4.52.097 Parking.
A. The city council finds low and moderate income individuals require access to reliable transportation and costs associated with parking often make housing unaffordable, further cost burdening said individuals, contrary to the aims of this chapter.
B. Projects that benefit from the MFTE program shall mitigate the parking costs of their affordable tenants occupying MFTE sponsored units as follows:
1. Eligible projects shall offer affordable tenants who choose to rent a parking space through the project a 30 percent discount off the market rate price.
a. The “market rate price” shall be the lesser of: (i) the average actual cost of a parking stall of comparable type and configuration for market rate tenants in the preceding calendar year, or (ii) the stated price of a parking stall of comparable type and configuration offered to market rate tenants at the time of an MFTE tenant’s lease, inclusive of any discounts offered in promotional or marketing materials.
b. Projects required to mitigate parking costs shall not be required to set aside parking spaces for affordable tenants, but the project shall rent available parking spaces on a first-come, first-served basis.
c. Projects required to mitigate parking costs shall not give preference to market-rate tenants over affordable tenants in providing any parking spaces that may be available.
d. Any discounted parking space provided to a tenant in an affordable unit shall be nontransferable.
2. Eligible projects located in the downtown land use district, as described in Part 20.25A LUC, are exempt from the discount requirement described above, given their proximity to high frequency transit, employment, and social/cultural centers. (Ord. 6582 § 15, 2021.)