Department of Community Development
Reference: The Retreat at Brighton Ridge: Request for Fee-in-Lieu of Water Dedication
To: Mayor Gregory Mills and Members of City Council
Through: Michael P. Martinez - City Manager
Prepared By: Scott Olsen - Director of Utilities
Mike Tylka - Assistant Director of Community Development
Date Prepared: October 6, 2023
PURPOSE
The proposal before the City Council impacts an approximately 15.5-acre development, generally located to the north of Interstate 76, south of East 120th Avenue, east of Southgate Boulevard and west of South Platte Valley Avenue, formerly known as Potomac Street (the "Property"). Pedcor Investments, a Limited Liability Company, is the applicant (the "Applicant") for the in-process Site Plan and is also the owner of the Property. Applicant requests to pay fee-in-lieu of water dedication for a portion of the water requirement for its affordable housing development known as The Retreat at Brighton Ridge (the "Project"). City staff and City Council discussed this request in depth at the City Council Study Session on October 10, 2023.
BACKGROUND / DISCUSSION
The Property was part of the Brighton Ridge Subdivision Plan which was accepted by City Council on December 20, 2022 (Resolution 2022-145). Lot layouts and tracts for the Property were finalized in May 2023 under the Brighton Ridge Subdivision Filing No. 1 Final Plat. The Property is currently zoned R-3 (Multiple Family Residential). The applicant is proposing a 264-unit affordable multi-family development which is currently under review by the Development Review Committee (DRC) as a Site Plan. The Applicant plans to rent the units out at 60% or lower of the Area Median Income (AMI).
A commitment by the City for access to Proposition 123 funds commits the City to increasing affordable housing by a total of 135 units over the next three years. As part of the City's Housing Needs and Incentive Strategies Assessment P...
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