Limiting build- ing heights that it applies along Oeeen Boulevard in Corona Del war, where Thy owners Orly enjoy a view of the rater. Coe is inalingel to ask My the diseriainationn? Attention of the Planning Camaission is directed to Section 20.O2.OW of the Newport Beaah ilmnicipal Cole wherein EACH of the following FCVR P07M mast be complied with in order to aGe-Z the basic height limit in any some: (Quoting frog Page b of Raportl Proposed Buildin Hei t) 1. "The increased building height would result is more publis visual open space and dews than is required by the basic height limit in any sow. Partioular attention shall be given to the location of the structure on the let, the percentage of ground cover, and the treatawnt of all set- back and open arena." a. Ths<re is not floe schred of avid not to show that more publ•.ie ws visual spase and viewould ricmlt from the proposed Plaza th"-from holding to basic height. On the cosltr&ry, exceed - .ins the basic height will have a profound opposite effect. b. -There is no factual basis whatsoever to show that this . condition in fulfilled. 2� "'The increased bullring height would result in aware desirable architectural tri atmeat of the building and a strong and more appealing visual aharacter of the area than is required by the teals height limit in &a Zone". a.. Asursory view of tba Drawings and Plans of Applicant show that.the proposed structure will be totally inconsistent with ehamter of the neighborhood. The high vaulted roofs overwhelm and d"waoiate the single family residences a adjacent on the south. 1. b. The inere sed height of the structure lacks esthetdc coa- 'atabil ty with existing recent developments and totally overwhelms,and dominates the neighborhood. a a. To gim approval to the design of the proposed structure, with its exaggerated building height, adds nothing to architectural treatment and detracts frog the visual view of those whw live on the opposite side of Bhysids Drive frog the proposed development. d. A fair and objective eviluaticn of the Plans Would fail to • support the conclusion that axcseding the height limit will isprove the architectural effect. ssss� 3.Me seals reL�Oos�hi�� brsa heightd b�t�e���t lv nadssirsb2a or pe being tructure sad existing development or public spases. Particular attention shall be given to the total balk of the strnetors including both horizontal amid vertical diasosioies". a. A review of the. Plans. in relation -to existing stractares will, have and show a devastating influenen, exercising an adverse influvase on existing hoes and equally adverse effect on Suture building in an attempt to avercaee the violation of basis Wght limits/ Kew demands will be raised for Use Per- sdts or Variance Periits if this Use Permit is approved. A deletsroas "snow -ball" condition thus results, with a downgrading islpact upon the neighborhood. b. The "total bulk" of the project is axpanded and accentuated by the increased height. The element of "open @lace" is lost, being overshadowed by the higher roof heights. Thsts is no evidence to show that any micxaf:cation of the spread of the structure will compensate for added height. 4. The structure shall have no more floor assa than could have boon achieved without the Use Permit: a. This point was not placed in issue. Sasht upon a fair and reasonable evaluation of the above facts it would appear conclusively that the anAn, licant failed its at least thus (3) of the four (4) mdatoo elsaenU W iww the roquirownts of City Ordinance ( Section 70:02.040)'R 1LUM IN GNL7 ONE IS SUFPICMIT M13 TO DM THE USE PEWT. "— It is obvious that plantings aw., shrubbery can adversely affect or destroy the mien no less than crews height of a building. ,"his situation has been recognised on other occasions by action of the Planning C0 - mission. Therefore on Page 10-U of "Report" it is rsquoste d that reference to "I.andseapdng" (Paragraphs 7,8, g or 10) include a statosesnt to the general effect that all plantings, trees and vegitation be limited is height to maJatain a low profiels, and not is say event to exceed the permitted building height, so as not to block, intrude or oncroaoh upon the tier of bay and ocean enjoyed by neighbors of an applicant. Ca Fag* 5 of the "Rspobt" reference is made to "Coastal Development Permit" - Location of Structure on 91,.lffs. The issue of the Coastal Bluffs was, in 4 opiniont given inadequsts aaal"ia and consideration. The conclusion was apparently made without benefit or presentation of scientilic, geological, engineering or marine data. The decision that "the site was not a part of any particular coastal bluff systan", in absence of any supportive scientific facts, would seem to have been speculative and eonjoetursl. Accordingly, pre issue of Applicant's property as being a part of the Coastal 3lu,ffs would mess not to have been conclusively settled. Ca Page 13 of the R+iport -- ZM13IT "S", ?aragraph 6 of FIB, the following statement is ■ades Mahe approval of Use Permit No. 3033 will not, under the cirsas�staasss of this case, be detrimental to the hsalth, safety, peace, moral, Comfort . mW general relfare of 'ersooe rssiti4 and marlin; i; the diighborhood or be detrimnta . or injurious to vEMrty andfr� in the asith- borhood or the Seneral *elfars•�of tea cite". �+�� -ta#romts That statement, especially as to the undsrlinjed portion of the precedinj paragraph and sentence, is utisppported by fast&, patently inaccurate, ;false, and without rrit . . The oonrse of action for the Planning Cammissio" 1s altar to deny the Application for Use Perait • go, 3033,and to require coepllanes nit.', sedating heiiht liaitatlons. . • _• Rsspectfuly aubmitttd, 304J Collins ,Avenue, •T �+y 0. tass 3alboa Island, Ca 92662 • 31 . � r F' • fy_�l,,jj . , �. o =;44 Planning Commission Meeting November 101983 Agenda Item No. 3 CITY OF NEMRT BP.ACH TOO Planning ft - ission F"I Planning Department SUBJECTi A. Rasubdivision No. 745 (Continued Public Hearing) Request to resubdivide .445 acres of land into a single parcel for residential condominium purposes. B. Use Permit No. 3033 (Continued Public Hearing) Request to permit the construction of a four (4) unit residential condominium development and relatod garage spaces in the R-3 District. The proposal also includes a request to allow a portion of the development to exceed the 28 foot height limit on the rear one-half of the lot located in the 28/32 Foot Height Limitation District and the acceptance 'of an Environmental Document. 0 C. Coastal Development Permit No. 3 (Discussion) Request to consider a Coastal Development Permit for the purpose of establishing project compliance for a four unit residential development pursuant to the administrative guidelines for the implementation of the State law relative to low -and -moderate -income housing within the Coastal Zone. IACATIONt A portion of Block D of Corona del Mar Tract, located at 311 Carnation Avenue, on the northwesterly corner of Carnation Avenue and Bayside Drive, northeasterly of Seaview Avenue, in Corona del Mar. 20 WS R-3 APPLICANTs X. Petyo and Associates, Irvine ob'dni Molseed and Rylee, W*wport Beach ENCIMRS Same as applicant TO: P10ing Commission •2. � Background At its meeting of October 20, 1983, the Planning Commission continued these items to its meeting of November 10, 1993 so as to allow additional time to review the "Affordable Hnuming Feasibility Analysis" prepared by Tarantella and Company (comer attached). The Planning Covinission also requested that staff address the questiona raised in the October 19, 1963 letter from Steven C. Crooke (copy attached). Those questions are as follows: 1. The appropriateness and legality of ignoring the "huildable acreage" mandate of the City's General Plan in favor of older, less restrictive, density requirements contained in the zoninq Code; and 2. Recommendation of approval of the project on what appears:, by casual observation, to be inaccurate topographical elevations contained in the submitted plans. Buildable Acreaga It is staff's opinion that the previouji staff report, dated October 20, 1983 (copy attached), adequately addrennon the appropriateness of the City's position relative to the non-applicantion of the "buildable acreage" criteria in this particular case, Specifially, staff must take issue with Hr. Crooke's statement relative to the City "ignoring the buildable acreage mandate of the City's General plan". On the contrary, the previous discussions by staff with the Planning Commission and the City Council regarding this issue, have been considerable and the determination of nonapplicablity was complete and reasonable. Accuracy of Topographic Elevations Staff has contacted the applicant regarding the method he used to establish the topographic elevations represented on the submitted plans and he indicated that the elevations were based on a physical survey of the subject property. He further stated that there is no question in his mind to the accuracy of the submitted plans. In an effort to clarify the accuracy of the submitted plans, the city Grading Engineer has visited the nits and in his opinion said plans appear, to be accurate within that portion of tho.sit*.that is within the proposed building footprint. HOWever, those portions of the sit* directly adjacent to 8ayside Drive appear to be steeper than that shown on the submitted plans. It Is staff's opinion that inasmuch as said inaccuracies do not effect those portions of the site involved in the measurement of roof heights, there should be no concern. It should also be noted that the wording of Conditions No. 1 and No. 4 of Exhibit "A" will insure that the proposed roof heights do not exceed that which are shown on subs+itt*d plans. ' TO PA nq Commission -3. Affordable Housing Feasibility Analysis Attached is a copy of the "Affordable Housing Feasibility Analysis" and supplementary information prepared by Tarantello and Ccmpany for the proposed four unit residential development at 311 Carnation Avenue in Corona del Mar. As demonstrated by Tarantello and ecopany, it would not be feasible to develop a low or moderate income housing unit either on -site or off -site in conjunction with the development of the proposed project. Staff therefore recommends that no affordable units be required and that the following findings be made and added to Exhibit "A" and Exhibit "B" of the previous staff reyort (copy attached). COASTAL DEVELOPMENT PERMIT NO. 3 1. That in accordance with Section 65590 of the STa* Government Code and Newport Beach City Council Policy P-1, the Planning Cosasission has evaluated the feasibility of providing low and moderate income housing in conjunction with the proposed now housing develnpment. 2. That it is not economically feasible to prrr-ride low or moderate income housing on -site. 3. That it is not economically feasible to provide low or moderate incase housing off -site. PLi MIHG DEPARTMENT JAMS D. HEKICKER, DIRECTOR By W. Wi-11LAW ward, senior Planner WWW s k In Attachments: Previous Staff Report dated October 20, 1983 Excerpt of Local Coastal Program Affordable Housing Feasibility Analysis Letters from the Law office of Sikora and Price. i • • Planning Commission Y.eetinq October 201 1983 Agenda Itom No. 11 CITY OF hTWPORT BMH TO: Planning C(Miselon FWM: Planning Department SUBJECT; A. Resubdivision No. 745 ('Public Hearing) Request to rosubdivide .445 acres of land into a single parcel for residential condominium purposes. QE, B. Use Permit No,. 3033 (Public }leariny) Request to permit the conatructior, of a four (4) unit residential condominium developmnt and related garage spaces in the R-3 District. The proposal also includes a request to allow a portion of the development to exceed the 28 foot height limit on the rear one-half of the lot located in the 28/32 Foot Height Limitation District and the acceptance of an BnVironmental Document. C. Coastal Develo nt Permit Flo. 3 (Diseussion) Request to consider a Coastal Development ,permit for the purpose of establishing project compliance for a four unit residential development pursuant to the administrative guidelines for the implementation of the State law relative to lorr-and-:moderate-incomrs housing within the Coastal Zone. LOCATION: A portion of Block D of Corona del:Mar•Tract, located at 311 Carnation Avenue, on the northwesterly corner of Carnation Avenue and Sayside Drive, northeasterly of Seavi*w Avenue, in Corona del Mar. ZONL t 1t-3 APPLICANTi Ka -AA -Kr EMIMa t M. Petyo and Associates, Irvine Molseed and Rylee, Newport Beach Some as applicant TOt PlIong Cowisission -2. 0 !f2lications These applications are a request to construct a four unit residential condominium complex in the R-3 District in Corona del mar. In accordance with Section 20.73.015 of the Newport Beach Municipal Code, condominium projects may be permitted in any residential district, subject to the securing of a use permit in each case. Use permit procedures are contained in Chapter 20.80 of the Municipal Code. Section 19.10.030 of the Municipal Code Also provides that a parcel map (resubdivision) shall be required for all subdivisions creating four or less condominiums. Resubdivision procedures are contained in Section 19.12.040 of the Municipal Code. Environmental Si nificance After an Initial Study, it has been determined that this project will not have any significant environmental impact. A Negative Declaration has been prepared, and is attached for Commission review. Conformance with the General and Local Coastal Plan The Land Use Element of the General Plan and the adopted Local Coastal Program, Land Use Plan designate the site for "Multiple Family -Residential" uses. The proposed development falls within the uses permitted. Subject Property and Surroundin2 Land Use The subject property has recently been cleared where previously an older single family dwelling and detached two car garage existed on the site. To the north and west, at the bottom of the slope, is Bayside Drive with Begonia Park beyond, to the east, across abandoned Carnation Avenue, is a duplex and multiple -family residential uses; AM to the south, is a single family duelling. Background At its meeting of July 22, 1982 the Planning Casrsiseion approved Use Permit No. 2089 and Resubdivision No. 729 which were corresponding applications for the construction of a four -unit residential condominium development on the subject property. The proposal also included a request to allow a portion of the structure to exceed the 28 foot basic height limit on the rear half of the subject property. Said action was subject to ten findings and eighteen conditions for the use permit and two findings and six conditions for the resubdivision. At its meeting of October 12, 1982 the City Council reviewed and sustained the action of the Planning Commission .subject to the findings and conditions as established by the planning Commission. Subsequent to the Councils approval, the applicant at that time was unsuccessful in completing the purchase of the land and the property was sold to another group of investors. I TOs Ping Commission -3. • Analysis A new applicant proposes to construct a four unit residential condominium development and related two car garages on the site. Each unit with the' exception of Unit No. 1 which has two bedroo= will include three bedrooms, three baths, living room -dining room, and breakfast area -kitchens. The following outline reflects the major characteristics of the proposed development: wo AReAs(including area to be improved as vacated Carnation Ave.) 21,3351 eq.ft. (fcluding area to be improved as vacated Carnation Ave.) 19,415t sq.ft. NUMBER OF UNITS: Permitted by Zoning Code fi-e. 21,335 sq.ft.v 1,200.17) 17 Units (16 units after dedication) proposed 4 Units SETBACKS a REQUIRM PROPOsyn Front (Carnation Ave.) loft. loft. (measured frog: ultimate right-of-way line) Front (Bayside Dr.) loft. loft. Side (westerly property line) Oft. Oft. Side (northeasterly property 4ft. 4ft. a in. line) BUILDABLE AREA (Lot area Iris setbacks) 1.5 x buildable area (permitted in R-3 14,739t sq.ft. District in Corona del Liar) 22,100t sq.ft. PROPOSED GROSS STRUCTURAL AREA Excluding Garages Including Garages (Permitted in the R-3 District) Unit 1 3,246t sq.ft. Unit 2 3 686E sq.ft. 3,570t sq.ft. Unit 3 3,264t sq.ft. 4,O1ot sq.ft. Unit 4 3 314# .ft, 3 704t r sq.ft. 31754#,.sq:.ft. Totals 13,394t sq.ft. Floor Area Ratios .91 x Buildable Area 15 154E 1.02�x Ruilddable Area PAR7CM Requireds (1.5 per D.U.) 6 spaces Proposed: (2 per D.U. + 1 guest spaces) 9 spaces . TOs Plong Commission -4. • OPEN SFACB Required% 14,040 cu.ft. Proposed: 36,70ot cu.ft. (Adjacent to Carnation Ave.) 112� 000t cu.ft. (Adjacent to Bayside Dr.) Totals 148,700t cu.ft. BUILDM HEIGHT Peraitteds 24 ft. average roof height, front of the lot (adjacent to Carnation Ave.) 28 ft. average roof height, rear of the lot (adjacent to Bayside Drive) Proposed: Varies within the Permitted basic height limit with the exception of a small portion of the roof over Units 2, 3, and 4 as noted on sheet 6 of the attached plans. 