Multifamily Housing Incentive Program Residential Tax and Fee Waiver for the 0 Seely Mixed-Use Development Building B Development Project Located at 681 East Trimble Road.
HousingCity CouncilAgenda ReadyIntroduced 09 Jun 2026
3Documents on file
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This memorandum discusses a proposed tax and fee waiver for the 0 Seely Mixed-Use Development Building B project located at 681 East Trimble Road. The waiver is part of the Multifamily Housing Incentive Program (MHIP) and aims to reduce construction taxes and Inclusionary Housing Ordinance fees, totaling up to $6,253,458. The project includes 1,430 residential units and commercial space, with specific phases outlined for development. The memorandum recommends conducting a public hearing and adopting a resolution to approve the waiver and authorize the Housing Director to negotiate related documents.
Key points
The memorandum is addressed to the Mayor and City Council regarding the 0 Seely Mixed-Use Development Building B.
The project is located at 681 East Trimble Road and is part of the Multifamily Housing Incentive Program.
The proposed tax and fee waiver amounts to up to $6,253,458.
The development will consist of 1,430 residential units and approximately 18,965 square feet of commercial space.
The project is structured in multiple phases, with specific details on each phase's residential units.
The memorandum includes a recommendation for a public hearing and resolution adoption.
The project is expected to create over 270 full-time construction jobs.
Limitations
The document includes unresolved placeholders such as specific dates and details that are not filled in.
The text appears to be a draft as it includes indications of approval and recommendations without finalization.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 16,564 chars
COUNCIL AGENDA: FILE: ITEM: TO: HONORABLE MAYOR AND CITY COUNCIL SUBJECT: See Below Approved 6/23/26 26-769 8.3 FROM: Erik L. Soliván Chris Burton John Ristow DATE: May 26, 2026 Date: 5/26/26 COUNCIL DISTRICT: 4 SUBJECT: Multifamily Housing Incentive Program Residential Tax and Fee Waiver for the 0 Seely Mixed-Use Development Building B Development Project Located at 681 East Trimble Road RECOMMENDATION (a) Conduct a public hearing to approve an economic development tax and fee waiver in connection with a reduction in construction taxes and a reduction of the Inclusionary Housing Ordinance in-lieu fee for the residential development located at 681 East Trimble Road, which meets the requirements of the Multifamily Housing Incentive Program enacted by the City Council on December 10, 2024 and extended on May 13, 2025 and January 27, 2026, in an amount of up to $6,253,458 pursuant to California Government Code Section 53083 and Open Government Resolution No. RES2024-99 Section 2.3.2.6.C. (b) Adopt a resolution approving the tax and fee waiver in an amount up to $6,253,458 and authorizing the Housing Director, or his designee, to negotiate and execute documents and document...
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The source text indicates this attachment appears to be a draft document.
This document is a draft resolution from the City Council of San José to approve a tax and fee waiver of up to $6,253,458 for the Seely Avenue Mixed-Use Development, specifically for Phase 2, Building B. The resolution authorizes the Housing Director to negotiate and execute related documents. The development includes a total of 1,430 residential units and commercial space, with a focus on providing affordable housing. The resolution outlines the conditions and benefits of the Multifamily Housing Incentive Program (MHIP) and the expected economic impacts of the project.
Key points
The resolution approves a tax and fee waiver of up to $6,253,458 for Phase 2, Building B of the Seely Avenue Mixed-Use Development.
The Housing Director is authorized to negotiate and execute documents related to the Multifamily Housing Incentive Program.
The development is expected to include 1,430 residential units and approximately 18,965 square feet of commercial space.
Phase 2, Building B will include up to 372 multifamily residential units, including 19 restricted affordable units.
The resolution aligns with the City’s Economic Development Strategy to promote multifamily residential development.
Limitations
The document contains unresolved placeholders for the resolution number and adoption date.
