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P. That this development shall be subject to all <br /> Standard Conditions of Development, attached hereto <br /> and made part of this case by reference, except <br /> conditions 12, 13, 23, 25, 29, 31, 33, 46, and 49. <br />Section 2: Approves the development plan for Prometheus <br /> Development Company, subject to the proposed conditions <br /> of approval. <br /> <br />Section 3: The City staff is directed to draft a Long Term <br /> Agreement effectuating the lower-income exemption under <br /> the existing Guidelines, which includes the following <br /> elements: <br /> <br /> A. That the 114 designated lower-income units shall be <br /> subject to rent limitations for at least fifteen <br /> (15) years; <br /> <br /> B. Rent adjustments may be allowed annually based upon <br /> HUD income guidelines; <br /> <br /> C. The developer and subsequent successors shall be <br /> responsible for yearly status reports on the <br /> administration of the lower-income information on <br /> occupancy and income of tenants. <br /> <br /> D. That the exemption shall lapse eighteen (18) months <br /> from the date of approval unless construction has <br /> commenced on any building in the project; and <br /> <br /> E. That the agreement shall run with the land. <br />Section 4: This ordinance shall be published once within fifteen <br /> (15) days after its adoption in "The Valley Times" a <br /> newspaper of general circulation published in the City <br /> of Pleasanton. <br /> <br />Section 5: This ordinance shall be effective thirty (30) days <br /> after the date of its final passage and adoption. <br /> <br /> INTRODUCED at a regular meeting of the City Council of the City <br /> of Pleasanton on August 5, 1986. <br /> <br />ADOPTED at a regular meeting of the City Council of the City of <br />Pleasanton on August 19, 1986 by the following vote: <br /> <br /> <br />