7%a proposed development conforms with all applicable development standards for the R-3 District within Corona del Mar, oxcept for the portions of the roof that exceed the basic height limit discussed below. In addition, staff has provided information concerning the "Buildable Acreage", and "Locations of Structures" issues, which were ma]or discussion items in the previous use permit application. Buildable Acreage The Newport Beach General Plan excludes areas with a slope greater than two to one frost the calculation of "buildable acreage." Density ranges are then established as folloval low density ---------- 0 to 4 dwelling units per buildable acre two family ----»_ no density range sodium density -------- 4 to 10 dwelling units per buildable acre multi family ---------- 10 to 15 dwelling units per buildable acre In the approval of major P-C Devtlopment Plans and subdivisions in the newer areas of the City, these density classifications have been used to determine the permitted number of residential units. This density classification system does not lend itself well to application in the older areas of the City. The City's traditional Zoning classification allows the following approximate densities: R-1 --- -- 9.dwelling units per buildable acre R-l.S-------- 18•to 44 dwelling units per buildable acre R-2 .------- 18 to 44 dwelling units per buildable acre' X-3---_-— . 27 to,36 dwelling units R-4 - 36 to 54 dwelling Per buildable .'acre ---` ng units per buildable acre As can be seen above, these Zoning Code densities do not correspond to the General Plan density classification system. TO: Ping Commission -5. , The 'buildable acreage' criteria and deletion of slope areas greater than 2:1 has not been applied by the City in cases where property is already subdivided and zoned using the R-1 through R-4 system. In consideration of the previous development associated with Use Permit go. 2089, it was the Planning commission's and city Couneil's opinion that since the subject property is zoned R•1 and is an existing subdivided parcel which would allow 17 units, the application of the buildable acreage criteria would not be appropriate. Location of Structures on Bluffs Regulations and policies governing the location of structures on bluffs are found in a number of locations: MINICIPAL CODE: As indicated in the Planning CORllission's report, Section 20.15.080 was added to the Municipal Code by ordinance No. 1790, adopted by the City Council on March 26, 1979. This was one of the City's earliest attempts at bluff top development and applies only to the three Planned Comunity areas designated as Westbay, Castaways and Newporter North, and the Downcoast Sphere of Influence. The term "bluff" as used in this section in any landforn having an average slope of 26.6 degrees (50% or greater) with a rise of twenty-five feet or greater. C. MRAL PLAN: During the General Plan hearings conducted in 1979 and 1980, policies were added to the Land Use Eleswnt regarding "Location of Structures." The Policy reads: "In the discretionary review of projects, no structures ;hall be built in the following sensitive areas, as determined by the Planning Commission or City Councilr 1. Enviranawntally-sensitive habitat areas. 2. Coastal bluffs a. Bluff -top setback areas 4. Riparian areas 5. Geologic hazard areas 6. Residential development areas impacted by noise laysls of 65 CNEL or greater 7. Flood plain areas 8. Natural slope areas greater than two to one (21l) and greater than twenty-five feet high." LOCAL COASTAL PROGRAMS The Development Policies and Land Use Plan as certified by the State Coastal Comission on Kay 19, 1982, similarly.:&Wresses development in the eight sensitive areas listed above. However, it makes a distinction between a limited 6uliwr.ot.regul4tions (a -.through d., Pages-24 and 25) which. apply to all building sites and, a. through f., Pagan 25 through 27, which apply to new tracts and subdivisions (see attached pages from the 1.UP) . :, e TO: Plong Cosmission -b. . . • In conjunction with their consideration of the previous development (Use Perwit No. 2089), it was the opinion of the Planning Ccwission and the City Council that the site in question was not a part of any particular coastal bluff systdm. It should be noted that although the site is part of the bluff located in the Coastal Tone, its orientation is in a northerly direction as opposed to a westerly or southerly direction which would face the bay or ocean. In addition staff does not consider this site in its present state to be a natural slope formation. Although a portion of this site contains areas which exceed a 2:l slope and appear to be in a natural state, the parcel has been subject to substantial man-made alterations, including the construction of Rayside Drive and hayside Place, the installation of drainage and sewer improvesients, the extension of Carnation Avenue, and the construction of the existing single-family dwelling and garage on the site. Pro sad Building Height Section 20.11.020 of the Zoning Code provides that the height limit for the R-3 District in Corona del Mar shall be in accordance with the 24/28 Foot Height Limitation District an the front one-half of the lot and the 28/32 Foot Height Limitation District on the roar one-half of the lot. Wor the purpose of determing height limits, the Carnation Avenue side of the lot was designated as tho front one-half of the lot). The Toning Code also provides that any structure in such a location may have a maxim= average building height of 28 Not on the front one-half of a lot and 32 feet on the rear one-half of the Iot, subject to securing a use permit in each case. Section 20.02.040 of the Newport Reach Municipal Code states that the Planning Cosmission, in granting any use permit for structures in excess of the basic height limit in any zone, shall find that each of the following four points have been ccoplied with: 1. The increased building height would result in more Public visual open space and views than'is required by the basic height licit in any zone. Particular attention shall be given to the location of the struc- ture on the lot, the percentage of ground cover, and the treatment of all setback and open areas. 2. The increased building height would result in a more desirable architectural treat- sent of the building and a strong and more . appealing visual character of the area than is required by the basic height limit in any zone. 3. The increased building height would not result in. undesirable or abrupt scale relationships being created between the structure and 'existing ' development or public spaces; Particular" attention shall be given to the total bulk of the structure including both horizontal and vertical dimsnaions. TO: 0hing Commission -7. , ' 4. The structure shall have no more floor area than could have been achieved without the use permit. As shown on Page 6 (Building Sections) of the submitted plans, portions of the proposed development, located on the rear half of the property, extend beyond the average 28 foot basic height limit. said portions of the building include the highest roof plains sham in Section 2, Section 3, Section 4(P) and Section 1,2,3,4. It should be further noted that no portion of the building extends beyond the average 32 foot height limit. Staff has no major objections to the proposed building height inasmuch as the portion of the roof which exceed the basic height limit constitutes only 11.2 percent of the total building toot print. It should also be noted that said roof areas are lower than the ridge line of the roof adjacent to Carnation Avenue (which fully conforms to the 24 Toot Basic Height Limit) and therefore will not further obstruct views through the project site. Compliance with Council Poll P-1 (Mello) Inasmuch as the proposed development is located within the coastal zone and contains more than two dwelling units, the applicant must comply with Council Policy P-1 which requries the inclusion of low -or -moderate -income housing In the Coastal Zone, where feasible. Staff is in the process of evaluating a feasibility analysis prepared by Tarnatello and Company and will submit to the Planning Commission their findings and recommendation prior to the Planning Commission meeting on October 20, 1983. Specific Findings and Reca■rAmendations Section 20.80.060 of the Newport Beach Municipal Code provides that in order to grant any use permit, the Planning Comstmission shall find that the establishment, maintenance or operation of the use or building applied for will not, under the circumstances of the particular case be detrimental to the health, safety, peace, morals, comfort and general welfare of persons residing or working in the neighborhood of such proposed use or be detrimental or injurious to property and improvements in the neighborhood or the general welfare of the City. In addition Section 20.73.025 of the Newport Beach Municipal Code also provides that the Planning Commission shall make specific findings in order to approve a use permit for a condominium projects and Section 19.12.020 (D) provides that the Commission shall sane specific findings in order to approve a resubdivision. Staff recommends the approval of this request and suggests that the Planning Commission take such action, subject to the findings and conditions as set forth in Exhibit 'A' attached. Should the Planning Commission wish to approve the proposed project but duty the request to exceed the basic height limit, the findings and conditions as set forth in Exhibit "a" are suggested. ?OS Plong Comission -B. PLANNING DEPART = JAMES D. HEMICKER, Director Attachmentes AY ' w.eA- wi as Ward !senior Plaaner iWWAln • Exhibit "A" Exhibit "B" vicinity Map Negative Declaration Plot Plan, Floor Plana, Elevations Parcel Map .If. r_.".. TO: ling Commission -9. 1 • EXHIBIT `A" FINDINGS AND COMITIOIiS OF APPROVAL FOR USE PERMIT NO. 3033 (as submitted) RESUBDIVISION NO. 745 USE PERMIT No. 3033 FIINDI GSt 1. That each of the proposed units has tmeri designed as a condominium with separate and individual utility connections. 2. The project complies with all applicable standards, plans and zoning requirements for new buildings applicable to the district in which the proposed project is located at the time of approval, except for a portion of a roof that exceeds the basic height limit. 3. The project lot size conform to the Toning Code area requirementu in affect at the titee of approval. 4. The project is consistent with the adopted goals and policies of the General Plan and the adopted Local Coastal Program, Land Use Plan. 5. That adequate on -site parking spaces are proposed in conjunction with the residential condominium development. 6. The increased building height will result in more Public visual open space and views than is required by the basic height limit inasmuch as there is a greater amount of open space on the site adjacent to Bayside Drive and Carnation Avenue. 7. The increased building height will result in a more desirable architectural treatment of the building and a stronger and more appealing visual character of the area than is required by the basic height licit. 8. The increased building height will not result in undesirable or abrupt scale relationships being created between the structure and existing developments or public spaces. 9. The structure will have no more floor area than could have been achieved without the use permit for the building height. TO: PAW Cosnission'-10. • 10. The approval of Use Permit No. 3033 will not, under the circuKetances of this Casa, be detrimental to the health, safety,poace, morals,comfort and general welfare of personn residing and working in the neighborhood or be detrimental or injurious to property and improvements in the neighborhood or the general welfare of the City. COMITIOpSs 1. That development shall be in substantial conformance with the approved plot plan, floor plans and elevations except as may be noted below. 2. That two garage spaces shall be provided for each dwelling unit. 3. That the proposed residential development shall meet the provision of Section 20.11.020,a., of the Newport Beach Municipal code as to permittecl building heights in the R-3 District 1n Corona del Mar except for those portions of the root an shown on submitted plans, which exceed the 29 foot basic height limit on the rear one-half of the lot. 4. That the applicant shall provide verification during the course of construction that the proposed development fully complies with the provisions of condition No. 3 above. Required verification shall be prepared and certified by a licensed land surveyor or civil engineer prior to final inspection of rough framing. S. should any resources be uncovered during construction, a qualified archaeologist or paleontologist shall evaluate the site prior to completion of construction activities, and in accordance with City Policies lC-6 and K-7. 6. Final design of the project shall provide for the incorporation of water -saving devices for project lavatories and other water -using facilities. 7. A landscape and irrigation plan for the project shall be prepared by a licensed landscape architect. B. A landscape plan shall be subject to the review of the Parks, Beachas, and Recreation Department and approval of the Planning Department. Ping Commission•-11. 0 9. The landscape plan shall includes a maintenance program which controls the use of fertilizers and pesticides. 10. The landscape plan shall place heavy emphasis on the use of drought-resistent native vegetation and be irrigated via a system designed to avoid surface runoff and over -watering. 11. That a grading plan if required, shall include a complete plan for ttoporary and permanont drainage facilities, to minimize any potential impacts from silt, debris, and other water pollutants. 12. The grading permit shall include, it required, a description of haul routes, access points to the site and a watering and sweeping program designed to minimize impact of haul operations. 