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AMENDMENT TO AFFORDABLE HOUSING AGREEMENT <br /> This Amendment to Affordable Housing Agreement ("Amendment") is entered into this <br /> day of 2011 by the City of Pleasanton ("City") and Ponderosa Homes II, Inc., a <br /> California Corporation ("Developer"). <br /> Whereas, on September 1, 2007 City and Developer entered into an Affordable Housing <br /> Agreement for Developer's Project(PUD-50)for the development of 25 new single family homes <br /> ("Agreement"); and <br /> Whereas, Developer has received City approval to increase the density of the Project from <br /> 25 to 29 new single family homes; and <br /> Whereas,the parties desire to amend to the Agreement to provide for an increase in <br /> Developer's one-time payment of the City's Lower Income Housing Fee to reflect the increased <br /> density of the Project; and <br /> Whereas, the City will use the payment to increase affordability of units at the Gardens at <br /> Ironwood Senior Apartments. <br /> Now, therefore, in exchange for valuable consideration, the receipt of which is hereby <br /> acknowledged, the parties agree as follows: <br /> L Section 1 of the Agreement is amended to read: "Developer shall pay the City at the <br /> time of recording of the final map for the Project a Lower Income Housing Fee of <br /> $392,805." <br /> 2. All other terms and conditions of the Agreement shall remain in full force and effect. <br /> In witness whereof, authorized representatives of the parties have executed this Amendment <br /> as of the date and year first above written. <br /> City of Pleasanton Ponderosa Homes, Inc., a California corporation <br /> Nelson Fialho, City Manager Richard D. Baker, President <br /> Attest: <br /> Linda F. Morasch, Vice President <br /> Karen Diaz, City Clerk <br /> Approved as to Form: <br /> Jonathan P. Lowell, City Attorney <br />