The estimated tax reduction and fee waiver amounts include conflicting figures that need clarification.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 9,228 chars
SAW:CPA:MMV 6/16/2026 RESOLUTION NO. ______________ A RESOLUTION OF THE COUNCIL OF THE CITY OF SAN JOSE TO ADOPT A RESOLUTION APPROVING THE TAX AND FEE WAIVER IN AN AMOUNT UP TO $6,253,458 AND AUTHORIZING THE HOUSING DIRECTOR, OR HIS DESIGNEE, TO NEGOTIATE AND EXECUTE DOCUMENTS AND DOCUMENT AMENDMENTS RELATED TO IMPLEMENTING THE MULTIFAMILY HOUSING INCENTIVE PROGRAM SUCH AS CONSTRUCTION PROGRESS AGREEMENTS WHEREAS, on December 10, 2024, the Council of the City of San José (“City”) adopted the Multifamily Housing Incentive Program (“MHIP”) under Resolution No. RES2024420, which provides for specified projects, upon meeting conditions, a reduction of certain fee and tax requirements, including a reduction in the Inclusionary Housing Ordinance In-Lieu Fee, and a 50% reduction to the Commercial, Residential, Mobile Home Park (“CRMP”) and Building Structure (“B&S”) construction taxes (collectively, “Fee Reduction”) for the first 1,500 units that obtained City building permits by December 31, 2025, and a 25% reduction in the B&S tax to subsequent projects that obtained City building permit after the 1,500 units, or after January 1, 2026; and WHEREAS, on May 13, 2025, the MHIP...
Official source link unavailable.
The file was imported, but the current source metadata does not include a public document URL.
Generated summaryAI-assisted
The source text indicates this attachment appears to be a draft document.
The document discusses the Multifamily Housing Incentive Program (MHIP) and its application to the 0 Seely Mixed-Use Development Building B at 681 East Trimble Road. It outlines the financial incentives provided under the program, including a waiver of the Inclusionary Housing Fee and reductions in construction taxes. The presentation highlights the current rental market trends in the Bay Area and the expected benefits of the MHIP in facilitating the development of multifamily housing in San José.
Key points
The MHIP was approved by the City Council on December 10, 2024, and amended on May 13, 2025, and January 27, 2026.
The program includes a reduction of the Inclusionary Housing in-lieu fee to $0 for developments with at least 5% of units affordable at up to 110% area median income.
There is a 50% reduction in construction taxes for the first 3,600 eligible units until February 28, 2027, and a 25% reduction for projects beyond that.
The 0 Seely Mixed-Use Development includes three buildings with a total of 1,130 units, with Building B having 372 units and 19 affordable units.
The total fee waiver and reduction for Building B is $6,253,458.
Limitations
The text appears to be a draft, as indicated by the presence of placeholder sections and unresolved details.
Specific dates for some developments and the exact nature of amendments to the MHIP are not provided.
Some financial figures and details about the developments are not fully detailed.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
Extracted text preview · 4,649 chars
MULTIFAMILY HOUSING INCENTIVE PROGRAM RESIDENTIAL TAX AND FEE WAIVER FOR 0 SEELY MIXED-USE DEVELOPMENT BUILDING B AT 681 EAST TRIMBLE ROAD JUNE 23, 2026 CITY COUNCIL ERIK L. SOLIVÁN HOUSING DIRECTOR BANU SAN DEPUTY DIRECTOR ITEM 8.3 Investment Cycle Ahead Surge in AI investment is leading a Market-Rate rent recovery across the Bay Area that began in San Francisco San Francisco Palo Alto $4,500 Santa Clara $5,000 $3,700 $4,000 $4,500 $3,500 $3,500 $3,000 May '24 $4,000 Oct '24 Mar '25 Aug '25 Jan '26 Average rent prices in San Francisco have increased by 1% over the last month and by 18% since last year. Data: Rental Market Trends Reports by Zumper.com $3,500 May '24 $3,300 Oct '24 Mar '25 Aug '25 Jan '26 Average rent prices in Palo Alto have increased by 8% over the last month and by 7% since last year. $3,100 May '24 Oct '24 Mar '25 Aug '25 Jan '26 Average rent prices in Santa Clara have increased by 1% over the last month and by 6% since last year. Slide 2 Investment Cycle Ahead San José is well positioned to capture the benefits of the Bay Area’s broader multifamily recovery, attracting large institutional investment for its growing tech workforce while maintaining...