RES 13638 - 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 PLEASANTON GATEWAY, LLC, a Delaware limited liability company ("Developer"). Recitals A. Developer currently owns a legal or equitable interest in a 27-acre site at 1600 Valley 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 housing development including 210 apartment units and 97 single family ownership units for a total of 307 units (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 sixty percent (60%) (low 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 Inclusionary Zoning Ordinance for the apartment units and shall be in lieu of paying the City's Lower Income Housing Fee for the Project. F. In recognition of the level of affordability provided for the apartment units, the 97 single family ownership units shall pay the City's Lower Income Housing Fee at a rate of $5,356 per unit. 1