18.32.100 Rental housing production.

(A) As a condition of tentative map or preliminary parcel map approval, the advisory agency shall require that the applicant or successor in interest pay to the city a fee of five thousand dollars for each unit in a residential conversion project, based on the number of units in the project prior to conversion. This fee shall be paid prior to approval of the final map by the city engineer.

(B) All fees collected pursuant to this section shall be deposited and held in the rental housing production account of the city's community development department, which account is established to be administered by the city's community development department separately from all other money expended by the department. Money in this account shall be used exclusively for the development of low and moderate income rental housing in the city, pursuant to guidelines carrying out this purpose prepared by the department and approved by resolution of the city council.