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EXHIBIT D THE CITY OF Housing Commission Agenda Report pLEASANTON0 March 21 , 2013 Item 08 SUBJECT: Approval of an Affordable Housing Agreement with Pleasanton Partners for a 305-Unit Apartment Development at 4452 Rosewood Drive (PUD-85-08- 1D-4M) [CONTINUED ITEM] STAFF RECOMMENDATION: Approve the attached affordable housing agreement (based on Option 2) with Pleasanton Partners, LLC, and recommend that it be approved by the City Council as part of the PUD approval process. ATTACHMENTS: 1. Recommended Affordable Housing Agreement 2. February 21, 2013, Agenda Report BACKGROUND At your February 21 meeting, the Commission reviewed a staff recommendation regarding an Affordable Housing Agreement (AHA) for the proposed 305-unit apartment complex located 8.4-acres of the California Center property (CARR America). As an outcome of this review, the Commission expressed concern that the proposed terms did not meet it; expectations and therefore, it requested staff meet again with the developer to explore further alternatives. Since that time, staff, including the City Manager, City Attorney and Director of Community Development, have met with the developer on a number of occasions in an attempt to develop an affordability level and unit mix that most closely reflects the intent of the City's Inclusionary Zoning Ordinance, City development standards and design guidelines, and the Commission's interest. As an outcome of those discussions staff is presenting the Commission with two options. The first (Option 1) is the same affordable housing plan presented at your February 21 meeting and reflected in Attachment 2. The second is the revised plan (Option 2) that meets the City's IZO goal of 15% affordable units. The attached February 21, 2013, agenda report provides related background material for the overall development. A summary of these two options is as follows: Page- I -