13. An erosion and duet control plan, if required, shall be submitted and be subject to the approval of the Building Department. 14. That an erosion and siltation control plan, if required, be approved by the California Regional Water Quality Control Board - Santa Ana Region, and the plan be submitted to said Board ten days prior to any construction activities. 15. The project shall be so designed to eliminate light and glare spillage on adjacent residential uses. 16. That prior to the occupancy of any units a qualified acoustical engineer shall demonstrate to the satisfaction of the City that the roadway noise impact on the project does not exceed 65 dba CNM for outside living areas and the requirements of the law for interior spaces. 17. That all conditions of the Resubdivision No. 745 shall be fulfilled. IS. That the.proposed development shall be Type V. one hour construction, and in addition, shall provide built-in lire protection (aprinklered), or other provisions as may be accepted by the Fire Department. TO: Pla&g Cossaission -12. • RESUBDIVISION No. 745 FINDINGS: 1. That the sap meets the requirements of Title 19 of the Newport Beach Municipal Code, all ordinances of the City, all applicable general or specific plans, and the Planning Comission is satisfied with the plan of subdivision. 2. That the proposed subdivision presents no problems from a planning standpoint. CONDITIONSs I. That a final map be filed. 2. That all improvements be constructed as required by ordinance and the Public storks Department. 3. That each unit shall have separate water services and sewer connections, unless othe urine approved by the Public works Department. 4. That curb,gutter, sidewalk and pavement be constructed along Carnation Avenuo (private street) frontage, and that the curb location and grades be approved by the Public works Department. S. That a standard subdivision agreement and accompanying surety be provided to guarantee satisfactory completion of the street improvements, if it is desired to obtain a building permit or record the parcel trap prior to completion of the street improvements. r L V TOt Ping CONE"sion -13. , . :,i. EXHIBIT "B" PI14DIWZ AM CONDITIONS OF APPF WAL FOR USE PERMIT No. 3033 (not to exceed the basic height limit) and pESUBDIVISION No. 745 USE PERMIT No. 3033 FINDINGSI I. That each of the proposed units has been designed as A condoeainium with separate and individual utility connections. 2. The project, as revised, wil] comply with all applicable standards, plans and zoning requirements for new buildings applicable to the district in which the proposed project is located at the time of approval. 3. The project lot size conforms to the 7()nin7 Code area requirements in effect at the time of approval. 4. The project is consistent with the adopted goals and policies of the General Plan and the adopted Local Coastal Program, Land Use Plan. S• That adequate cn-site parking spaces are proposed in conjunction with tho residential condoainium development. 6. The approval of use Permit No. 3033 will not, under the circumstances of this case, be detrimental to the., health, safety,peace, morals,ccafort and general welfare of persons residing and working in the neighborhood or be detrimental or injurious to property and improvements in the neighborhood or the general welfare of the City. CONDITIONS, 1. That development shall be in substantial conformance with the approved plot plan, floor plans and elevations except as may be noted below. 2. That two garage spaces shall be provided for each dwelling unit. 3. That the Proposed residential development shall be redesigned so as to meet the provision of Section 20.11.020,g., of the Newport Beach Municipal Code as to permitted building heights in the R-3 District in Corona del Mar. .r } r d TOo Pla&g Ccwaission -14. 1 1 • 4. That the applicant shall provide verification during the course of construction that the proposed development fully cOmPlieu with the provisions of condition No. 3 above. Required verification shall be prepared and certified by a licensed land surveyor or civil engineer prior to final inspection of rough framing. 5. Should any resources be uncnverad during construction, a qualified archaeoingist or paleontologist shall evaluate the sita prior to corpletion of construction activities, and in accordance with City Policies X-6 and K-7. 6. Final design of the project shall provide for the incorporation of water -saving devices for project lavatories and other water -using facilities. 7. A landscape and irrigation plan for the project shall be prepared by a licensed landscape architect. 8. A landscape plan shall be subject to thh review of the Parks, Beaches, and Recreation Department and approval of the Planning Department. 9. The landscape plan shall include a maintenance program which controls the use of fertilizers and pesticides. 10. The landscape plan shall place heavy emphasis on the use of drought-resistent native vegetation and be irrigated via a system designed to avoid surface runoff and over -watering. 11. That a grading plan if required, shall include a couplets plan for temporary and permanent drainage facilities, to minimize any potential impacts from silt, debris, and other water pollutants. 12. The grading permit shall include, if required, a description of haul routes, access points to the site and a watering and sweeping program designed to stininise iWact of haul operations. 13. An erosion and dust control plan, if required, shall be submitted and be subject to the approval Of the building Department.. /�7 TO s Oning Comis s ion -15 . - . ,. _ • 14. .That an erosion and siltation control plan, if required, be approved by the California Regio a: Water -Quality Control Hoard - Santa Ana Regior.. and the plan to submitted to said Bonrd ten days prior to any construction activities. 15. The project shall be so designed to eliminate light and glare spillage on adjacent residential uses. 16. That prior to the occupuncy of any unit, a qualified acoustical engineer shall demnstrate to the satisfaction of the City that the roadway noise impact on the project does not exceed 65 dba CNEL for outside living areas and the requirements of the law for interior spaces. 17. That all conditions of the Resubdivision No. 745 shall ba fulfilled. 18. That the proposed development shall be T7pe v, ore hour construction, and in addition, shall provide built in fire protection (sprinklered) or other provisions as may be accepted by the Fire Department. FESUBDIVISION No. 745 FINDINGS: 1. That the sap meets the requirements of Title 19 of the Newport Beach Municipal Code, all ordinances of the City, all applicable general or specific plans, and the Planning Coaaission is satisfied with the plan of subdivision. 2. That the proposed subdivision presents no problem3s from a planning standpoint. COHDITI ONS s 1.., That a final map be tiled. ,2.• That. all Improvements be constructed as required by ordinance and the Public Works Department. 3.• That each unit shall have separate water services and sewer connections, unless otherwise approved by the Public Works Department. 4. That curb,gutter, sidewalk and pavement be constructed along Carnation Avenue (private street) frontage, and that the curb location arA grades be approved by the Public works Department. TO: i ' Pl ag Ccamtigsfon -16. r 5. That a standard subdivision agreement and accoepanying surety be provided to guarantee satisfactory completion of the street improvements, if it is desired to obtain a building permit or record the parcel map prior to completion of the street improvements. l G 1 T7r' t9 -- 1 1� 1 �Q .r 4r P, �• w W 0r �1 arwJ o �1 Ilk, 7 �M of r• � L M• r f 4n% � w.♦ • dift owl � �•frti. } r / �: i s r s>rT � � • L t.+Jr DISTRICTING MAP NEWPORT BEACH -- CALIFORNIA I •,.,� "me-n-% iwmg&TIK wATNtit atrMafl&L low: TaftT alaewwpy +J LoomlCAU er •'l ftpt.4 of �f", ad states trlot• m w n • lttr\ WAND +�T ca.�o y fil/M/1fM� a.+1 W1Iitivem tt� •M . f flit *nag Is w•,,,w T►�.1 i1 K� ffm.0 wo � T Y • tee 7olr �3 *NEGATIVE DECLARATION • T(1: Secretary for Resources 1400 Tenth Street Sacrawnto, CA 9S814 County Clerk Public Services Division P.O. Cox 838 Santa Ana, CA 92702 NAME OF PROJECT: USE ?ERiHIT NO . 3033 FROM: ,Planning Department City of Newport Beach 3300 Newport Boulevard Newport Beach, CA 92663 PROJECT LOCATION: 311 carnation Ave., Corona del :Sir CA PROJECT DESCRIPTION: Request to permit the construction of a tour (4) unit residential condominium development and related garage spaces in the N-3 District. 1h* proposal also includes a request to allow a portion of the development to exceed the 28 foot height limit on the rear one-half of the lot located in the 28/32 Foot Height Limitation District. Included also is a request to resubdivide .445 acres of land into a single parcel for condominium purposes. FINDING: Pursuant to the provisions of City Council Policy K-3 pertaining to procedures and guidelines to implement the California Environmental Quality Act, the Environwental affairs Committee has evaluated the proposed project and determined that the proposed project will, not have a significant effect on the environment. MITIGATION MEASURES: See Attached. INITIAL STUDY PREPARED BY: INITIAL STUDY AVAILABLE FOR REVIEW AT: DATE RECEIVED FOR FILING: �— Date: I • $. 3300 Newport Boulevard, Newport Beach. CA Environmental Coordinator I MITICATION MrASUReS 1. Should any resources be uncovered during construction, a quali![Od y archaeologist :or paleontologist shall evaluate the sicr completion of construction prior to paliciss X-6 and K-7. withactivities, and in accordance with City 2. Pinal design of the project shall provide for the incorporation of water -saving devices for project lavatories and other avatar -using facilities. 1. A landscape and irrigation plan for all coon area% the prepared by a licensed landscape architect. Project shall be 4. A landscapej plan shall be subject to the review of the Parks, Beaches, and Recreation Department and approval of the Planning Departmant. S. The landscape' plan shall include a maintenance program which controls the as* of fertilisers' and pesticides. 6. The landscape plan shall place heavy p cm ' th drought-resistent native vegatation andbe irrigated via e a u system designed to avoid surface runoff and over -watering. 7. That a grading plan if required, shall include a coa►plets plan for temporary and permanent drainage facilities, to a<inia�ise any potential impacts fromsil':, debris, and oter water pollutants. 8• The grading permit mull include, if required, a description of haul routes, access points to the site and a waterin and Sweeping designed to Minimise g P 4 program • impact a! haul operations. 9. An erosion and dust control plan, if required, should be submitted and be , subject to the approval of the Building Department. That an erosion and siltation control, if r Y California Regional Water QualityControl Board required, ta approved n, the the plan be submitted to said Board ten days manta Ana Region, and activities. prior to any construction t The project shall be so designed to eliminate light and glare spillage on adjacent uses. That prior to the occupancy of any unit a qualified t c shall demonstrate to the satisfaction of the City that the troadwanyineer Impact - on, the project does not ' exceed 65 dbA CNL'L ' for outside Y living �~ aroas and the requirements of the law for interior spaces. ��..., .'•.rr��+.t+�r,.ww.•.ni.r.�..,r..,.�s�«....ww.•.r.•,.r'•�' i+ ^•'.�YV'�i�•:.,.� � ��;�w.... .: �. �. • • flushing. Since restoration projects necessarily involve marty rtainties, restoration should precede the diking or filling project. At minimum, the permit will be conditioned to assure that restoration Will simultaneously with project construction. Restoration and t plans shall be submitted with the permit application. 7. In add.it ion, a"Y project which includes diking, filling or dredging of a wetland or es must maintain the functional capacity of the wetland or to be self-susta 1 amity means the ability of the Watland or estwzrr ad to maintain natural species diversity. In otevr to establish that functional capacity is being maintained, trc applicant must darns all of the following: a. That the project not alter presently occurring plant and animal populations in ecosystem in a manner that would impair the long-term s ty of the ecosystem; i.e., natural species diversity, and carpositien are essentially unchanged as a result of the jest. b. That the project does not harm o%i� cies or habitat that is rare or endangered. C. That the project does not harm habitat that is i1cessential to the natural biological of the wetland or estuary. d. That the project does not significantly consumptive (e.g., fishing, aquaculture and hunting) or ive (e.g., water quality and research opportunity) val of the wetland or estuarine ecosystem. 8. If new or w"nded boating facilities are to be provided in ?k portVin �sshall be devuloped in natural harbors, pProtectedwaterareas dredgad from dry land. 11ntranee channels for new or expanded boating facilities may be Permitted in wetlands, subject to all other requirements for deve'q trot in wetlands discussed in Bl, Bg, B4, B5, and B6 above. C. Deve t of Coastal Bluff Sites Ihe City of Newport Beach finis that the natural bluffs represent a nd significant scenic aenvir rsamtal resource. In order to preserve these unique landforTml dWMloprrents Prq,od for bluff areas shall be subjoct to the following reTAAticrs: 1. The following regulations apply to all building sites: a. Definition of Bluff. As used in this section, uffol $ any orm having an average slope of 26.6 degrees t5Q11 or wester, with a vertical rise of 25 feet or greater. 24 !' f Where there is sane sty Q� as to the t f applicability of this section to a apacific laMform, a deten umtion as to whether or not the sPecific landforrn constitutes a bluff shell be nade by the Planning Camrissicn, consistent with the purposes of this regualti.an. b. Grading. Permitted development shall be designed to minimize the alteration of natural ladforms k 1 along bluffs and cliffs. In areas of gaologic hazard, the City may require that a deveL4V=t permit not be issued until an applicant has signed a waiver of all claim against the public for l future liability or Garage resulting from permission to build. All such waivers should be recorded with the county Recorder's office. ' C. Geol is To Spranote public safety, a ao ogzc s y shall be performed for each site to determine areas 1 of potential instability. Thebluff s shall be i.nd,icateci on ma Potential hazard or instability Ps as part of any Planned Cam rLi ty development plan. d. H©i ht of Structures. The height of structureEt RFall as scribed in the Newport Beach ! Municipal Code. 2. The following regulations apply to all new tracts and subdivisions. If development is residential in nature, this units policy will apply to new development of 4 or more a. Setback FloIvire+ment. A bluff setback adequate to provide safe public access, taking into acmmt bluff retreat and erosion, shall be provided in all new development. As a general guideline, the Property line setback frrm the edge of a bluff should be no closer to the edge of the bluff than the point at which the top of the bluff is intersected by a line drawn from the solid toe of the bluff at an angle of 26.6 � degrees to the horizontal. A 1 greater setback distance shall be required where warranted by geological or , gmAater conditions, but in no case shall a party limn be closer than 40 feet to the edge of a bluff. In addition, no part of a proposed development shall be closer than 20 feet to the bluffside Property line. This required building setback may be increased or 4wralsed by the COMMissicn in the review of a p site _ consistent with the purposes of this section. 