15 ATTACHMENT 2 - Laserfiche WebLink

is issued for the project to which the transferred IUCs will be credited; (13) IUCs may not be transferred to the California Center Pleasanton project at 4400 Rosewood Drive, and (C) the IUC must be applied to multi- family rental projects and be used for units of like bedroom size as the IUC. Section 5. Transfers of IIJCs. The Developer may transfer any of the IUCs at any time on or after Closing, so long as the transfer of any IUC occurs prior to the Developer's receipt of the final certificate of occupancy for the Project, it being agreed that any request for such transfer need not be made within 180 days of the City's approval and issuance of the IUCs hereunder, notwithstanding anything to the contrary in the Resolution. The parties agree that, upon Closing, the Affordable Housing Agreement will be revised, as needed, to restrict as Median Income Units the number of Project units equal to the number of Conditional IUCs transferred. After Closing and prior to the Developer's receipt of the final certificate of occupancy for the Project, within thirty (30) days after each request by the Developer, the City and Developer will enter into, and record in the Official Records, one or more amendments to the Affordable Housing Agreement to increase the number of Project units restricted as Median Income Units to equal the number of Conditional IUCs that have been transferred. The Developer and City agree to enter into and record one or more such amendments until all Conditional IUCs have been transferred. Section 6. Authority. In connection with any proposed transfer of IUCs to a transferee permitted under Section 4 above, the City agrees that the City's City Manager or his or her designee, without the need for any further City Council approval after the date of this Agreement, shall have the authority to (i) acknowledge and execute any documentation required to authorize or evidence the transfer of any of the IUCs issued under this Agreement and (ii) to enter into any amendments to the Affordable Housing Agreement described in Section 5 above. To the extent required, the City hereby delegates the authority described above in this Section 6 to the City's City Manager or his or her designee. The City agrees that the Developer and any transferee of IUCs may rely on any documentation executed by the City's City Manager or his or her designee as being duly authorized and executed by the City. Section 7. Waiver of Permit Fees. In recognition of the above - described Project providing thirty five Very-Low Income Units, the City agrees to waive a total of Five - Hundred Thousand Dollars ($500,000) of permit fees on or prior to the issuance of the building permits for the Project, or at such earlier time as such permits are approved in writing by the City. If the City fails to provide such waiver as and when required by this Section 7, then this Agreement shall automatically terminate, it being agreed that the Developer shall be entitled to all of the remedies at law or in equity (including, without limitation, specific performance) with respect to such waiver. If Developer is unable to restrict such thirty five Very -Low Income Units, the waiver of permit fees provided for in this Section 7 is void. Section 8. Failure to Close Tax - Exempt Bond Financing and Alternative Affordable Units. In the event that the Developer fails to close on the financing of low- income housing tax - exempt bonds of approximately $40,000,000 by October 31, 2013, Developer and City shall execute and record on the Property prior to issuance of a final certificate of occupancy for the Project an Affordable Housing Agreement in generally the form as shown in Attachment 3 that provides for alternative unit mix and number of affordable units as detailed below: