Laserfiche WebLink
i3 - /i31 e- <br />Recorded at the Request of <br />and when recorded, return to: <br />City of Pleasanton <br />Office of the City Clerk <br />PO Box 520 <br />Pleasanton, CA 94566 <br />Exempt per Gov. Code §27383 <br />ATTACHMENT 1 <br />2013338135 10/23/2013 02 :59 PM <br />OFFICIAL RECORDS OF ALAIIEDA COUNTY <br />PATRICK O'CONNELL <br />RECORDING FEE: 0.00 <br />i <br />11 <br />01 <br />i <br />13 PGS <br />"/333 ? /3 s <br />AFFORDABLE HOUSING AGREEMENT <br />�This� AFFORDABLE HOUSING AGREEMENT ( "Agreement ") is made this a In day of <br />at; , 2013, by the CITY OF PLEASANTON, a Municipal Corporation ( "City "), and <br />RING FINANCIAL, INC., a California corporation ( "Developer "). <br />Recitals <br />A. Developer currently owns a legal or equitable interest in a 16 -acre site at 3150 Bernal <br />Avenue, Pleasanton, California, more particularly described in Attachment 1 attached <br />hereto and incorporated herein by reference (the "Property "). <br />B. For the Property, Developer has obtained all necessary entitlements to develop a mixed <br />use project including 345 apartment units, approximately 38,781 square feet of <br />commercial /retail development, parking areas and related on -site and off -site <br />improvements (collectively the "Project "). <br />C. Developer and the City wish to make a certain number of the apartment units within the <br />Project available to households with incomes between one hundred percent (100 %) <br />(median income) and fifty percent (50 %) (very -low income) of the Area Median Income. <br />D. Area Median Income (AMI) shall mean the area median income for the San Francisco - <br />Oakland- Fremont Metropolitan Statistical Area adjusted for household size in accordance <br />with adjustment factors adopted and amended from time to time by the United States <br />Department of Housing and Urban Development (HUD) pursuant to Section 8 of the <br />United States Housing Act of 1937 or any successor statute. <br />E. Execution of this Agreement meets the requirements of the City's Inclusionary Zoning <br />Ordinance and shall be in lieu of paying the City's Lower Income Housing Fee for this <br />Project. <br />NOW, THEREFORE, in consideration of the mutual covenants, agreements and <br />conditions contained herein, City and Developer agree as follows: <br />1 <br />#23042387_v6 <br />