25 • b. Public,. views. The location and design of a h?roal.3� shall take into account public visor potrnti c. Public Access and Dedication Paquirements. The iocat-�Jwd design of a proposed project &oil mmdmize public access to the coastal bluff areas as follows: 1. Public access to coastal bluff areas shall be aawzed system through design of the local street rough the location of public trails and Walkways adjacent to the bluffs. The CitY MY require the dedication of right-o-way, or the granting of easarents. These may be irtprtixed or not - inproved at the option of the City Council. 2. Areas adjaomt t° coastal bluffs having significant view Potential shall be designatod for use as view parks or vista points consistent with Parkland dedication requirements. 3. Land required to be dedicated for neighborhood Parks, but which is intender: to remain in an moved, natural state, should be located adjacent to the bluffs; any portion of that land required to be dedicated for neighborhood Parks which is intended to provide active recreational facilities may be located in the interior portions of the proposed develgXmt, 4. Bluff face arms need not be accepted by the City for arty type of dedication. d. Subdivision Design. In pr xr a devel Pcilan areas areas shall rot be included in �t as designated on the site porn. The design of any aubdivision shall not include any , bluff lace or bluff edge as ' part of any residential Lot or building site. e. Pions and Plan material. For the purpose °f' rOT-Uating ter tuns: landscape ( plans for those areas imtecifately sdjaoent to the i bluffs shall incorporate restive %j etation 'or other drought -resistant plant material. f • � Grading. inJ# cutting, and filling of natural or bluff edges shall be prohibited in ' order to preserve the scenic value of bluff areas, except for the purpose of performing anergenc.•y f` 26 Ir I I repairs, or. ..for the installation of Live devioes or , other rseasures to assure the stability of the bluffs. kW Plan in olving grading of the bluff face or bluff area shall be app=M5,j by the Plarming Comaissicn, including such measures designed to oaztrol urban runoff, erosion, and groundwater canditicns. D. Archaeological paLeonto ical and Historical sources within Archaeological, paleontology, and histo al .resources with the Coastal Zane small be investigated in acaao t nce cceptable mitigation scientific p�, and appropriate (including Preservation) shall be a e 9• salvacla, �aocordanee with regular City policy. basis in r to any deyelcga�t, ar+ aWlogical, psi eantolcgi� , and ric resources shall be mapped and evaluated by a qualified profe arwl. A City Ceunail approved list of ash pareonnel shall established, following adequately noticed public hearing. E. Coastal Views Where coastal fxnm existing deve1gMent on privy y within the m&iwA exist, any roadway shall be sisight lines from the the coastal view. esigned bo Phan of develgMwt on any s�Z7( licY is not intwded to prohibit Cow tal view areas: a. 00ean b. Eastblufff ' Corona del nt c. Coast fiigtsray near Jadxn'ee d.' Pacific Qasst Hfgt"y Bridge %raupe. Castaways frM the bluff setbackf. Canatellatign gear Santiago h. xC � �ti+rg , anti Univers Park i. Ensign Viewpark k. P story point Bast I. 14th.Street bead: m. 19th Stxeet,beach 27 0 ATlACHMEN. !6o. i October 17, 1953 Mr. Robert P. Lenard Advance Planning Administrator Cowmunity Development Department CITY OF NE*PORT BEACH 3300 Newport Boulevard Newport •each, California 92663 RE t 311 CAwNAnON AVE1WE -- CORONA DEL MAX. Omer Mr. Lenardt In accordance with your request and aut►►oriretlon, Tsrantello 1 has Prepared a report evaluating the faasibtllty of requiring • speelfiadsny number Of affordable units within the above.r*ferenceo develop#ent. Included in the following report is an analysis of the Subject Condominium: tour-Dnit ium Praject•eith the inclusion �•� one low. or moderate-lnaowte unit. The appropriate price level and average absorption rhaveestimated end the issue of •fair Yeturn, to the d++Malaperhes heeneaCdressbeen We thank you for this appnrtunity to be of service and look forward to your continued patronage in the future. Respectfully submitted, TARANTELLO A COMPANY ,,#, ♦ 0 s R. Terenteiio, tRE President / . -Iwp �Vzvlll- T1QQthy 5, Lore Vice President tlst/nh AFFONA0LE HOUSING FEASIBILITY AM WVUS of 311 CARNATION AVENUE rout Condominium Units CORONA DEL MAR, CALlro#tNIA Resldontlii Os%41opment By: RVL.EA* MTHUN. DEBAUk 4 CjtMFX Submitted fo= my Or NEWPORT BEACH 10/17/83 Submitted By; TARANTELLO A COMPANY ■ _ e — I — • STATEMENT Of ASSl1MPTIOMS ill f �Ir1a11.�w �ti*„�� 1) "elect Cherecterfatics Oesaription S1re Unit 1 Unit 2 2 BedrOoa / 2.5 oath 3,291 sq•rt. 3 unit 3 Bedroom / 3.$ Bath 3 Badraor / 3.3 Bath 30631 sq.tt. Knit 4 3 Bedroom / 4.5 Bath 3,323 sq.rt. 3,315 sq.tt. (2) Land own* h , At that the land is the start of project construction It is assumed owned outright by the developers. (3) and Costs Provided by the Ownership -- 1810,000. (4) Construction f� idi assuiso from coamenceinent An eight_scnth construction Period been of construction to completion ofunits�s (S) Construction Costs, *!thin an MAI Based upon the Replacement Cost Estimates detailed appraisal prepared by Associates r iu er A A lV43), as follows, {September 23, 1� Direct Construction Costs s 1,152,000 Indirect Costs (escept financing) 27L,000 Total costs 1 428 000 .The construction costs construction period. are assumed to be Incurred evenly over the entire f6) Financing f ies hate, The rate charged against the outstanding loan balance is, 2.1;Percent over prlme;-prim@ '16 assumed to average 11.0 Percent. The loan tee was assumed to be 3.0 percent or the construction costs. (7) e s men t Loan, Based on 100 percent of gross sales. (8) Absorption: An absorption rote or one unit per month has been incorpo. rated into the calculations. It has been assured that the lower priced units would be absorbed first with galas beginning in the nineth month after com+senceatants of construction. 0 STAT[MEifT of ASS, continued. III carnation Aw�ta • i9) P•sici of condaminiuMM9 Pricing of the condoalnlum units ws$ based upon an MAI appraleal prepared by Byer A Associates tooted September 23, 1983), as follows: Unit 1 t 658,000 Unit 2 S 726,000 unit 3 $ 615,000 unit 4 f $80,000 (10) Affordable unit Pricin : The affordable unit was considered to replace Unit • in all scenarios. Unit pricing was based upon income Information Provided by Robert. P. Lenard, Advance planning Adwlriatrator, City of Newport Beach, Because the designated affordable unit is a three -bedroom condominium, the income level for a four -person household was considered relevant for potential occupancy. Based upon industry standards, a maximum of 33 Percent of the household's gross income can be allocated towards housing debt service. Typical financing terms for residential units has been assumed as follows: 10 percent down; 13.5 percent rates 30.y4sr @sorti- ;stian. Both low income and moderate income levels were analysed -- the resulting Affordable Unit MCA used in the calculations is as follows: Low -Income Unit S 69,300 Moderate -Income Unit s 106,000 (11) Affordable_ Rental Hates, Rental Rates Mara based upon allowable month- ly expense' Information provided by ilobart p. Lenard, Advance planning Administrator, Clty of Nawpart Beach. These figures for a four -Parson household are as follows: Low -Income Unit . $ 630' Moderste-Incosra Unit (12) rrorision of 9tralts Atfordah a unit: The following additional assuap. dons have bean incorporated into the analysis of providing a'low. or moderate -Income unit at an offeite location. tonitruction-CostS Land Cost' r Direct Construction Costs indirect Costs (except financing) Total Costs _' 200, 000 284,000 69,000 557,000 'j M"���!-.-Lw,..;.��e�� ..•ice'/K�►!l'.; �►�.►, ! w.�.�!:�. !f+hl•w• STATEMENT OF ASSUMP"OnS, continued. 311 Carnation AweAw Absorption It has been assumed that the orfsite unit will be absorbed In the nlneth month after Commencement of construction along with Unit A. (43) Annual Cash flow= The estimated annual cash flow from ranting Unit A as an affordable unit incorporates the following annual eapapaea= Texas f 6,300 Insurance 1,000 Maintenance 7,300 Subtotal S 10,000 Debt Service 5992" (AO percent loan -to -value; 13.5 per. �— Total 69 260 cent sale; 30-rear amortization) (lA) Residual Value: The residual value of Unit A at the end of the tenth Year is based upon an annual 3 pffcent escalation faCtar lass the to- molning loan balance at that time (approximately $409,000,. y 31 14 ItiWAMY I 000"TIAL MARKET ACTIYITU (Aa of Saotembef d, 111)1 AYIIIACE STILES FA1CI AVENUE OArs On nuX(T ACTIVE t1S1164CS tale sit Since Lost Coop lean Stnes Last listing Soak Tssr.to.Date since last Coop Book 11nca last Llstin 0*011 rsrr.to.0ota Arsragt tastiol ►lice overs/s PITS aA rsrW or Eta To* of test Sadraaas S 16/,/00 S 214,200 { 179,NO 17t $is 124 S 204,100 10) These Bedrooms S 216,200 S 229,700 6199,30 lid lit 142 >< 211,/0 All lssidsntlal S 2510100 { 752,400 { Isl,SDO lit 12) III { 342,400 Jos • At a District 17 ieatana Dal Mat) S )sIs,000 S 721,700 S 40/,too lot 103 1�1 { f1s,100 1I• All Dooldantlel { 2s1,300 S 232,400 S 21i,300 Of 125 13S { 112,100 10% SourOf nultlpla Listing look Ya1ua►a U Ifsptsa0ar !, 191311 Newport MstOatitosto MISS laold of Soaltats. i J I INMMART or amtrof LISTIws (As of serteHer •. Its)) District 00, 12 .. south e► helrlc [wet Miner Irleer per coerce• ledreses / Goths severe rest 1.1stln0 Plate !were ?eat :310 let Areftre / 1 1 101.500 103 lrls ) / 2.5 .. 3 210,030 40e ?ssalne 3 / 2 .. 1 2)3,000 1910 Tshvns tenser s / 2.) .. i 239,300 1e34 Serensee terrace } / 2,73 .. s 273,010 1101 ise Vier 2 / 1 f 215,000 10a rotollte 3 / 2.5 .. 1 2t1,300 1000 fetsneds Terrace 4 / 2.3 -. 1 300,000 1313 sannie Deane A / 2.3 1,110 f 325,000 232 ►elnoettle Avenue 2 / 141 i.lDO f 330,000 70t W-Thongs Drive A / I.S. .. s 320,000 lttt thubsste Drive 3 / 2.5 .. f 341,300 2718 lsyslde Drive 3 / 3 -- 1 349,100 213 39/01ne ) / 2 .. 1 370,000 e126 mossvey tread ) s 3ts,400 322 Islnsettie Avenue / 3.1 .. 1 391,000 711 M-Thenp Drive 3f1,500 111 marluerlt Lanus 3 / ) -. 1 )1t,300 226 Lsrtislw3 ) / 2.S 2,9Cd s 415,000 21d Mlrluerlte 3 / 3 1 424,100 2711 Shell 3 / 3 .. 1 433,000 2G3 $assets A / 3 f 440,000 eta3 Neerden ' 3 / 3 1 m,900 A U Dahl[$ A/ s 3,000 1 4f3,000 401 AvOCese Avenw 3 / 1.73 .. 1 333,000 211 i2:6 30ee1ne ritetfrent 3 / 3 A / A Me 01finstan A/ 3 .. .. s 1 S3f,000 140,000 Ads! :Oeeaurr 7 / 2.1 .. 1 S49,500 212 [vehlnl Canyon A / ).}3 w f lf3,000 Ala iselletreps A / 3' .. 1 31S1000 2l1 Nal lultite 2 / 3 2,011 1 l03,000 303 01thid Ivsew ;lles0ut2 3 / 3, f St3,000 451, A / ) .. f 193,000 •21 ltelelet. / 3.3 3,Aoo 1 SP1,000 302e 0ceen MVieverd t / 1 .. 1 621,040 390t1 0cesn MyUsils : / : 1,300 s 441,000 e33) Perks sN1! A / 3 1 640,000 49439 Trfesnt A / 3 1 so,000 2211 Pacific Drive 3 /F7ri., ,, •• f 675,000 33/ 1+ren3^0 CenyOA / A .. 1 691,000 2314 1he13, .." .. ) / 3.) .. f 691,000 .all tied.* Drive A / ) .. 1 139,000 1 il) i 11T 1 M 1 its 1 lid f e )a • 0 **ARV 0r COMM LISTINGS, continued. {At or September d, 190)) 0lelnlel 1140. 17 .. South or "Cirfe coati Highway Agate„ wroo., / eaena feat savers, feel its n9nq Irlca •t- sp„ert •r.t i 781 [tenlno C,PI►on a .+ 1741'000 4571 Gotham 7 / 7.S •• y 751,100 6921 Gotham a / i ► 749,000 3)!1 S,t view 3 / 7.3 l,100 y 711,000 111♦ a700 Orrlao:on load a / a •• y 690.000 1301 Dolphin Terrace 3 / ) y $93,000 2001 Galatea lerrece 3 / i .. y Af3,000 7001 la7edate lerract A / 3,S .. S 100,000 15e1 710 0olph1nt inflect ] / 7.3 3,070 f 99),003 f !a I1 7039 Haiti iayelda Otl•a ] t 2 t / a ),d)+ y 113,000 = 2141 ocean 04ule•otd a / ] ),600 S 1,000,000 f lit 347S Ocean lawleverd ! / 3 .. f 1,315,000 1411 $ovoid$ Alive 4 / 7 4,000 i 18475,000 y 1,493,000 y )7a III @aside place a 1,000,000 1611 Orl "ten Bodo a / d.3 y 1,900,030 490 10) OIIN+tea Bald Shoreclift Bead a / a 3 3,000 y 7,))O,000 1713 U IS ocean iaule•trd / 2.73 ) / I )9000 S 1,300,000 y 3,500,000 M.. f 1,167 Soulcel Nvltlplo iletinO loot . volume 3d ISepteabl► 1, 1043)1 Newport Natbol/Caste Mate lderd of Rootlets. is v IkI SUMMARY M3/ RECEMT SALES (As Of September A, 198)) District No. 12 Address Bedrooms / Baths Uatinp Price Sales Price ate of Sale 424 Anpelits 6 / 3.75 s 750,000 s E73,0W 06/30/83 1615 Bomie on, P Terrace 3 / 1.75 349,000 320,0W 06/30/83 29 Canbris Drive 4 / 3 735,000 69p,000 05/12/83 524 Cme o Ki N arils 4 / 2 22D, 000 213,000 09101183 15 Cawl Bay 3 / 3 S35,000 525,000 Q1/06/83 34M Catemsren 4 / 3 395,0W 375,000 0 125/83 4821 Cottlerd 3 / 1.7S 305i000 XJ5,000 06/26//93 4633 Dordwster 4 / 2.5 3391000 330,000 07/16/63 1132 Ebbtlde Road 4 / 2.5 S'930000 WA C17/12/81 1713 Galata 4 / 3 41260W 412,WD 05/24/63 214 Heliotrope 3 / 3.73 3834000 350,000 CV05/83 1221 Keel 4 / 3 $39,000 50D,000 00/05/03 1436 Key Vier 3 / 2 349,000 3?5,000 07/06/83 703 Larkspur 2 / 1 ZV,000 215,000 06/06153 614 Larkspur 1 / l 225,000 220,000 0E/3W83 324 Marigold Avenue 2 / 1 249,000 240.0W OU 13/01 2 Mission Bey Drive S / 3.75 395,000 362,500 06/29/63 36 Morro Sir drive 4 / 2.5 4450000 425000D C&OW 83 3907 Perk Green Drive 4 / 2 3R0,000 275,000 00/00/83 31? Rockford Play 3 / 2 199,9W 1090900 12/10/83 1407 SantwwUs Tatsce , 4 / 2.7s 275.000 275,000 07/30/83 3423' Seabree n taro 3 / 2.5 415,000 WA 08/Oi/8) 35M Surfvier 3 / 2 310,000 290,000 08/29/83 1007 Tiller Vey A / 3 3176000 ",000 07/2d/63 Avow= 3W 000 Yi.S00 Sourest wltiple Listing look - volume 36 (Septambtr 9* IM); wwport Harbor/Casta *so Board of Realtors. r--I U • r ►ROFORM; C1t 1i Ftoy SCINOA10A 011L MDO[>tur-oweag wait rot tat• t Castle Total DWvtl%gF'6 lleturn or Mint* Dr.9law4 actt•1T7 tare C4m%t%ct1an Cate rLmttro Omlopw+t "$twang Cmi Dewlaoer'a Cm-trts.,tu1 omiamfif Ceatt Coats Dry. %my Islam U391 Caen Flow (v+llr taler R•rlt M► r+: 1 nuof a L *&% WvWCs [1r+.snctsor f 110,00D f 178'm f 42,W f 1.031,7r0 f 321,3+D = .0. iti 17I.7r0 f -� f(flo,Orl)J t r1o,Grn l .0• 1 .y 3 .a. 170.100 2,610 111D,M lifl,fio .a. 40 'no .D. f .D. 171,3W 4.12f 113,QX 3"'m .a. A. 1 .a. 171'sm 6'"S 113,011 tIs,0/! .a. 71o.�+tl +a .Q. 110,000 46 .a ..o` 171,1m I,ii7 147,147 117,147 .a. f37,1b1 .a 436 Ito,orn .C. .a 171,1m 10,773 la,m 10,m 4. t.fu,lu .o` .06 Ilo,obD .0. .a 7 M71^ Msrratt++p .� 1TI,1m 1299M lfl'4W 101,4m .a. l.f3f.U3 -4 .4 1101mb .a. .o. o Casptato Cwq!r%c lo% .a 171'sm il,OSi ln,sx lfs,lx .o. 1.s11,a .a .a 610.0 o .D. .& f $011 u+u a .a .C. 17,233 17,n3 .a. 10,7" 1.6u,m im,ora .a Ilo,= to fell Wit 3 .o .o. 11,712 U,712 .a "I'm 02,20 I11,Dm .0. Ilo,oti0 .a. .D. it 11011 W41 1 Z. .o. f,474 9,476 .Or 60,124 1n,7t11 651,00D .0. 110,m0 .o. .0- t1 leis Unit ? .0. .D. 2,110 ?,IID �.o. tf7F7it .a rn.000 SID.07! ?7f,fa1 fDy� jfn,s,lj Twou UM-0 1 fl1 to ! A = 1O1 = 7rr sa ua om S 7�,mr ji?n+' NUUL_ g ,�.� 7arantell, i Casanr. � i a I CJ Pgorcaus gh2w i• ov ![lllArtle� e.t ler-I" M[ UNIT fer Solt I ene:le Tat�i orwleorr's Mturn of Cerrtru WA r&FdVCLfg' De• IMMOOutstanding Crest 0$"I per'• Ur4jtwle4 D1vf1W"4S r:•.! rertrM f�h Drwlomm, ktf+ltr LIM COOS tnts [� � Om ram a I S pwaroAMA CASH rkor KCIMlat SK "O nAlf-INCOME Vail for Ui. t OffAlte Total Oe.stwils naturn a► CwtMetian rtnricinq D"100.ra►ti1 *AstardlUq Crwa De+elMPS CartitrlMAao 00"IW VS sOevelowv Amsitr W4 Costs Costs Costs or" hoof blvyf Sales COO ►tor tn41r lOdtr ►ro►lt rertwtit 4tiM i Oemd toa AGWWWO [orotrvction S i3Olo,000 S 223,125 s )7,l10 S 1,2k.i1f t►i,fT) s .