Title
A RESOLUTION CONCERNING SCHOOL FACILITIES SURCHARGE for the purpose of approving a partial waiver of the school facilities surcharge for all residential units within the “Flats at Glenridge Station” project.
Background
The Flats at Glenridge Station is a 245-unit community which will consist of 108 one-bedroom, 97 two-bedroom and 40 three-bedroom apartments. The project will consist entirely of affordable housing with 219 units affordable to households earning 60% AMI and 26 units affordable to households earning 50% AMI. The developer has requested a complete waiver of the Public Safety Impact Fee and a 50% reduction in the School Facilities Surcharge. The development relies on multiple public and subsidized financing sources.