RES 00112 - Laserfiche WebLink

3. DEVELOPER'S ESTIMATE OF BUILDING PERMITS NEEDED A. Developer shall make a good faith effort to estimate the number of building permits that it intends to obtain each year. Each year, by September i (and earlier if possible), Developer shall advise City how many building permits Developer intends to obtain for that year. To the extent Developer does not need all of its allocation, Developer shall (1) first, have the right to reallocate, subject to the limitations of Section 1.D.2. of this Agreement, unused units to its affordable housing unit allocation if Developer has previously utilized units from its affordable housing unit allocation for the construction of market rate housing units; {2) second, effect a "trade', acceptable to Developer of Developer's unused allocation with other developers who have available future year (or years) unit allocations but are seeking additional unit allocations for other years; and (3) third, have the right, in the event a trade agreeable to Developer cannot be effected, to reallocate the unused units to the first year (or years) for which the City has not already allocated the maximum number of units allowed under Section 17.36.060 of the Growth Management Program (referred to heroin as the "Yearly Limits"). B, TO the extent Developer elects to trade units, City shall make available for trade to other major project developers Developer's unused units. In the event Developer elects to trade its unused units but these units cannot be traded or a trade agreeable to Developer cannot be effected, unused units shall be reallocated to the first future year or years to which Developer elects to so reallocate and in which the number of units within the major project category has not been fully allocated. If Developer does not obtain by the end of the year all permits for that year's allocation, those units shall be reallocated to the last year of the Project's allocation, assuming that there is room in that year for additional units without such reallocation resulting in the total number of units for that year exceeding the number of units in the major project category as that number has been established by the City, or to the first year in which there is room (consistent with the provisions of Section 1.B. [CHECK) of this Agreement) after the Project's last year of allocation where such reallocation could be accommodated without the number of units in the major project category being exceeded. C. By way of example, in the year 2002, Developer has an allocation of 175 units. Assume that in 2001, Developer -5- 8/18/00