RES 13636 - Laserfiche WebLink

Recorded at the Request of and when recorded, return to: City of Pleasanton P.O. Box 520 Pleasanton, CA 94566 Exempt per Gov. Code§27383 AFFORDABLE HOUSING AGREEMENT This AFFORDABLE HOUSING AGREEMENT ("Agreement") is made this day of , 2013, by the CITY OF PLEASANTON, a Municipal Corporation ("City"), and RING FINANCIAL, INC., a California corporation ("Developer"). Recitals A. Developer currently owns a legal or equitable interest in a 16-acre site ai 3150 Bernal Avenue, Pleasanton, California, more particularly described in Attachment 1 attached hereto and incorporated herein by reference(the "Property"). B. For the Property, Developer has obtained all necessary entitlements to develop a mixed use project including 345 apartment units, approximately 38,781 square feet of commercial/retail development, parking areas and related on-site and off-site improvements (collectively the "Project"). C. Developer and the City wish to make a certain number of the apartment units within the Project available to households with incomes between one hundred percent (100%) (median income) and fifty percent (50%) (very-low income) of the Area Median Income. D. Area Median Income (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. Execution of this Agreement meets the requirements of the City's Inclustonary Zoning Ordinance and shall be in lieu of paying the City's Lower Income Housing Fee for this Project. NOW, THEREFORE, in consideration of the mutual covenants, agreements and conditions contained herein, City and Developer agree as follows: 1 #23042387_v5