15 ATTACHMENT 2 - Laserfiche WebLink

INCLUSIONARY UNIT CREDIT AGREEMENT THIS INCLUSIONARY UNIT CREDIT AGREEMENT (the "Agreement ") is made and entered into as of May , 2013, between HACIENDA PLEASANTON, L.P., a California limited partnership (the "Developer'), and the CITY OF PLEASANTON, a Municipal Corporation (the "City "). RECITALS A The Developer owns a 5.60 acre site at 5729 West Las Positas Boulevard, Pleasanton, California, more particularly described in Attachment 1 attached hereto (the "Property "). B. The Developer plans to develop a residential housing project consisting of 168 apartments units on the Property (the "Project "). C. The Developer and City have agreed that the Developer will make thirty -five (35) of the apartment units within the Project available to households with incomes at or below fifty percent (50 %) (very -low income) of the "Area Median Income ", as adjusted by HUD for very low income households ( "Very -Low Income Units "). D. "Area Median Income" or "AMI" shall mean the area median income for the San Francisco - Oakland- Fremont Metropolitan Statistical Area adjusted for household size in accordance with adjustment factors adopted and amended from time to time by the United States Department of Housing and Urban Development ( "HUD ") pursuant to Section 8 of the United States Housing Act of 1937 or any successor statute. E. In order to evidence such income restrictions, the Developer and the City have agreed to enter into and record in the real property records of Alameda County, California ( "Official Records ") prior to final certificate of occupancy for the Project an Affordable Housing Agreement (the "Affordable Housing Agreement ") generally in the form shown in Attachment 3 upon either: (1) the closing of the tax - exempt bond - financing for the Project ( "Closing "); or (2) the circumstances described in Section 8, below. F. In partial consideration for Developer providing a significant number of very low income units, the City has agreed to issue a total of sixteen (16) Inclusionary Unit Credits (as defined below) to the Project , which Inclusionary Unit Credits may be transferred for use by another project owner as credits against the affordable housing requirements of such project owner's project. G. The Term "Inclusionary Unit Credits" or "IUCs ", as used herein, has the meaning described in City Resolution 04 -073, included as Attachment 2 hereto (the "Resolution "). H. Eight (8) of the Project's Inclusionary Unit Credits may be transferred to another project owner without additional income or rent restrictions being imposed on any units of the Project or any transferee project (such IUCs being referred to herein as the "Unconditional IUCs ").