ORD 1592 - Laserfiche WebLink

EXHIBIT B Conditions of Approval PUD-90-10-2M 1. The building exterior changes and landscape plan modifications shall conform substantially to the revised elevations and site plan, Exhibit A (dated "Received February 11, 1993"), on file with the Planning Department, except as modified by these conditions. 2. The following conditions shall apply to the four two-bedroom units in the project which the developer has made available to moderate income households: A. In the event the average initial sales price of the four market priced "D" model units is less than $201,000, the developer shall pay to the City an amount equal to four times the difference between the average sales price and $201,000. As an example: Four "D" Market Units Sales Price Unit #1 $196,000 Unit #2 $197,000 Unit #3 $200,000 Unit #4 $205,000 Average Sales Price $199,500 Amount Paid to City $6,000 ($201,000-$199,500=$1,500 x 4) The full payment made to the City shall be divided equally between the owners of the four moderate income units and will be utilized either to reduce the principal of the buyers 2nd mortgage with the City, or if the purchaser did not participate in the City's 2nd mortgage program, as partial repayment for the down payment made for the property. b. All purchase contracts for the moderate income units will contain language stating that the buyer has the opportunity to receive a full refund on his/her purchase deposit ($3,000) in the event that the developer is unable to close escrow on the units within a reasonable period of time (i.e., the developer has not sold the required two market rate units); provided, however, that if a purchaser of a moderate income unit receives loan approval, the City will not prevent any such purchaser