Footnote from the Special Permit App:
http://gloucester-ma.gov/ArchiveCenter/ ... /Item/7857
1. Although technically separate from the Project that is before the Council, the YMCA has entered into an agreement to redevelop its 71 Middle Street site into affordable rental units targeting residents whose income is 30% to 50% of AMI. In addition to income targeting that better meets the City’s needs, the Middle Street project is anticipated to provide more housing units than the 30 that would have been required at the Project site. Harborlight Community Partners has been designated by the YMCA to redevelop the property. Harborlight will be seeking a contribution from the City sufficient to establish to state and federal funding sources that the community is committed to the success of the Project. To that end, Harborlight will make a request to the Gloucester Affordable Housing Trust Fund that the cash contribution from the Project be committed to the 71 Middle Street project.
On a related note:
One of the goals identified in The Housing Production Plan is to review and revise the Zoning Ordinance to encourage production of affordable housing. Included in strategies listed to achieve that:
"Explore modifications to the Inclusionary Housing Ordinance to create incentives for the production of more inclusionary units while discouraging payments in lieu of building units
. Consider reducing the threshold for triggering inclusionary housing from eight units. Enforce the provisions of the ordinance to ensure actual construction of the required affordable units
. Consider an alternative calculation for the payment in lieu of so that it is an amount equal to the required number of affordable housing units multiplied by the median price of a market-rate home comparable in type, size, and number of bedrooms over a period of 18 months prior to the date of application submission."
Another random bit from the Permit App:
"Finally, the City will enjoy a substantial increase in local spending from 200-300 new residents who will frequent local businesses and support the Cape Ann economy." - New residents? Make what you will of that.
And finally, thinking out loud: Would the City be better served with more affordable units downtown in a lower rent range but consisting of studio and one-bedroom rentals or one and two bedrooms priced in the higher end of affordable?