On June 17th, Council approved a set of actions aimed at improving project viability and advancing housing delivery. Key measures include: 

• Deferring DCL Payment 
  • Installment payments as follows:  
  • One-third prior to Full Construction Building Permit (BP) issuance (only if project is processed through staged BPs, otherwise due at initial permit issuance). 
  • One-third due 12 months after BP issuance 
  • One-third due 24 months after BP issuance 
  • All payments made prior to issuance of occupancy permit 
• Lowering Cash CAC Payment at Enactment 
  • The City may, at its discretion, allow for deferral for the portion of cash CACs exceeding $5 million, with interest at Prime + 1% applicable to the deferred payment and payment due by the earlier of 24 months of rezoning enactment or prior to issuance of the first building permit.  
  • The first $10 million of the deferred CAC may be secured, at the City’s discretion, by “pay-on-demand” Surety Bond and the balance over $10 million may be secured by a combination of “pay-on-demand” Surety Bond (up to 50%) and Letter of Credit. 
• Foregoing Annual Inflationary Adjustment to Development Contributions 
• Reducing DCL Rate for Works Yard for Public Bus Transportation 
• Broadening the Use of “Pay-on-Demand” Surety Bonds 
• Floorplate Flexibility 

More information can be found in the full staff report.