VENICE -- A plan to create a 146-acre neighborhood in north Venice in which home prices will remain within reach of the area's working class passed its first test Tuesday before the Venice Planning Commission.

The commission unanimously approved annexing the Gulf Coast Community Foundation's property on Laurel Road where the foundation hopes to build a neighborhood of work force housing called "The Bridges."

The agreement would also waive some or all of the $1,760 development fee the city normally charges for each new home built. One-third of the fee would be waived if the home is purchased by an employee of the city or a Venice-based business. Another third would be credited if the home's purchase price falls at or below 80 percent of the area's median sales cost. Another third would be waived if the occupant's household income falls at or below 120 percent of the region's median family income.