18 ADDITIONAL REPORTS - Laserfiche WebLink

DRAFT City Council, by Resolution approved an Affordable Housing Agreement covering the Project Site (the "AHA "). (7) Development Agreement. Following review and recommendation by the City Planning Commission and after a duly noticed public hearing, the City Council, by Ordinance , determined that this Agreement was consistent with the City's General Plan and PUD 81- 30/PUD- 85 -08, as amended by the PUD Modification, and approved this Agreement. The approvals described in this Recital D are collectively referred to herein as the "Project" or the "Project Approvals." While this Agreement applies to all of California Center, it specifically concerns these Project Approvals within California Center and any future redevelopment of the remainder of the California Center site will, if developer applies for development agreement coverage and protection, require an amendment to this Agreement for such future approvals to be vested under this Agreement or require a new standalone development agreement. E. In exchange for the benefits to City described in these recitals, including but not limited to assurance that a residential project consistent with the PUD Modification and Design Guidelines intended to meet the City's RHNA can proceed, together with the other public benefits that will result from the development of the Project Site, Developer will receive by this Agreement assurance that it may proceed with the Project in accordance with the "Applicable Law" (defined below), and therefore desires to enter into this Agreement. NOW, THEREFORE, with reference to the foregoing recitals and in consideration of the mutual promises, obligations and covenants herein contained, City and Developer agree as follows: AGREEMENT Article I Description of Property, Effective Date and Term. Section 1.01.Description of Property. The real property which is the subject of this Agreement is the California Center site, as described in the attached DA Exhibit A -1 and DA Exhibit A -2. Section 1.02.Effective Date. This Agreement shall become effective upon the date the ordinance approving this Agreement becomes effective (the "Effective Date "). Section 1.03.Term. The term of this Agreement shall commence on the Effective Date and extend ten (10) years thereafter (the "Term "). 3