Money in lieu of inclusionary housing. In lieu of providing affordable
units within the proposed residential or mixed-use development, a
monetary contribution equal to two times the median income for a family
of four for the Nassau-Suffolk primary metropolitan statistical area
as defined by the federal Department of Housing and Urban Development
or each additional unit which results, or would have resulted, from
the density bonus or, when such fee exceeds the appraised value of
each lot resulting from such density bonus, then such fee shall be
equal to the appraised value of the lot or lots, or the equivalent
thereof, for each additional unit created by the density bonus. Such
payment shall be made to the City of Glen Cove and placed in a separate
and single trust for the exclusive purpose of constructing affordable
work-force housing, acquiring land for the purpose of providing affordable
work-force housing or rehabilitating structures for the purpose of
providing affordable work-force housing targeted to families with
incomes no greater than 130% of the median income, subject to the
following requirements.
(1) Up to two units of the inclusionary housing requirement may be satisfied
by money in lieu of inclusionary housing.
(2) At the discretion of the City Council, additional units may be satisfied
in this manner if it finds that the following conditions are met:
(a)
The proposed development is located in an area of the City which
provides adequate opportunities for quality affordable housing managed
by the public or by not-for-profit institutions; and
(b)
There exists a need for monetary funds for the provision, maintenance
or capital improvement of affordable housing in another location;
and
(c)
The proposed site plan is not located in an R-1A, R-1, R-2,
or R-3 zoning district.