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to take effect and be in force after the earliest period allowed by law, amending Ordinance No. 58-04, adopted July 6, 2004, for the purpose of fostering the investment and development of affordable housing in new multi-family and mixed-use construction projects in Community Reinvestment Area (CRA) 41, which is the citywide CRA. (referred to Housing Committee 1114119) (pg. 1) Motion by President O'Leary, seconded by Vice President Anderson to adopt Resolution 2019- 08. Discussion: Vice President Anderson expressed appreciation to Council for considering the proposal and for the strategic thinking of the Planning Department. He characterized the proposal as one that makes the City more competitive. He stated that while he would prefer to not have to provide incentives to developers that this is not a full-scale abatement or a TIF. President O'Leary thanked Director Sylvester for his diligent and creative work to develop this proposal. He noted that the City is fortunate to have developers interested in building here and that they see this strategy as an opportunity and not an obstacle. Councilmember Rader recalled the discussion in committee where Director Sylvester explained that the proposal seeks to bring balance to the marketplace. Taken with the other affordable housing strategies, this proposal helps to address the issue. He thanked Director Sylvester and the administration. He noted that Lakewood will be the first City in the region with this specific proposal. Councilmember O'Malley stated that while he is typically against tax abatements, this is a creative way to benefit middle income residents who are experiencing a real housing crunch. He noted that the City has made significant public investments in recent developments and this proposal is different because the burden is shared between the City and the school district. He expressed support for the proposal and characterized it as a good and creative piece of public policy. Councilmember Bullock complimented the committee and the Chair for its work on this resolution. He noted that this is a significant proposal and an appropriate capstone to the work of Housing Chair Anderson. He expressed support for the resolution stating that this is a shared investment between the City, the developer, and other public entities. He spoke about the benefits that additional affordable housing can bring to the community and excitement about the possibilities. Councilmember Litten referred back to his recent docket communication regarding affordable housing and expressed great support for the solution developed by the Planning Department. He expressed hope that the City can remain aware of helping other groups in the margins and who need help breaking into the Lakewood housing market. Vice President Anderson explained that the land value will increase and will not be abated and so the City will experience a net gain. Additionally, the tax value of the property will not be fully abated, but maintained at its current level/frozen for 15 years. 3