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effect a "trade" acceptable to Developer of Developer's unused <br />allocation with other developers who have available future year <br />(or years) unit allocations but are seeking additional unit <br />allocations for other years; and (3) third, have the right, in <br />the event a trade agreeable to Developer cannot.be effected, to <br />real!ocate the unused units to the first year (or years) for <br />which the City has not already allocated the maximum number of <br />units allowed under Section 17.36.060 of the Growth Management <br />Program (referred to herein as the "Yearly Limits"). <br /> <br /> B. To the extent Developer elects to trade units, City <br />shall make available for trade to other major project <br />developers Developer's unused units. In the event Developer <br />elects to trade its unused units but these units cannot be <br />traded or a trade agreeable to Developer cannot be effected, <br />unused units shall be reallocated to the first future year or <br />years to which Developer elects to so reallocate and in which <br />the number of units within the major project category has not <br />been fully allocated. If Developer does not obtain by the end <br />of the year all permits for that year's allocation, those units <br />shall be reallocated to the last year of the Project's <br />allocation, assuming that there is room in that year for <br />additional units without such reallocation resulting in the <br />total number of units for that year exceeding the number of <br />units in the major project category as that number has been <br />established by the City, or to the first year in which there is <br />room (consistent with the provisions of Section 1.B. [CHECK) of <br />this Agreement) after the Project's last year of allocation <br />where such reallocation could be accommodated without the <br />number of units in the major project category being exceeded. <br /> <br /> Co <br />allocation of 175 units. Assume that in 2001, Developer <br />utilized 25 units from its affordable housing allocation for <br />its market rate housing. Also assume that in the year 2003, <br />0nly 200 of the 250 units available in that year have been <br />allocated for major projects. In August 2002, Developer <br />advises City that it will need only 100 units for the year. In <br />the event the unused units are not utilized by Developer to <br />repay units it borrowed from its affordable housing allocation <br />and Developer seeks to trade these unused units, City would <br />advise other major project developers that Developer has 75 <br />units to trade. Assume developer X has an allocation in 2004 <br />but wants to build 25 units in 2002. In the event Developer <br />desired tO trade in 2003, City would permit the Developer to <br />trade 25 of its 2002 units with developer X; Developer would <br /> <br />By way of example, in the year 2002, Developer has an <br /> <br /> -5- <br />8/4/00 <br /> <br /> <br />