� rn,i7) S •a s t1,010,om] I l,oto.Onu I .0. it •� 223,1b 3,11) zm.zx 22i,2)1 .t>• l00.11) -a. .0. 1,fi14,aQ .o. •� .0. 223,123 ),634 3n.?G) In,7A7 .o. 7)l,ils .o` -a I.Ol0,tr10 .a •G A .. 223,123 I'm 2)1,"7 231,if7 .0• 00,03) S .Q ai,ui 1D,si7+1 23),rit 233,M .aL I,it7,01) .a .0- I,NYO.GW .� •� 6 .0. 223,In 13,a" 2m""I 2m'"I 46 1,433,60 .a. 46 1,010,000 .0• • . 1 OW sera+ uq .a 223,12E 14,120 2)t,23) 2M1253 .& I'M^ -ti. I,014.mo .a, .4 t Oo oleta Uratnesun 46 223,123 to,= 2U,04) 341,90 .4 1,911.8o1 -0. -0. I,ol+),ODy .G. .4 t Sill ONsita Wt rd atilt A 4. :103s2 Q 1,0W.Cm A .D 10 sou lnit 3 .0. .b 11,0" 14,044 .0. MO.wm 4176367 da,cm .o. I,ota.Om -0. .0. 11 Stu W41 I .& A. 7,2t) low •& M7.361 46 go,= 3,730 1,M6,470 ),)70 •& t2 Sell Wt 2 .Q .Q. .0. .tl• .4 .0. .0. ?M.= t 2A0.6101 IOtx.S 1 I.IWUW 372,tfO Oslo l t� 1,1Ni1 ? M7 O� f t 7M.�1 I la dnl }jA?o] [,n'� q Smrur Tasan41116 a Ca wv. +• —. • t 9 M rop wfi [ASM rl0* SCINARtal OMt lol.TsroMt IMIT for $e1e 1 •rrelte MeI Dr+slwr'• ftlurn or Montn Cron Ow"10MOS tr aJla 0w tervtnctlen rsr r;lro DrwlrP+r+t outttraurq t..UelomVe OM+sle�snt ACtt.riY feed Costs Casts toots Oren �--`� MCD+1 M11encM Suss Cash Ilor [K.II► faltr rorl rt rtrcMr 1 �te:ot0 uenfa.ww�s - _ - - Car*l nct ien bosh ers+M" CMINte t&%mcumn sell orrslte te•1t ere wt4 fell w t 3 fell wt 1 Sell uNt 2 f I,OI?,4W 1 2T7,It3 f 73,lSO 1 l,M,473 s 274,sn s .o. s 17 IM f -a f 11,010.cmo1 f 1,0t).ow f .a 1 .a •o- MOM 7,111 2w,2m zm,231 .0. 3m,W13 -& .0. I,4IO.mm .0. .a -a m,l» s,�u 271,T0) 221.163 .a 771,04 .a. .a LOt7,ar46 .¢ 2n,17s a,m 231,nT 2)l,m .a so,oss .o. .a 1.OI0,0[D .a -a .a. sa,ln iO.sH m,ri! 133,l71r .0 1,1f7,D12 .a. .o. l,vla,amo .Q .a Z13,In 13.Aff 2i,7fl Im'"I .0. 1,A73,R[f .O` •0. 1,010.Om .p, ,y -0. u3.ln uj" 2„,233 27l,D) .a l,fn,sm •a` .a. 1 O10 ma0 a .a 22s.1n 18.420 343,tA3 3431ou .D. 1,014,ttbl .a. .(6 1 &O.Cm0 . -a .a .a -& 21*U2 21,sa -e, a,,na 14,4" 1e,4» .0• Imo w -a I'm i,T21 -a ix.21! ----•-�a —.� at»40 a 3s.041 !Hula: Tune116 a COMV. L 1.2N,M3 669,3om 4. l.al AM GN,3W f1),= -a 1.01?,moo >f.at 6M.aoo .& J,aIa,ODO ?U,= W,334 1ao,.K .o. .a .a .I} ittr s7A � t� L� •i i P MolORw�,�A�k Fl a !C[MM101 $W MONRATI-1MCOMC WIT Fair tome. Total Grr,1ul+Fri Aetvr^ of Cmrntnxttw% 11e•4:op%vr4 OLtatu+dlrp Crean OrwrloM's OwIr1r.RM Orwlotxi'T tenth 0e.rlovrsrt AttlrllT tmnd Coats Casts Costs Aar Mpsr Mlorto Wes W flow I(Orltf MARY Profit Arrant 1 Re oro LOOMOTorar+te Co►ntnCtlon 1 IWI= 1 IMAO t 02.W >} t,0]1,3eO 1 221,50 1 .a 1 271,Uo 1 .a 91$10.0m) 1 a10.ftA 1 .a 1 .a ? •a 179,5w 2,490 l4c' 3 1w.m ..Cl. am,130 .a .a 110am .a 178OXG 465" 163,026 W'om .o. lls,))i .a .a 110' o a .a 171.SOb 4,90 10,085 115,0I3 •a 77o,w .a .a 11a.Ca, .a IIf, Sm 6,40 1"'Id? 187,1R .a t►37,101 .o. .a 110.0m .0 err at .a 171,= w,m 10,2" 1w,=73 .o. t,1N,II1 .a G. 11a,am .a 7 wn mg:w.trg .0. 171.100 12IM2 1/1,6m ltl,a(2 .a 1113I120 .a -a 110,Om .6. .d. Co+plrta Cvuutrurtlan .a 1)If100 1),ou 11),134 1n,3)i .0. 10931,01 .a .0. 110'= .a •lr •a G. 17,333 17,313 170231 .0. 1,34:,art .a• -a Ala,= 46 .. to sett W49 ) •a .a 174477 17,427 .a »7,1» "I'm its,= A. m,000 .a 1t "it wit t .a .a 10,701 W'7w .a. 447,2li MAD AS1,000 .a 110.0m .a .: 12 1933 11►It 71 Amn &V Mrlrw+ee Wt ar .a .0- ), ). .p. 306,30 • 1,110.Cm 017.373 46 110,ti10 T.,:: IM43 tall00a �_1,t3li �� -M— C—D La� �W LIALM L-: } I WAOM 7? !17 j U6r01>D uo Q>0 f n�m u.i !' AYW tme>+ t1o■ (OMIM a of init row Imm faata) MIJOA: value (Salllrt;, of w4t m 1n tenth par) 1 :>i :fl. # u�eivoaa Mryrwrtnl P7acea�ee. fawces luV4e130 A Comp r,F. W "OFORM4 CASH tLDa XCMAw101 UK LOV-101COM[ 11M) T Iot loaoa Total Omho"'s Value of Ilpn{l� 9.•slopnoont Aett•l;r tra C"vttutilon Cuts IlwCtng costs Dwoloprnt casts DAItandlnq Crou Dn.eiaoor's caMrlrtod ORwlvRr'$ Orta. ft"7 !slants SO" ern+ Flow [g � [aftt !ro•lt 1 MwrC Lov►rv�'vct Censtrutfo* i �1D,OOD i i»,lOO S A?,MO i 1,011,)+IO i u1,1a i .a 6 221,340 i .a i[A3.OnOj i IMAM 1 .a l •4 _ .a ln,SOD 76410 UlO."c jw'm .a 102,)10 .a .a olo,aro .a .a .a 1111, 500 4,576 113,tru lw'c A .a Sol,)% .a .a 110.Ma .a wQ 6,50 10,013 la.aa .a 7TD,441 .(6 A. uo,ow .a .a S .a 1»,l00 1'"? 117,10 li7,liT .a "?,as .a. .a Molow .0. .D. i .a 1»,100 lo,m 1N,TT1 la,t73 .a 1,1oi,M1 .a .a tlo,or:o .a .a own +albet+�q .a 1»,500 u,leo tfl,ao� 1>il,aat .o. 1,)li,2u .a .a +No,mD wa .a i e�.pin. caueetrtlan .a 17t+,lm 1s,Dss ln,sx 11),53� .D. I,ll1,1)f .a .a 110,000 .a .a. S -a -a 17,1ri 17,711 l7,lf) .a 1,94i' t -a .a Vol= •a .4 10 Sall u+tt ) -a .a 1t,gT 17,427 .a "I'm nt,a>7 613,000 .a M.Ow .a .a 11 loll Wd% 1 .a .a 10,Tp 10,WA d4la d 104,201 d"Aw w . 110.0m .d -IL 12 Sall uhit 2; amt And Mtlnwco Unit a .a .a )dab ),i2? .a M1,3D) .a • 1,19O.Dm W,373 .� ii0.090 77,11y uTxS off__ ta.mD 1 Imo Lc1a ! m cm �, t �,lff lEu } � � 71-773 kraal Cash now owdinq of 044 • to[ ton wIl Afti al w:uo (14111% of trot A to tontn Has) i lx.ca Imclrrlrs 4tJw%CtAq olotoo�s. bump tsroatallo i Co�Drgt. • Stiw1ARV AND COMCLU .. SI ONS • As evidenced by the preceding Profor■a Cash flows and as suararized below, the estimated rate of return under the six scenarios range between .)V.S percent end _11.6 percent. As expected, the rate of return Improve$ as the location of the arfordable unit Is moved oftsits and when a aoderate.lncore unit is Incorporated Into the project rather than a low -Income unit. ESTIMATED RATE Of RETUNm Moderate -Income Low-income For Sale / Onsite (34.61 x (3l.$) % For Sale / offsita (27.61 Y (31.71 g For lease / Onslts (11.61 x (12.31 a It should be noted that these rates of return reflect point estlastes based upon • series of assumptions det`filed eirlter In this report. The actual rate of return achieved by the 311 Carnstion Avenue development will depend upon to what degree variances from these ssaumptions are experienced and In what direction (i.e.o positive or negative) they occur. It is the opinion of Tarantello A Company that It variances do occur, they are ■ore likely to occur In a negative direction resulting in a reduction of the rate Of return. The sore significant factors which could cause such a result are as follows; (1) a more lsngthly absorption period] (2) an Increase in can. struction costs; and (3) 6 reduction in achievable sale prices. There are several more downside risks than upside potential. rot example, It Is far more probable that in the midst of an economic recovery period that interest rates, labor costs and construction materials are all likely to rise In price; thereby, further reducing potential profit. Yet at the sgms time, recently 0 — _. c rising interest rates have substantially slowed housing sales (with ; IIrpall.t. able inerr.l-be 111 161lyl,ll/t tllll for rIall t{l, stow i 1141111.., l ls 1 •jii/ •!•�I..u1 lyl l l suppressed real estate appreciation rates to below current estlmgted cost of living price levels. Any anticipated increase in potential •gigs prices is extreaely unlikely. In simple language, the "downsidew 10 Wester than the •upslds.w Given the risk level associated with this type of development and the arorementioned likely direction of any variances, it is out opinion that the only reasonable scenario is the exclusion of any affordable units .. onsite or offsite. Based upon our experience and knowledge of specific development projects, Tarantella A company has found that most developers would not under. take such a development without an expected rate of return of at least 50 percent. In summation• In a financial world Ira high-grade corporate bonds are yielding 12 percent or moral with full liquidity and no) management require.. cents, our most recent experience in the evaluation or development projects for similar clients suggests required rates of return in excess or 50 percent on invested capital over the term of the project. It is evident that.nons',of the previous scenarios approach this benchmark, and we strongly recommand that no affordable unit requirement be imposed upon the 311 Carnation Avenue devgl_ opment0 ARAN ! tLifJ&AAA V V AT ACIDM rT NO. i i ..1 • • Y. • �/ 1 s October 20, 1913 Mr. Robert P. Lenard Advance Planning Administrator Community Development Department CITY OF NEWPORT BEACH 3300 Newport Boulevard Newport Beach, California 92663 RE: 311 CARNATION AVENUE— CORONA DEL MAR. Dear Mr. Lea"rds In accordance with your request, Tarantello & Company has prepared two additionnal proforma cash flows evaluating the feasiblUty of requiring a low- or moderate -income unit as part of the above -referenced development located at an offslte location. The new assumption incorporated Into these two scenarios is that the cost to the developer assoofated with providing this offsite unit, will be $179,500 -- rather than $557,000 as previously assumed.T� g� is,e d upon h Average sales price for two or lw bedroom units u w; orb / oat" Mesta board of Realtors for 1913 (year -to -Gate). The resulting estimated rates of return for these scenarios are as followss Moderate -Income Unit Law -income Unit 16.3 % 11.4 % We hope that this additional Information will provide the necessary input to your decision making In regards to this Issue, Respectfully submitted, TARANTELLO & COMANY Timothy S. Love vice President ilst/nh wAA�1C.. 1a000A 00wAL0 " P01CC •T[r[r C C410041t CLA1rC Dori 9T10I6000f worALa A .10LLes October 19, 1983 L,AwOrrICL! ' SIKORA AND PRICE 180C011r0rA160 sofa fPULLMA.. STOCC7 SUITC S POST 0rrica 11014 111IDT WWTA AMA, CALWO"NIA 4370% T;LL/wO"C (7141 M1NS71 City of Newport Beach Planning Commission 3300 Newport Blvd. P.O. Box 1768 Newport Beach, CA 92663-3884 Re: 311 CARNATION -- ITEM Us OCTOBER 20, 1983, MEETING; RESUBDIVISION NO. 745 AND USE PERMIT NO. 3033 Dear Commissioners: 1# 94.110 MIONLTOM 040110.Av, SHITC a LA4U4A 0414.L%, CAkIr011NIA •S*%3 T9LCPM0189 1,1141 4116•11001 . �-- a ,• fIcTn {"1 .19IR3 b 1 (,'' ry n, As owners of the parcel adjoining the above -referenced project, my clients are, perhaps, most closely affected by the Application presently before you. Having had the opportunity, on October 18 and 19, to review with Mr. and Mrs. R.C. Crooke, the developers' plans, the staff's report and recommendations, and discuss the. matter with William if. Ward, I would like to express concern over two aspects of the Application and the staff's report$ specifi- cally: 1. The appropriateness "buildable acreage" mandate of of the older, less restrictive, in the zoning code; and 2. appears, by elevations and legality of ignoring' th•e the City's general plan in favor density requirements contained ` i e Recommendation of approval of the project on what casual observation, to be inaccurate topographical contained in the submitted plans. Obviously, these objections go not to the character and nature of the project, but to its massiveness given the existing condi- tion of the building site. Without question, this is by far the most intensive of the numerous proposals advanced by various potential developers and certainly sloes not contain the "contour - hugging' qualities of the project approved by this Commission and the City Council as Use Permit No. 2009 and Resubdivision No. 729 in October 1982. LAW orrmes 0 • SIKORA AND PRICE 14cow004LA+90 City of Newport Beach Planning Commission October 19, 1983 Page Two More particularly, under the staff recommendation "buildable acreage" has simply been calculated by subtracting setbacks and dedications from the gross area of the parcel (21,335 square feet gross to 14,739 square feet net). Conversely, if an accurate topographical survey were available revealing the steep nature of the parcel, and the slope requirements contained in the City's general plan were applied, it is possible that the buildable acreage would not exceed 9,000 to 8,000 square feet mandating a shrinkage of the project of from 2,000 to 3,000 square feet. In addition to dictating buildable acreage, accurate topographical information would affect height requirements on the rear half of the project. The plans reveal that at least two of the roof lines that extend above the basic height limit are perilously close to exceeding the maximum height restriction. I am certain that your staff would agree that any deviation from the submitted elevations reflecting a steeper north slope would b�- fatal to portions of the project as submitted. Query, whether it is appropriate, or fair, to either the applicants or the surrounding community to approve a project which cannot, in all likelihood, be developed in accordance with the present plans. In sum, I would urge that it is incumbent upon the seriously address the issues of: 1) whether the s proposed pro ect is appropriate, given the nature and, 2) whe a accurate topographical information the parcel roan , if not, whether it is appropriate e-referenced Applications without Veryl tr STEVEN C. CROOKF,, Esq. SCC/jl cc: Planning Department -- Current Planning Molseed and Rylee Cormission to ize of the of the parcel; exists regarding at this time to such information. WAwwtw 61160wA 001+AL0 4 0414CC artviw C_caoadg CLAIM( 01A109 Creole**7 wOMALO A "Q%414 October 19, 1983 L.Aworrices SIKORA AND PRICE lwcowrowA+ta t113 wULLMAN srwtcT. SNIT( a POST or•I(.'s $a. lsror SAWA AMA. CALIFORNIA 0:705 Ttlt'++ON[ 17041 aA14111 Mr. Wendall Rylee Mr. Michael Molseed Mr. Arthur Peters c/o Wendall Rylee 190 Newport Center Drive Newport Beach, CA 92660 Re: DEVELOPMENT OF 311 CARNATION Gentlemen: 9A310 rON♦rON wAAAW&V. SUSIC 10 LAGUNA MILl1, CALI/Ow+,IA 020s3 rtLtrMOwt MAI •as.@000 r Mr. and Mrs. R.C. Crooke have had the opportunity, on October 17th and 18th, to review the proposed develop ent of the above -referenced parcel as well as the Planning Staff's rhport and recommendation to the Newport Beach Planning Commission. Our concerns regarding your Application for Resubdivision and Use permits are uet forth in the attached letter submitted for review by the Newport Beach Planning Commission. In addition to the foregoing, a review of the architectural eleva- tions contained in your plans reveals a significant number of windows on the southern exposure of Unit 1, apparently intended to take advantage of the view presently visablo over the existing roof line of the adjoining parcel. In light of the foregoing observa- tion, it is only fair, at ttlis time, to inform you that it is the Crooke's intention, in the future, to develop the property in a fashion which will, to some extent, obstruct that view. The owners of 307 Carnation envisage having an additional story and/or sundeck erected on top of the existing one story structure. Certainly, pending construction of the foregoing, they intend to erect a barrier on the northern roof line to protect the privacy of the interior courtyard and atrium of the existing structure. Obviously, the development of the additions would be in accordance with existing'municipal ordinances as well as the covenants, conditions and restrictions of record against the property. (i.e. the addi- tions will not extend westward of the existing hoof line of the house.) u... a•►+acs • SIKORA AND PRICE 006COO&CWaT90 Mr. Wendall Rylee Mr. Michael Molseed Mr. Arthur Peters October 19, 1903 Page Two I do not want you to get the impression from the forn(joing, and the attached letter, that the Crookes are opposed to your develop- ment of the attached project. Quite to the contrary, they generally view it as an attractive, appealing structure which will compliment their home and the adjoining neighborhood. They did, however, feel it important to put you on immediate notice regarding pending additions to their home so that you and any subsequent purchaser could take appropriate action regarding the south facing windows Of Unit 1, of which many will soon be facing a wall or other obstruc- tion. If you have any questions regarding the foregoing, please do not hesitate to contact me at your earliest convenience. Very truly our , STEVEN C. C OK Esq. SCC/jl cc: Mr. an Mrs��R.C. Crooke Planning Department - Current Planning f•:_" All Ayes • October 20, 1983 . 9 "NOTES Gahriele suggested that a timeframe be imposed upon the licant for the relocation of tl.e trash dumpater and additional fencing. Commissioner balaiis suggested t these items be taken care of before the next Planning fission meeting. X X X X Chairman zing's orig 1 motion for a continuance on this item, to the Pi ing Cossiission Meeting of November 10, 1983, was n voted on, which NO7IOh CAMm. • . • no Planning Commission recessed at 9e3o p,m� reconvened at 9,40 p.m. r . • Resubdivision No, 745`04blic Hea iM Request to resubdivide .445 acres of land into a single parcel for residential condominium purposes. AND Use Permit No. 3033 (Public Hearin�l Request to permit the construction of a four (4) unit residential condominium development and related garage spaces in the R-3 District. The proposal also includes a request to allow a portion of the developmwnt to exceed the 28 foot height limit on the rear one-half of the lot located in the 28/32 Foot Height Limitation District and the acceptance of an Environmental Document. AND Coastal Development Permit No. 3 Discussion --- WREEEIA� Request to consider a Coastal Development Permit for the purpose of establishing project compliance for a four unit residential development pursuant to the administrative guidelines for the implementation of the State law relative to low-and-mwderate 1=vms housing within the Coastal Zone. -42- INDEX All Continued 9777:_''�T 7, bar lot 1983 • C0VIAMiS5i0HZ • October 20, 1983 MINUTE 5 x g I C4 of Ne&port Beach Motion WX L I A111 All Ayes LOCATIONt A portion of Block D of Corona Sal Mar Tract, located at 311 Carnation Avenue, on the northwesterly corner of Carnation Avenue and Sayside Drive, northeasterly Of Seaview Avenue, in Corona del Mar. ZONE $ R-3 APPLICAIS H. Petyo and Associates, Irvine OWNERt Molseed and Rylee, Newport Beach ENGINEERS Sava as applicant Chairman King stated that the Planning Coaesission received aupplm"ntal information relating to Coastal Development Peral t No. 3 this evening. lie stated that the Commission has not had the opportunity to review the additional information and 'stated that a continuance would be helpful. Members of the audience stated that a continuance would be agreeable. The applicant stated that time is of the essence, however, he stated that he would be agreeable to a continuance to the Planning Comission Meeting of November 10, 1983. COmKissioner Gaff referred to the letters which were distributed from the law offices of Sikora and Price, AM requested that the upcoming staff report respond to buildable acreage, slope■ and elevations. Motion was Meade to continue these items to the Planning Co aaission Meeting of November 10, 1983, which MOTION CARRIED. s • � -43- Planning Commission KeetIg October ZO 1983 Agenda Item No. 11 CITY OF NEWPORT BEACH SUPPLEMENTAL INFORMATION TO: Planning Ca=ission FROM: Planning Department SUBJECT: C. Coastal Development Permit No. 3 (Discussion) Request to consider a Coastal Development Permit for the purpose of establishing project compliance for a four unit residential development pursuant to the administrative guidelines for the implementation of the State law relative to low -and -moderate -income housing within the Coastal Zone. LOCATION: A portion of Block D of Corona del Star Tract, located at 311 Carnation Avenue, on the northwesterly corner of Carnation Avenue and Bayside Drive, northeasterly of Seaview Avenue, In Corona del Mar. 11 ZONE.: R-3 APPLICANT: M. Petyo and Associates, Irvine OWNER: Molseed and Rylee, Newport Beach ENGINEERa Same as applicant Attached is a copy of the "Affordable Housing Feasibility Analysis" and supplementary information prepared by Tarantella and Company for the proposed four unit residential development at 311 Carnation in Corona del Mar. As demonstrated by Tarantello and Company, it would not be feasible to develop a low or moderate income housing unit either on -site or off -site in conjunction with the development of the proposed project. Staff therefore recommends that no affordable units be required and that the following findings be made and added to Exhibit "A" and Exhibit "B" of the earlier prepared staff report for Agenda Item No. 11: COASTAL DEVELOPMENT PERMIT W. 3 1. That in accordance with Section 65590 of the State Government Code and Newport Beach City Council Policy P-1, the Planning Cop -mission has evaluated the feasibility of prnvidinq low and moderate income housing in conjunction with the proposed now housing development. c a. t �.+.. � ... � '•;� r.F; .''�l y_ .' ' i v+.':!'�)4!,n,"a •l i'1t •f !f S�� 7 :.�!!S tF 1,2 'J rr�r TO: Planning Assion - 2 2. That it is not economically feasible to provide law or moderate income housing on -site. 3. That it is not economically feasible to provide low or moderate income housing off -site. PWRIING DEPARTMENT JABS D. TIEWICKER, Director BY SANDRA L. GENIS Associate Planner SLG s ntua . i:.:-i. ;;'i: _!•�,^ 1+.:r.,..r��r ..h.. ._N .:efli► 'tc •.f•.+ ...a RA'. .".. Y... .4;.. _ r^w 1h •;a....q ••'. N • • L. W. RYLEE, INC. ARCHITECTURE - CONSMUCTION • DEVELOPMENT Planning Department Current Planning Division 3300 Newport Blvd. Newport Beach, CA 92663 RE: Affordable Housing Requirements for New Four unit Condominium Project. Dear Sirs: This project is for the development of four luxury condominium units, each with attached two car garages, ranging in size from 3,291 square foot to 3,631 aquare feet. The property is located at 311 Carnation, Corona dol Mar, on a site containing 21,335 square foot of land. The site is on a bluff over looking Newport Harbor and stretches between Carnation Drive and Bapide Drive. The following is a breakdown of the cost of the proposed development: Land n $ 810,000.00 Int©rest on Land until start of Construction w 97,500.00 Architecture & Engineering a 89,500.00 Construction Cost = 1,1380000.00 Government Fees 10,000.00 Construction Loan Interest & Points = 172,800.00 Sales Commission @ 68 = 180,000.00 Legal a 20,000.00 x $21517,000.00 Sales Price - 4 units @ average price of $750*000.00 each = $3,000,000.00 Development Cost = __�21517 000.00 Profit Profit = 161 of Sales Price Builders Investment Required = $ 483,000.00 = $ 907,500.00 190 NEWPORT CENTER DRIVE • NEWPORT BEACH, CAUFORNIA 92660 (714) 64&2912 .. r We feel this project should be exempt from the requirement that 10% of all units constructed be atfnrdnble. This requirement would make this project unworkable. If you take 10% of 4 units, arrive at .4 units affordable and up this to one unit in four affordable or 25% of tho units, the project will not work. With land costs in excess of $200,000.00 per unit it is just not feasible to spread the cost of an affordable unit over throe unite. I,WR/ls Sincerel C� I . W. R}e NOTICE 01F PUBLIC HEARING 0 Notice is hereby given that the Planning Commission of the City of Newport Beach will hold a public hearing on the application of M.Petyo i Associates? Inc. for use Permit Na 3033 and Resubdivision No. 745 on property located ,at 311 Carnation Avenue. Request to peerwit the construction of a four (4_)_ unit residential_ and related garage spaces in the R-3 District. The proposal also allow a portion of the development to exceed the 28 foot basic he one-half of the lot located in the 28/32 Foot Height Limitation Di re Apeatto resubdivide .445 acres of land into a single parcel for condominium development ncludes a request to �limit on the rear strict also this i■ a residential cnndcAz4nl,n. NNOTICE IS HERESY FURTHER GIVEN that a Negative Declaration has been prepared by the City of Newport Beach in connection with the application noted above. It is the present intention of the City to accept the Negative Declaration and supporting documents. The City encourages members of the general public to review and comment on this documentation. Copies of the Negative Declaration and supporting documents are available for public review and inspection at the Planning Department, City of Newport Beach, 3300 Nest Newport Boulevard, Newport Beach, California, 92663, (714) 640-2197. Notice is hereby further given that said public hearing will be hold on the 21st day of April 1983, at the hour of 7:30 p.m. in the Council Chambers of the Newport Beach City Hall, at which time and place any and all persons interested may appear and be heard thereon. Dave Goff, Secretary, Planning Commission, City of Newport Reach NOTE: The expense of this notice is paid from a filing fee collected from the applicant. NOTICE OF PUBLIC HEARING Notice is hereby given that the Planning Commission of the City of Newport Beach will hold a public hearing on the application of M.Petyo x Associates, Inc. for Use Permit No. 3033 and Resubdivision No. 745 on 12roE2rty located at 311 Carnation Avenue. '— Request to rmit the construction of a four (4) unit residential condominium devel2EMnt and related gara22 spaces in the R-3 District. The ro sal also includes a re oast to allow a portion of the develo2Mnt to exceed the 28 foot basic hei ht limit on the rear one-half of the lot located in the 28/32 Foot Haight Limitation District also this is a r est to resubdivide .445 acres of land into a single parcel for residential condominium purposes. NOTICE I8 HERESY rURTHER GIVEN that a Negative Declaration has been prepared by the City of Newport Beach in connection with the application noted above. It is the present intention of the City to accept the Negative Declaration and supporting documents. The City encourages members of the general public to review and comment on this documentation. Copies of the Negative Declaration and supporting documents are available for public review and inspection at the Planning Department, City of Newport Beach, 3300 Nest Newport Boulevard, Newport Beach, California, 92663, (714) 640-2197. Notice is hereby further given that said public hearing will be held on the 21st day of Ap il_19133, at the hour of 7:30 p.m. in the Council Chambers of the Newport Beach City Hall, at which time and place any and all persons interested may appear and be heard thereon. Dave Goff, Secretary, Planning Commission, City of Newport Beach HOTS: The expense of this notice is paid frog a filing fee collected from the applicant. �' _ ,..«:i.ff.nYii,�Y `.'..v«s.i..ier�td M:�:�.',i.w►a.t:L«:r�..�.�+�a.�:.,.�i.,r:�.r 'tM..e..L;; ,i„MM.r,,. 3 CITY OF NEWPORT BEACH P.U. BOX 1768. NE«'PURT BEACH. CA 92663.3444 cif jsaaP PLANNING OEPARTME" {7W 640-2219 April 19, 1983 L.N. Ryles, Inc. - Architects 19.0 Newport Center Drive Newport Beach, CA 92660 SUBJECT: Coastal Development Permit Application - 311 Carnation Ave. Dear Mr. Ryles: With reference to our previous telephone conversation, this is to Inform you that until such tine as we receive your Coastal Residential Development Permit application and a determination of feasibility is soda relative to the provision of affordable housing within your project, your previously submitted applications, Resubdivision No. 745 and Use Permit No. 3033, will be considered incomplete and unacceptable for filing. It should' also be mentioned that a determination of feasibility could .require as much as 60 days to process. Therefore, the sooner the necessary information is submitted, the sooner we can proceed with the processing of your project. Should you have any questions regarding this matter feel free to call she at 640-2219. Very truly yours, PLANNING DEPARTMENT JAM D. NEWICKER, Director 8 a 0 00.... --r. W. W1 am and Senior lannsr WWW:tln 3300 Newport Boulevard, Newport Beach �rr�w.r CITY OF HELIPORT BEACH •... DEHAHD FOR PAYMENT Demand of: Tarantallo & company Address:_ 3931 MacArthur Boulevard Suite102 Newport Beach, California 92660 In the amount of S 1.750.00 ITEM OF EXPENDITURE Professional services rendered re ra preparation of feasibility analysis Carnation Avenue, Corona del Mar re of affordable units Approved For Payment: Hance Director Date Octobcr 27, 1983 BUDGET ! TOTAL AMOUNT S1,750.00 jj' Artl le 1, 1, �A, Ifa r - cto T, !► z t'I ll 0, S�. IAk tj •Ito Mr'.` 'Nobel Lo�'ii AIN "' I P Lenard "Advance Planning' Adminisiat'0'r I(,", "d• At$ I COO unity.Developnent Department . . -, , " 1' _.j� ', ..,r) ,, �, o. I. L$ L j , -BEACH hi (UTY"jW 14WORT 33M Newport 'Boulevard • , !'ftPort Beach, California 92463 !!.,. I ,- _,:I % VI,1 LiJ., IA ..,.I -,. �- I P it' 0- 1,�t�-I 14ti11 I �K- It -INVOICE krI— j F ItE 311 CARNAG� ,Ilk AVENUE CORONA DEL MAR. i' Wrji `'"?!::Services Rendered: aajsj�end�eptn4f a'fo&'bynfo rlthe i 3 10iSatiollljt M@jj above-referenced property regarding the ''Inclusion of affordabla-UnLts. �Jrr♦ .4� o. W-1 it o1' to ij. kIlt ' L BILL : -1 .'1750.00I L ' "}%'tJ/1. 'l'1 i Wl!.• -4jo 4'.a0 1)I ♦N "loij V". i. i.; Ij 1. IL Al t4p. A, ANOWT: NO 750. 00 J- st , nml,� itt"sir "W" Ue :4 pays _IF - . . 44 I " Terms: 0 a- nonce icharo; '41t -, .1 ::. It.— 4�5X 'Per. month �,l t ., -,�. .,. I, V I ., . lr A -'." ", *F- " j'' tL' 971.4v." Ipol ate -of 48, all ,,Eell " �1. I � L , , I r6i,kois';r , tl Ti: , ...0.'.. . X charged on, 'let. 1 Ito an �Uuq acc X to Iry, II chock ay ? r, J90T3 - 1NT, 4I -4- 61 d. t A'. 'a N ,4t Arthur BOU10V 1 Suite.'102, -NWit ffod tali r1T. ppreclotothis opportunity and look forward Aiiitlnuod Patibhoge in.the future.' l;.Its I yJ m4W�lg , o.1�i01.11kiTY� TARANTIELLO -4 iiipA,Ny W s';, I,•io`;' ,.(, APPROVED ,Timothyl. Lovei' ��!Mca 'President By I 12 t /fth Met: 4' aaaaae - %&V VV 7 Son •WS; 47 ? Ur Robert Lvn"ce m tor g rn"=1 vel t'v6pari OF NEW PORTZEACH.,�-,�`,, 1300 Newpbct Boulevrd 2 fIS"Pwt Beach. Callfo6li 92663' ov Ol 01 ew-, REi CARJNATIOK CORONA DEL pAAR.:� ,41Dear M Le 1PurPU&nt,-fjto`VUr",'1;'i �. •41�, � ,�.' ��: r�^a1� f I.# t� 1' i. trieetthgo-w;e'are,pleii�;d:to,mi mit this 'proposed agreement I N i'� e�lj I',' W-1 I professioMi '.1n'c6n6ictl ment.,,,p.Wh services, on withAhe t 'assignment.,, e n iek U`t 4 ty,reWrned ',t 0 us�l..-AN3 'document'' will 46thorize e pre ation'..qf a feasibility 0 v 'the -Ywluslon f affordable housing onsite or ofisiti of a proposed . Mve opment Ai 311 Carnation; Corona del Mar*,. ',,,�. �. ;k �, f• , . g � °!'� Imes thr scope ; o! work; , t�� • ti meschedule 'and tea . approprl Mi e.+r mary.,bbjictive -of'.the-i ff, le rcIll ed,humbee, if ' ;'iffordab , '-i 1he ai ,o� df fs1te. More"'S'p-A," p. v our. study', i fth �,-unit te - to: , -- I - 1 1- 1 1,1611.1'.. T V 31.1 1- $1v M meet' to evaluate'Ahe"feas lilty'of r requIrG a 10"I'the'r .£lvi'de4jlopme 6t 51411 Include'e6nsidiiatlon '6f" jt4'f0116wlng: f) h n 14, VT tl� �;fk# UZI! �t: 1=1 t4lf;,L� �fi&! the' ScralwF1,01,ellneTA-jol 11 siz s 3kW*t e( roomwWw'sucu wilw1ul ;921�fl&`S lyj�7et,'r`� 4 Analysis of the'if foidable'6 'If I n e on A'; L Y P. j eli.- araniallo -d6mPanY e�stlmates that ',the final written rgp ared by, witI0.1en U 0) days , from , rc%elpt'd written a4ifio- -WA `CCpies Of h 1111 be fumLshed.) P es t e report 1 104 W) Fq�j Sr f6rjhi ko'P`e`o'ffe-r'v`lc' es *as -out .be"prepared,, irld M to r XeCKL. our I PI't ��: +rd �; ° iv i�.,i„�• `''� al i r a ,i � � , Vr �`t - ' +I.i•y } -.. b. -5. "-y�.I ` -►r �,•} �a 4 t�dslwSi�k� {L,r�f ''r ��yyf'��t �•� y"t' 4 ti A 1 k'• f 4 4 ,i.}�i *iwr:'' +5�+w ' Jr4j'�g'ty'+ P.,a arm t. - ••., kt�'� . f 1,.. S' + .r .v 4 r'+,. • 4 S•' t ,r�� �. �f ' �• Sltf `..+ yri,.C�+. .:4!��f]Y;�•5 ya-. r•,rwv '�i. + !1 �}:.•��, I��'ri�• �'t!r"y��AY iN.,.:ys.F:�ii'�,+a�•5��,��1?�� 'tSl'., ��?'�T�r{j!`?�,�"+R%, '� 'L •t'�•r•r } * . `Ny k- ' ��' •1 Nl�, i, 'L,� { 1.+, + i w•,•.� "� ! . ii'�7 �•'° ,1•YIN LT"� ; _l � � *. 1', I. . � � .. �t���•�tdtfi„'.�,Y�•t_/,%g} fa •q�hsta .�i;�t % i !^+• iJ "_'� it ;.CITY: VQORT BEACH iy .. i " 'r Y,+r �, �r`:•'�c� Septemb i t9E° a `,}?,# ; S9}jjt.•1,�{}'t,a�F!• fir• �• 3 i1.'•i+rr+ � i .•.. a•• .w... :'v, a, r' � >.:. . .. „ ' yt n�.. lr i .. ,• • .., . � Y Aril. •L R••'a S'..•L , ,► '� J, �• t'• w. ,i'. ktia •'r e•tvo r'•• :Lp . a..• .t••.,�., .,�i7f3 ,1• ate^ I a t +s. !'.., ,1.; .'•. ' r': .,�.�.� ����`y� l�s,��•,•l�" t�..l •1 i. F, it, n. f .z� �R�+. �f1.•},a 7 . �•• +. '„.i '•, • . 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L,. �'.�:.';:.::;',}+>:�s�� .i ,', �;• �;,. �• ..;.� APPROVED { " ,.�; ,.` 1•�, .;�.. ,• ,,� ..' , ' „ . .�`•� 0 ED•AND"ACCEPTEDi`.%"�,`•�'���, ;�K ��ir ••r •�•r off%"�,�L ric ,I� r•. .••+. �''}` is •�3 A'�r if )rf .. i{_!{.,;sl,itr «1 h'• .:r"J+!y!r •.t. +;.i r,yv � �y * � 4 _ � • ' � , r�r yh :.' .yr,tt"Xj�' , .(�':. .:V�i:Lr•�,��'iS •�n4 •e;M�?�r`i1^j{':1 +1! �S.:fe�'y/riGi�l7ttr'_'►� '`,L�•T' �i i - ,, • Taranto " :•, , • • I :'�; ti..r1y_fL} . ', Presldent xar a.•�'; 'r , , ^, ' , .. : r.l;,,i:, CITY 0 f !'►1'='Kilt` a-ri� '•• .: 'r �`ri.1, Fr�1�.ff •ir•.,_r I, '''!S f w T BEH�-•�r' y '`ttY�,L. • .1 ;. 'It r3 Ir : i-•• r, m F',..•', ', ti!'j .•y r 1�• (_.L' , .Timothy S.' Q '. - ' " " .. y - �2•.L�.:-•:;;'! .•}'�� �'1 yr�r Li}f'►,.�.',- ice Preijdent vv A' r ..,. • ; xrG ..., ' _ ,f'• r . r ,, r +i:•... .. s`;-•y,�-.� ►1 _may ,a. .-•t�, -.�{� S ,, .♦`•i Date f1.:iI1 r+M�f 1�.`_ ♦ r. 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JET rsa 55 R%•e�`f . •ram 9�'�i !f�(jj�♦ +.!Q.n.< •i,1t 'M+F • v.� jt� �• r +Y'-� h +�,�/72 N I I%... 1.. tsir �++n 1.,'�•f ' 1Il / YZ.` j'I.' 'f"•tr 3+ �' �Ji�Y' i'N J!•{ w • a. i., �.�3��'�,��. Nl..a,.. I,•; I.r �'yfl • r �r T r' �• "",y�►.� , �s :fir, 1aI,, �tii►�,., .`[•C1e�v ��.�i�,t�•t' C h •I Ir ' � s' 9 •a.. i �•• . .. a� •Mr w fa • 'llllrt+ r:. (.'.t,9v! �:lf�.•"'C'„awY;,{��' �' w � ►i1.�d�°:�i fi.!e did': � � /{rjr.•'T/"I �/{ 3t.•rJ„�i•:,.i �I i !" s' "{ .• ,t .'l��t•,• `/x�,,�. Y+' •�^4•��a} ty I �ts'"�L'' T-7 ''i1(•''• Jr/ �;'.'j•µ �, �f' / , '•� �YT 'e + 1 r Q • n: 6391 !Z i tFmuttttf M TIITlII: � >3 ; � ... IgA1'ORt i14Cn MlIO�IAL MN NIId._ 1 Of *at Anmkm ft* r 614 M11I"RT C1AMA DAIV1 Q wAr��7 Rl CA111P, VX"fL 8 6 0063910 .o: L 2 20377601. 773+tI L00403M 31 1 C It F 174 IIEWPOR CE R ORIVO �kfNfi'ORT BE CHI 920E0 3028 thJT?V1220 El1 La— .III— 3 J)JAY TIIY. , - t? QL:t�.�1� �. .. [:5 V� .•.-. P . L . L 6-1.. d' n e A— -rC��. c�. =. �.a,.2 • C! S.L�J� 1 L'�_�� � 11,1..E 1 � S u M10RO" MACH MOIONAL Ilea 00II0 Gfoat AmefkA3n lcx* a11.�w.an n�rt111 nA1>r1 • 111r1lpRt MAt.ti CAa11. 11111 400030 28Is •1: 12 20377601: dow- 7 WOOLS 39r r t+ 02 PROCEDURES FOR NEW DEYELOPH1* Determination, of l Mlicability When an application for a residential project is first submitted, it should be determined if P-1 is applicable by answering the following qunutions: I. Is theproject In the Coastal Zone? See 42. ❑ No: The project is exempt from P-1. 2. Is the project site ❑ Vacants See 03. Occupied by two or less residential units including mobile homes See 03. ❑ In non-residential use: Sea N3. Occupied by three or more residential unite: Gee P-1 Procedures for conversions and demolitions. 3. Does the project entail the construction of three or more residential units? Yes: P-1 is applicable. . ❑ Igo: The project is exempt. Procedures if Apelicable If under the above criteria Policy P-1 is applicable, the property owner and/or developer shall file an application for a Development Permit which shall include the following information: I. A description of the proposed project, including its location and the number of units to be provided. 2. The cost of the proposed development. 3. The anticipated return on investment by the developer. 4. A description of any social, technical, environmental or related problems associated with the provision of affordable housing units. The application must be accompanied by a fee of $250.00 per residential unit. If the project involves forty or more residential units, the Planning Cammission may approve a reduction in the fees. If the project requires Planning Commission approval, the Planning Commission will determine the feasibility of including affordable units. In other cases. the Planning Director will make the determination. If the provision of affordable residential units is determined to be feasible, the Planning Comuiasion or Planning Director shall also determine how many unite must be provided. When affordable units are required, the developer and/or property owner mu.4t enter into a written agreement with the City assuring that the units will be available for occupancy within three years of project approval. To nnKure compliance, a surety bond equal to at least two times the cost of provi(ling the units is also required. The Planning Director will set the precise aiwunt of the bond. SGInma 12/14/82 a 0 EXHIBIT "A" • £XL£PTIl1C THEREFROM the Southeasterly 25 feet thereof. ALSO EXCEPTING the following described land: Beginning at the most Northerly corner of Lot 18 in Flock 231 of raid Corona del Mar and running thence North 50° 00' West along the Southerly line of that certain 90 foot right of way conveyed to the County of Orange by deed recorded in fiook 282, Page 172 of Deeds, 58.30 feet to the beginm n►3 of a curve, concave to the South and having a radius of 109-45 feet; thence Westerly along naid curve through a r:F�r�tr71 angle of 16' 50' 09" a distance of 32.16 feet; .".outh 400 00' West along a line parallel to the Southea!;teri-ly line of said Carnation Avenue, 69.31 feet; thence South 210 12' 00" East 53.85 feet; thence South 50° 00' East 40.00 f t.r.t to the said Southeasterly line of Carnation Avenue; th r,c:43 Northeasterly 94.00 feet to the point of beginning. 1 .IFV Min k rLk i '" `ah:!•i1 �l rrrl� }yA-I-•wr- .r.; I -� y,.w. i`w`,yL''<"_•.r•.:.`. "':j- r xy i•` .i `i+<ea�rrAa• �•�._��yy, Yip 'F•.a.Pr���warar.—f^�rf.S�wr+r.rur Y! ty.«,.r:}...ILL ':#4J.rM:lhaatj ilrilr��-�::...kt-::.•�i .,••;:'�. �.-.•rrt•+ta'p•ri•i ,r,r.!•.?� � _ +.1re.�wr'*kl•vrn.r.. r •+',raf !!<t 't•r •�4Y our. a�3'r i-["f `,����' y ,r n.t•'y�` �,h.•��`1'� �:rw !. �r�i_. �_,� ,,.i �<. - � �.,'^. 'rla lr+. �` S .uti .• i L.r�� M i` �� �"i .+ '` '� jlg' .n� ��'• fr•.: � ��ff "r' r i r. ,.. +In - •�i :: „ : - •rr�'u.� n - -r .� h�rr,� / � !�' thyir�-':�:•.v...'•!-[a :... a,•�ti•'•�i-�,.S.r •.,.fir..°,:.'_:`w 4 w;ir;,,�,y.w ,� t:r > 4�R7'�':�iw�M•• 'FM+,w. "yi , a ...aryi� rrr.X ,t " �'�+:wi `tilir'1,'... .i m....,^...p: t V•r-. , wi .ar , '..4r.R ��A - 4 41 f�li�v�.��:t•i{ r • w ^�'f h 4rWS• �•�'i[YMh MJYiw+M+..w . rw •+ •4+. , r � t.. •a+� Y I ;.- ' ,Y,.Y�f .. yy.*K :.v 6 � •., 'MSr"�'•3"' r.t.,cr Sw:v. �+ .: � i/v'..`i'-�' +`f•.. .. .. ,,. Lr ,'r :• f ,r, � A [• w.�F �� 4 �,} • ='' QQtober120,1983 '.': ' r[ . _ .._::' r. M� _ .:..:r• � �Y, ; '�.• ` k• 4tir ' ' ! .. ,BPS.='� ;r _ •'-" r,•r.�. s r. ` AdWAaoe. AdipWstraMr..+ • .. *I 11 ":�,, {.,•' Y,r<:r't;`} r I .. • Cocamunit! me DereLoynrent'Ueptrft slit .-CITY OF J11WPORT.IMCH 330011eRpoet 00111allird' ;.... ,/-:,.«. r7:• • :, Newport Heap h, CAM"dwi 9206$ • •' �`" r ritL •4 ID � j C"MA710R AMUR -- COXONA DIM WAR. .:, ,• .. ,� ..., V Y Dear Me: Linar& In accordance,,,with • 1 request.. Tarantel3o ' Company , has prep4red •,'two addlti6W _ proforms. cash .flarti ewaluating the feasibility of requiringa lax- or rnodereite-lnoame unit is'part of the above -referenced development located at an offsite loeatian. " " The new assumptionjneorporated - into , these two scenarios Is that the cost to the developer.' associated .with peoviding this offsite . unit, *W be 07%500 - rather than $5579000 as previously assumed. This figure is based upon the average sales price for two or less bedroom units ",reported by the Newport Harbor/Cats Mesa Board of Realtors < for,1953 year-to-date}. The resulting estimated rates of return for these seenarlore,are'aa'follows: Moderate -Income Unit 16.E Lorwilfcome n!t ` r' ,.110, hope ,them ,this adodmi d infoemaUbn will provide the neaessary.input. to` your 00,CM,on tii•� makir,inreg ��toihh. •'a' '.n.. Ya-�'F w✓n+nl-, 'a sr. .s .,,,.. �r> t rt rµ'r i < "' i. • �• ' rs'r. lJnn Y.t,f ••t • -1 � r �J -!!. ,'•?+ RYle >. .� •.i. �'.'� � � .h,� � 4= �ar. r 1.' `•FFm«rth4i.,�yi our-'t ��s *� �,+' ,''' r ��M -• r.n•:' rF"' Av�. `'" TARANTBLLO. ;, dc`C4MAN_Y, ..r.a . •� n r - l' +•. .: :.ram •I.- r? 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'• : f . .. r•' .� rw ,' ,�. .'�' _ 'yp"!. a .��, G.r. •' ,�?.. ._,� ►,� �?'�-.F",�`��"lidrrnci'•*is�nin�'-:A�tnf�►trstor;:.��, _fit .,... ,. ., .�_.�... '.,.:�, . ', a<;...,:..y, ,.,�� .4Y'i.:' " e;J' C"Unl tY.,Ofieloppent Deprrt�r.n!'•�...y. FS+a✓tr}��f�..i. rf: ClV�'RTVrfl �E�irR+' .c7� .i. _ r.. Si. ,. .•[t: v��. �.,i ^'..". ;.. ..; i. f ', .�"•''��iY{f, Newport,: AO/ulevirtl 'f; M"M�'-t ''r. .'yr.. W1-' ,y 1 f r< s'1'r`•7 �'; �, S•If1�r�ritt;N��ih�iV�1i�oin�`..7fM •v .•,: •' . :�:,'_•' t.._ ,r. CAAIfATl0k.AVEN A In- •sccordence� with our request r +tv �! and ;author! Titian; , iAranteliti -'CON h■s i �.: "pl sted:r,`report MIUSting`thA floolbllity'af raquirinq"r IDncifled-'nunbet• a or- arfordMbl -units within thin ■!� ate_ ; Mrr - . _. .. .... _ _.. - ,a letAranCed''develapwont. , ..:. ... ,.. _ • . f " ' 1AGIU fed _'lft .the -following -report':+!r on ■gelysis _:of ,tne subject .Feu! -Unit ' - CondomInfUN..Project" with the- lntlurlan7, i r 664 `for-:: or• a' a irate -income -unit. ' ,.::. �� : :• The--.oppropetetr . prlrs .,Hlived ■nd r, , QV . abicrrptlon prrl e41' tieve. heve:.alien litl*Qtod ifid-the ie�rue of •feir +� =!turn tei the de�rloper`'hea ,bgen :rddre/,ied.•.-. -�•� 1 r .. ,. !. r � thank; you,. for lhls. wppartvnity -:to be of :g@TVicer end• laok forrird' to co"t'in' ei"patie 094-.in th�i Iutut.ea• t. , •- ,•^ •T�.. ,•. �`• _aµ�,0 ,_...x�.. . 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'•.. .r f y a !•� < ..< r4 � 1 �� T' - 1■Z•r!! r. , �'d� "1.:Ef+=� r•iSrs+•'�•r'�it'�'y��}�:^•r:� 1�.�� :a��'i': v .�,,�a.!•ir..tx,� Wit► � s re �r ..,�$a �,N++ k ` •r...trF'e "�` �'I•ir'iR,71,'r�1�•+N' i :u.rr<. .y,-� -� N: 17,%/yrt'. V�..' .,. � J'•�.i R- *hlf_aa�.;i.ar A#'r,t•a.r'i rMl'c1r•. �- '- �. C� • 40 AFFORDABLE HOUSING FEASIBILITY ANALYSIS or III CARNATION AVENUE Four Condominium Units CORONA DEL WAR, CALIFORNIA Residential Development By: RYLEE, ARTHIUR, DEBAUN A CREVIER Submitted To; CITY OF NEWPORT BEACH 10/ 17/ 63 Submitted By; TARANTELLO : COMPANY i STATEMENT Or ASUMPTIONS 311 Carnation Avenue (1) ro act Characteristics Description Size Unit 1 2 Bedroom / 2.5 Oath 30291 sq.ft. Unit 2 3 Bedroom / 3.5 Bath 3,631 sq.ft. unit 3 3 Sedrooa / 3.5 Bath 30323 sq.ft. unit 4 3 Bedroom / 4.5 Bath 3,315 sq.ft. (2) Land •narshi s At the Start of project construction, it is assumed that the land is owned outright by the developers. (3) Land Cost: Provided by the Ownership -- SB10,000. (4) Construction Periods An eight -month construction period has been assumed from commencement of construction to completion of units. (5) Construction Costs: Based upon the Replacement Cost Istlmates detailed within an MAI appraisal prepared by Buyer A Associates (September 23, 1983), as follows; Direct Construction Costs 1 1,152,000 Indirect Costs (except financing) 276,000 Total costs 1 1 429 OOo The construction costs are assumed to be incurred evenly over the entire construction period. (6) rinancing / Prime hates The rate charged against the outstanding loan balance Is 2.5 percent over prime; prime is assured to average 11.0 percent. The loan fee was assumed to be 3.0 percent of the construction costs. (7) PaPsYment,of loans 04SOd on 100 percent of gross sales. (B) Absorption: An absorption rate of one unit per month has been Incorpo- rated into the calculations. it has been assumed that the lower priced units would be absorbed first with sales beginning in the nineth month after commencement of construction. 2 STATEWAY OF ASSUMPTIONS, continued. 311 Carnation Avenue (9) Pricing of Condominiums: Pricing of the condominium units was based upon an MAI appraisal prepared by Byer i Associates (dated September 21, 1983), as follows: Unit I % 656,000 Unit 2 $ 7260000 Unit 3 $ 615,000 Unit A ; 580,000 (10) Affordable Unit Pricing: The affordable unit was considered to replace Unit A in all scenarios. Unit pricing was based upon Income information Provided by Robert P. Lenard, Advance Planning Administrator, City of iiewport Beach. Because the designated affordable unit is a three.badroom condominium, the Income level for a four -parson household was considered relevant for potential occupancy. Based upon industry standards, a maximum of 33 Percent of the household's gross income can be allocated towards housing deDt service. Typical financing terms for residential units has been assumed as follows: 10 percent down; 13.5 percent rate; 30-year smorti- Iation. Both low Income and moderate income levels were anslyagd -- the resulting Affordable Unit Pricing used in the Calculations is as follows: Low-income Unit : 69,500 Moderate -Income Unit = 108,000 (11) Affordable Rental Rates: Rental Rates were based upon allowable month- ly expense information provided by Robert P. Lenard, Advance Planning Administrator, City of Newport Beach. These figures for a four -person household are as follows: Law -Income Unit $ 650 Moderate -Income Unit : 1,011 (12) Provision of Offelte Affordable Unit: The following additional assump- tions have been incorporated into the analysis of providing a low. or moderate-incoaq unit at an offsite location. Construction Costs Land Cost $ 200,000 Oiract Construction Costs 288,000 Indirect Costs (except financing) 69,000 Total Costs t_557,000 H STATENEIIT or A55uNPTI4NS. continued. 311 Carnation Avenue Absorption It has bean assumed that the offslte unit rill ba absorbed In the ninath month after commencement of construction slang vith Unit 4. (13) Annual Cash Flow-: The estimated annual cash flow frum renting unit 4 as an affordable unit Incorporates the following annual "Kpenses: taxes 6,500 Insurance 1,000 Maintenance 2,500 Subtotal = 10,000 Debt Service 59p260 (80 percent loan-to..value; 13.5 per - Total —.---._.` cent rate; 30-year smurtltatlon) 69 ?60 (14) Residual value; The resldual value of Unit 4 at the and of the tenth ' year Is based upon an annual S percent ascalation factor less the re- maining loan balance at that time (approximately $409,000). SUMMARY M RESIDENTIAL MAti:tti ACTIVITY (As of Soptomber A. 191)) AYEAAG[ SAM ►A M AY[AAGf OATS ON MAAK[l ACTIV1 LISTINGS S)nCs Las! Since Last Stoco tell Sinc9 Lost AVereg! Average ^Category coop Book Listing look resr.to.emte Coop Book Listing Book reat.to.06le Lilting ►rice Oars an Market By Sit• Two or Lee• Bedrooms S 166,600 17)a,200 )79,300 174 176 174 S 704,100 103 Three Bedroom% $ 216,200 S 729,700 !; 190,300 1" 119 342 ! 201,000 All Residential S MOM S 252,400 S 749,500 130 125 ))L ! 35?,$00 IDS • BY ores Olstrlct 17 S 314,000 321,700 S 401,f00 109 103 1&1 594,400 134 (Colons Del Mar) All Residential S 2319600 S 252,400 { 749,100 131 12) 131 S 387,000 M Source: Multiple Listing Book . Valume 36 (September 9, 190311 Mewp:rt Nartor/Costs Mess Board of Reeltals. • r = = = = = = = = = = = U M SUMAAT Of CMENT LISTINGS (As e/ Se¢t"bot 4. 1943) Olottlet No. 12 -- South of Pscifit Coast rtlphesy Priest Per Addrea4 Bedrooes / both~ Square lost listing Price Sq�lto foot 2311. 1st Avenue 2 / I -- ! 196,1C0 70) Iris 7 / 2.S .. 3 711,0:1) 4Gt )osslns 3 1 1 .. ! I35'rin 191L Tatwns Terrace 4 I 'v.I .. ! 259,500 143E Serenaae Terrace 3 / 2.Tt .. ! 271,0.: 3101 Sol fie■ 2 / 1 .. 3 265,000 401 Patallto 3 / 2.S .. ! 296, w 1405 Serenade Terrace 4 12.5 __ 3 300,000 1315 Connie Doone 4 / 2.5 I641C ! 325,000 732 Poinsettia Avenue 2 / 1.5 3r509 3 325,050 701 K-Tnange Drive 4 / 715 .. ! 379,0SO 1915 C"wtssco Drive ) / 2.5 .. ! 347,300 MO Osyside Drive 7/ 3 .- 3 741,S00 213 Jsssino 3 / 2 .. 3 370,000 4624 Ro■Dury Road 4 / 3 •• ! 398,000 372 Poinsettia Avenue 4 / 2.3 -_ ! 398,500 711 K-Thangs Drive 3 / 2 -- 316,500 216 Marguerite 3/ 3 •• ! M O M 274 Lorwsput Avenue 3 / 2.5 ?,ODD ! 415,D00 216 Marguerite ) ! 3 .. ! 42419C0 2716 Snell 3 ! 2 .. 3 435,000 202 Seaeard 4 / 3 •• ! 640,000 6615 lesepden 3 / 7 .. ! 475,000 672 06*11a • / • 3,00o s 495,000 406 Avo:ado Avenue 3 ! 1.7S .. ! $35,000 217 Jelin ine 3 / 3 -. ! 539,000 2220 osterfront 4 / o .. ! 579,000 453/ Orrington 4 / 3 .. ! 540,000 46AS eo.aurl 3 / 2.1 .. ! S0 ,500 217 Evening Canyon 4 / 3.71 ._ ! $95,000 41A 14011attape 4 / 3 •• ! 595,000 211 marguerIto ? / 3 2.011 ! $95,000 302 Orehid Avenue 7 / 7 -• 3 19510D0 4513 Rombor1 4 / 3 •• ! 305,000 621 Malabar a / 3.S 3.a00 5 599,000 3024 Otasn loulovard ? / 1 •• ! 425,000 3000 ocean louleverd 3 ! 2 1,500 ! 445,DOO 45}3 Perna• (load 4 / 3 .. ! 449,000 4479 Tresont a / 3 .. ! 64f,000 221S ►saltlt Drive 7 / 2.5 « ! 675,000 354 Cvtning Canyon a / a •• ! 495,000 2714 $hall ] / 3.3 .. ! 4P3,000 4601 Caoden Drive 4 / 3 « ! 7)f,D00 3 201 / 145 ! 290 3 114 ! am • • A IAIMV OF MOUNT L1STiMCS, rontlnuwd. (AS of SeVteabier 1983) Olotrict No. 12 -- South of ►selfic Coast M1Pveaf Prtce Per ayyfeei De4r.a■e / Both% sghlert Feet Listing Price $quote foot 269 fetnlrp Canyon ♦ / 1.75 .. 3 145,000 4521 C W 4• 1 / 2.5 .. 3 759,500 4421 ::Tha■ a / 4 _. S 769,000 3321 Soo vie. 3 / 2.5 2,1c0 s 795,DOD t 29♦ 4500 OFf1h7tan Road 4 / • -- s 19% 0D0 s 895,00% 1301 Dolahin Terrace ) / 3 •. f 895,000 2001 Colette Terrace 3 1 ) •- f 900,000 21;01 Befadere Terrace 4 / 3.5 2.5 -• 3,470 i 995,407 1 324 1541 001ptint Terrace 3 / 3 2 3,666 5 l9S,000 i 271 I:e 2039 Marei 16y61de Drive / • / • 5,600 f 1,000,000 i 179 2741 Ocean Boulevard 4 / 3 -- ! l,)95,000 3425 ocean Boulevard 2 / 3 .• 4,000 = 1,475,00D i 1,m,Oc0 s 374 1617 SaFslde Dr1ve • / 3 s 1,500,000 !11 B4F$loe ►taco 4 / 4 -- ! 1,100,000 4651 Brlphtan Road 4 / 4.5 4 / 4 •• 3,ODD ! 2,350,002 1 713 4645 Bflonton Road 1 ),300,000 lo3 Yrorecliff Road 3 / 2.75 2 .. ),D00 i4 3,3o0,00o $ 10167 3425 Ocean Boulevard 3 / Saurief MultiDte L1stl119 Back volume 36 (5e0e00er 9, 1983), Neeport Mortar/Costs Msso Board of Realtor$. • m m v SUMMARY Of REGENT SALES (As of Ssptmber 6, 1983) Distrlct No. 12 AWress 9rd.00rs / Oaths Listing Price Sales Prloe Date of Salle 424 Anpelits 6 / 3.75 S 750,000 S 675,WD 06/30/83 1615 Bonne Doone Terrace 3 / 1.75 349,000 320,OW Dwo183 29 Cambria Drive 4 / 3 735,OW 699,0D0 08/12/83 524 Cseeo Hlgnlands 4 / 2 220,000 213,OW 09/01/83 15 Carmel Bay 3 / 3 53%000 525,WO U7/De/83 3400 Cstamarmn 4 / 3 395,000 375,000 04/25/53 W1 Cortland 3 / 1.75 305,OM 305,MO 0E/26/43 4633 Dorchester 4 / 2.5 339,000 330,OW 07/18/83 1132 E2btlde Road 4 / 2.5 595,WO WA 07/12/83 1713 Galatea 4 / 3 412,000 412,000 05/24/83 214 Heliotrope 3 / 3.75 3e5,ODD 350,000 08/05/83 1221 Keel 4 / 3 539,000 500,000 06/05/83 1436 Key View 3 / 2 349,000 325,000 07/06/83 703 Larkspur 2 / 1 229, OW 215,000 06106183 614 Larkspur 1 / 1 225,OW 220,000 Oe/30/83 324 Marigold Avenue 2 / 1 249,000 240,0W 04/13/83 2 Mission Bay Drive 5 / 3.75 395,0m 3E2,500 06/29/83 36 Morro Bay Drive 4 / 2.5 495,000 425,000 08/05/E3 39907 Park Green Drive 4 / 2 320,OUD 775,OD0 06/OB/e3 512 Rockford Place 3 / 2 199,900 1E9,900 12/10/83 1407 Santenella Terrace 4 / 2.75 275,OW 275,OM 07/30/53 3423 Snbreere Lane 3 / 2.5 415,000 WA 04/Ol/83 350E Surf vier 3 / 2 310,000 290,000 00/29/83 1007 Tiller May 4 / 3 317,000 305,OW 07/28/83 AVERAGES S 309 Om YMI Multiple Listing Book - Volume 36 (5eptamm 9, 1983)1 W4vrt Harbor/Costs Mess Board of Rsiltors. is rr �r r rs r r r rr r rr rr r r �r rr it ■r rr rr SC(M M10t Out 1900 419.11KNE Us11 i for Sale t onsito ss�+t^ Mrslotwr•t rtct3vttr Lr+C Lonstrullar Costs rlCo4tsn0 Cost+ Tots1 OAstw inq Cr%s ,rvol offs D�s1ol,ers Contrl"w Mt-im of DF.*lousr.s Costs Cats Drs. R+s�sr Srinrs is:r► :ssn rlow futr tadtr Dr'1:t 3 p�:t0lor/ros,rcr Unst ticr f e:G,OCi >< 173,5(i] 3 a7,6oQ i 1,Q].,Ss3 i 221,7 1 f :. f 1,7a0 1 .L. f �+l1Q,OU0] 1 a1U,000 i . r •y 1J;,iQa 7,t90 3l10.1"IC IE0,99Q -0. 4m,)30 .r .. BID,= -G- .a ) -Q 170.s00 4,57s 113,Clt 113,426 .tr 365,7lt ✓r .0. I10.W0 .a .a • -F 179.100 6,585 115,017 las,Qls .0. 770,4t1 .G. _0. I10am _C- } -0• 172,500 0,"7 111,167 "7,6m .a 110'ow .G. .� t .(6 171,500 10,777 109,273 109,?73 .D~ 1,1"'Bal /t0,01Y1 7 Oe�1n wrlutlnq .0. 1JI,X0 12,9M 191.1= 191,602 .t. 1.73E,263 .c. •0. u 0 0G0 r CAp1sts Conttsct3an _4 1Ts,sW 15,056 103.354 1l1,)st .0. 1,3]1,1]9 .:.. .0. 110,= V. .b 9 loll unit • 46 46 17,2)) 17.277 .0. 100" 1,441,077 1C1.900 .(6 110.0Q0 JO Ss11 lilt ] .0. .0. 16,212 16,212 -0_ M.7M 6s2,2" tJ).GT� .0. 010,00D 11 loll Llnit 1 D. .D. s,474 0,471 D. N1,32t 19),761 w,u .0. 1101000 .a .0. 12 5111 Wit 2 -a .0. 211W 2.18C -0• 117.Jt3 .0. 721, T y]0�Qy>t �}p�}tl 7lQ,psq I274.9aiJ toTM3 LMMMU 1 41 lm 1� 9w S ?.11i.1 sll M" j.!G. 12LIMAE A I M 9r1 LAG am slD 0y! Tr! 1a1) ls.s sourt�: Tsrsfitrllo � Cc�sry. • m rr r r rr rr r r r rr r rr i� r� r r r r r 0 r'a0roews CASH rtov SCIXA11IO1 calf 1,01e•14CONc UNIT For Self / onelte total Dealom's Iwturn or c"tr•xtlon ►lrwclrg oerelopwrt ovtstsnolrq Grwt Derelowt's ConttI!xA A Dn.eloper's Mc,nt� Drrelotowl AC1191tr LAVE C0e14 Costs Costs pree ra" hlArc e Sales too flow Wtr tally ►milt ".w". 1 FKCTC t �''_Le1�lr<A ttratnctl�+ s 4. S 170,500 1 42,840 1 i3O)I,3ao 1 221,W s .a s 271,340 1 •a s IeIDIOM) S 810'aw >i .a s .a 2 .a 171,50) 7,490 110,999 ISO.W. Q. AW'330 _a .a S1o.O0o 3 .a 171f,s0O 41,s7+ 183,02+ 103,0:6 .a "1'354 .a .a 810.0m s .a 176,xc SIMS 105,O85 16%M5 .a 770'"1 .a .a $IDIOM s .� 171.xC $,"1 07,1+7 107.147 .a 937,6w .a .a +10,7m .a .a + _G 170,5m 10,773 109,273 199,7n .a 1,14+,881 .0. .a 010,Ooo .O. .a 7 0r1•, wsr•ettn C. 171,So6 12,907 1911102 191,am .a 1,338,703 .C6 .a 010,000 .a .a s cmifte tanstrtictton .1. 170.50 15,Os+ 193,55+ 1ri,55+ 4. 1,531,439 .a .a s10,= .a. .a 0 sell Unit , .o. .a 17,233 17,233 .a. 32.2+7 1,+79's72 +9,500 •0. s10,000 .O. .O. 10 Sell U%lt 3 .a .a 14,645 11'"5 .a s9O.355 001,217 +1s,= .a 810'mo .(6 .a 11 1e11 wt 1 .a 0,914 9.914 .a 648.Os6 233,1)1 $5420 0 .a 610,DW .a .o. 17 soil tilt 7 .D. .l6 71+27 2,423 .a 233.1% .a lu.000 490,216 319,754 49O,2s+ 319.7541 VIALS s1O ® 1 u+l oop liO Tars I s>• 2S/ 1f •531,[9! 1 !)1 l� �Q 2 oa 'm �J10 7S4 {10 MO 266 Lr.S souneI Tsrvulle 1 Corommy. m m .O p*artawA CASw f O• SCEKMIO: Ow( 1100ERAt[-IMCOw[ U8411 for Sal* t WOO total L*.aloo I1 +rturn of Caritn atlas r1nw:in0 D"OIol.r►t MAstwiing Gross Dr.ator+er's Ctritrldutad Oe"Nat'1 wmM DOV4114OW-t Ictt.lTr Law Casts Costs Casts :'rw wwr ffilvcs Sal" Case. ►law Wtr lR.ltf ►MVlt ftrw t pator? LOW4 I UP'StructIan f 1,010,0M s 273,125 t 53,550 s lau.R5 t 27e-475 s -06 5 T74,575 S -0. I Z 1.01a,rrn; S 1.019,1r� 1 .C6 2 -0. 223,125 3,113 2NIZA 275,2m .0. 502,913 -0. .a 10010,0rD .0. -sl 3 .0. M3,125 3,656 Rsi.7b3 =8,w .0. 731,49t .iL -G. 1.111C.Cm -a -tr 4 .0. 27),125 0,232 231,357 231,357 -a $0,031 .0. -Or 1.010.0m .a -a 5 .0. 223,125 10,134 233.9}9 M3.9'S9 -0. 1,197,Di2 -0. A. 1,010,OtD .0. -D- 6 -a 273,12S I),44a 73d,l91 27i,59i -0. 1,433,603 .a -o. 1,010,000 .a 7 ppin warvt'JK, -0. 223,125 16,170 2396253 ns,27! .0. I'M,*% -0. -0. 1,010'om A. .fr 5 Cta01.te Canstructs- .06 2",125 10,1120 2411%s 241,945 .a 1,914,901 .0. .a l,O1D'MD 9 Se11 Offslte tftlt and Lrdt a .0- .a 21,342 21,34: -O• iK,450 1,24A,34) 4�,0s70 .o• 1,OSO,000 .a .a 10 Sall W% 3 4. .a 14,014 14.0a4 .a` iCCfrii "7,307 615,= A. 1,010,OW .a` .a ll Sell twit 1 .G. .a 7,253 7,X3 A. "7.367 -a in,= 3.330 11Oa,i7C 3.330 -A. 12 5411 w4t 2 -0. -0. .a -a. .0. 40. .0. 729.0W 726,0W 200,970 7M.M0 i 2AO.6m Mims 1 alo -CR s 1.7w5M 177 ao f ?.9iCl C_M VA1•.-11 1�V-1 I -a ?i m limm �._ i }L�s� r.• Som; 14fw4ollo 4 taior+V. . r'NOrO#,+A CAS++ rt0■ SCIt11W143 Out l0/-ImCast Nall t for Sol# t Offeite letsl Devi lwrrI$ oetum of cahtr+ctim flrw�cl►c Devllm►^t Dutsterdinr, CrAt 04-10mr's ca flti.len to.elagrr.s ssrt► ir.slptwr! Acit+itf tre Costs Costs Cost+ Cta ze:at 6slsrn 5s:*1 Cesn rla Ca+ltr (miltr profit pr:t,nt 1 Wuf0lwr--arMat• constt�stirn S 1,^.::,7f. f 223,125 f S3,Syp f 1.2et,473 f 774,C5 1 2 .Cr 223,125 3,113 224,I36 2?6,236 3 -C- 223,125 S,ASA 270.713 279,713 4 46. 2". 125 1.2)2 231,337 231,357 S •i. 223,125 10,em 233'"') 233,ri1 A .C.. 723,125 13,4" 234,"1 234,511 7 1*01n wrxeting -:r 22),125 16,120 239,213 2",253 e Ca+Clete Cautnctla, .C. 223,125 te,e24 241.MS 241,fm 4 3e11 Offsite uIlt aro •O` f 2 IC5 .a 1,s73.A03 .a .a 1.41:,CfL .4- .a -0. 1,672,156 .0. .a ISM,= .0. .O` .0. 1,014.101 .N .0. i,O1C,am .a .o. WL 4 .0. .D. 21,542 21,543 & 627,9e 1,2ti,M3 441,500 .0. 1,01c'mo .0. .� 10 Sell tnit 3 .Cr .N 14,477 14.4T7 .0. A00.$23 64,320 A1S.00D .0. 1,010,= .a .Ow ll Sall wit 1 46 C. 7,721 7,721 A &W.279 36,041 MOM -O. 1,010,000 .a .z. 12 Sall Unit 2 -r- .0• 405 40S .0. 36,041 .0. 724.C43 &M,SSt =."A 6".554 1320.4"] IWALS IO. INW12 1 7!S am 113 1MA 2 U4A f4A i s14 pl i to mIi t w Stri 3g M6 1 at0 = L71.7 S06TM; terentolla A [aura. Y rw�raera Cash r►o+ SCtM11>tlot Ont MOOt*AfE.lrcOslt HMI) ror toes* i0ta1 0rr•lap+r'a pea" Cr Cmatttttitr rtrd".fc. Uutstrs71np WOO a+r+looer's crwtrt"e4 Gr.slocfr'+ rrrl� L•.•l-pw•t Irtt+ltr lera Cwtt Cents Ccits Ora• wetwr Irtve• Sal" Cash rlfl• Eaitr lgdtr iflt� WttrR aernr4 uwn/Cvw.�cn Cmitfit, titr S a13,0[Il S 171,sW ! a2.e�7 S :,asl,3a7•0. S 221.%0 S -0. S (110,000) S Ila,cm S -rr S •0. 2 7 a E 7 ygtn N0etlr9 / CaVlat• Cvhstrurtla% :o sell unit r 11 Sril writ 1 12 $ell Ir1t 2; Rent awd weflrwus Lihit a f VOLS .a 176,sm LAX 180,!!0 11C.17o .o. -a- 110,0a0 _¢ _0- -a- 176,SW 4.32E 163.021 163.02E .a- 56�.3si -0. .� et0.am .or •tL -0- 17e,5m E.w 115,06., 1e5,0as .0- 7r'?,aa3 -0. .0. .0. 178,500 0,"7 111,161 187,IV .tl. m,4]a .0. .0. e10,0f11 .Q. .0. 170.Sm 10'm 1"'m 119,273 .0. 1,laE,e81 -0. -06 810,0M .0. 171,3W 1209M 191,402 1910am 4. 1,334.213 -0. .0. 610,4'j0 .0. 171,s0a ts.07d 173,556 ill,sSE .0. 1,s31.1>9 -0. -0. 110,0M .0. -d 17,T)l 1i,233 17,T11 .i. 11WIC77 -(. •0. 610,aa0 .G -0. .a .0. 17,•r 17,an .C6 sli,sn twat" 615,OM .0. 810'am .a .�- .0. -0- 12'rc 10,7rd ear EA7,2lE 3rib27J E71,000 .3. 11a.mo .0- .0. )1422 3.422 •0. 30a.?03 -4 • 1,170.000 W,775 -0. 110.m0 ^72,75 1j N-DA 0 S 1.a-,Mo mem" 2S ,mmm 7.LJ�- Via. ��� i �m arrual Caen rlow (wtlrr, of trit E for ton rears) $1371301 *"IO al talus (Selling of Brit • 1n tAnth raer) S sm:= • Irclasn *sflrr vlm Proce+rOs. so".. 7erantello a top+nr. E 0 = m m m m = = m= s = = = = m W ►e0rt.re CLSK rtav ScrvAA10: ONE Lft-INCOME UNIT for Less@ Tate! Ue,113op'1 Mtum of Cor,stnttim rlrorclry 0"Viorp-t 4R1t+,Clng Cross De,tloaer's C-s:rloutsrl C+.elam's +C:l,ltr LW4 {as'.! Costs Coats CT ergs# toIwt0 Sale! Cash rive fz.ttf Caultr P"Olt Fv wt 3 eaar: ;r..tirmvwxv Car's'rue tI&F S /10.0cc 1 17e,7O0 1 47,w 1 1.01,3+} 1 Zn.3L,: 1 -0. 1 271.341 1 -(1. i (010,mcl 1 110,0cc 2 .¢ 17/,SOD 2,470 111O.99C 1c'm .0. &m.)30 .0. .0. 11O.= -0. 17E.5O0 4,526 181,O21 113,07s .0. Sl3,356 .0. -C. ux,om .0. .0. a -0. 171,5OD 6,ms 1/5,ov 111'045 .0. 77O.u1 -a. -r. 110,Cm S .0. 171, S00 /, K7 117,1 V l i7,197 G. 957,{(b .0. .0. 110.mc 6 -0. 171.)00 10,77} 181627) 1"'m .0. 1,1u,181 -0. C. 110,O'3v 7 beat- Mrrwtl", .06 171.5O0 17.9C7 M IW., 19194= .0. 10N1,263 .0. .C. 110,= .0. .0. 1 Ccsplet+ Canstnctlon .0. 171,500 iS,OSt 193,7w 1 'sm -a 1,531,939 .0. A. 11D,= .0. .0. f .0. -O. 17,233 17,2}) 17,23) 46 1,519,M .06 -D. I10,= 10 Sell u'dt 3 -0. .0. 17,427 17,427 .0. "1'513 "I'm 615,0M .0. ew,= 11 Sell Unit 1 D. .O. 10,7Cr 10,IWA Al. "7,296 X16,203 M,00O ..0• I10,M0 .C6 12 Sell trJ t 2; M^t wd e+rinv" Wit a .6. .0. 3,422 ),422 .0. 3L142O3 .0• • 1.190.000 U2,)75 .a d10,0TA 72,375 IOfXS IMAM t -M QID 1- MMA-M-5 �w Lhin 1.::R 1 2,40_, 1.'12a7n LWM ilOt�D IMAM UUM • kv%al Cyr+ flow (uw+tlnp of unit a far tin Veen) f 141,44i 11ni"I 1KIue ISelllnq of tnit a In tSn" VW) s S3;,fl0O • IncUan Wlrw+cvq rto4tis0a. SMfiC41 fsMt+lla l COMIJ. 14 SUMMARY AMo CONCLUSIONS As evidenced by the preceding Proform■ cash Plows and as summarized below, the estimated rate of return under the six scenarios range between -3f.5 percent and .11.6 percent. As expected, the rate of return Improves as the location of the affordable unit is moved offalte end when a moderate -income unit is Incorporated into the project rather than a low-income unit. ESTIMATED RATE or• RETURN Moderate -Income Lo■-Income Pot Sala / Onslte (34.61 x (39.5) a For sale / Offslte (77.81 is (31.71 x For Lease / Onslte (11.6) is (12.31 2 It should be noted that tnese rates of return reflect point estimates based upon a series of assumptions detailed earlier in this report. The actual rate of return achieved by the 311 Carnation Avenue development will depend upon to what degree variances fro■ these assumptions are experienced and In what direction (I.e., positive or negative) they occur. It is the opinion of Taruntello l Company that if variances do occur, they are more likely to occur In a negative direction resulting in a reduction of the rate of return. The e'ore significant factors which could cause such a result are as follows: (1) a more lengthly absorption period; (2) an increase In con. struction costs; and (3) a reduction In achievable $ale prices. There are several more downside risks than upside potential. for example, it Is few more probable that In the midst of an economic reeavery period that interest rates, labor costs and construction materials are all likely to visa In price; thereby, further reducing potential profit. Yet at the same time, recently • rising interest rates have substantially slowed housing sales (with a predict. able increase In absorption period for new construction), and substantially suppressed real estate appreciation rates to below current estimated cost of ' living price levels. Any anticipated Increase in potential safes prices is extremely unlikely. In simple language, the "downside• is greater then the -upside.• ' Given the risk level associated with this type of development and the aforementioned likely direction of any variances, it is our Opinion that the only reasonable scensrlo Is the exclusion of any affordable units -- onsite or offslte. Based upon our experience and knowledge of specific development ' projects, Parantello 8 Company has found that most developers would not under- , take such a development without an expected rate of return Of at least 70 percent. ' In sunmattun, in a financial world where high-grade corporate bands are yielding 12 percent or more, with full liquidity and no management require. ments, our most recent experience in the evaluation of development projects far similar clients suggests required rates of return in excess of 50 percent on Invested capital over the term of the project. It is evi dent !dent that none at ' the previous scnriarios approach this benchmark, and we strongly recommend that no affordable unit requirement be Imposed upon the 311 Carnetlon Avenue devel- opment. I 1 I is . mi �t.