ORD 2124 - Laserfiche WebLink

determined that this Agreement was consistent with the City's General Plan and PUD-MU, and approved this Agreement. The approvals described in this Recital D, as amended, are collectively referred to herein as the "Project" or the "Project Approvals" and apply to the 94 unit condominium project at 5850 West Las Positas." Section 2. Article II, Section 2.01 (Vested Right to Develop) is hereby amended to read as follows: "Developer shall have a vested right to develop the Project Site in substantial conformance with the terms and conditions of the Project Approvals (as defined in Recital D(6)) (as and when issued), the Applicable Law (as defined in Section 2.03) and amendments as shall, from time to time, be approved pursuant to this Agreement. Specifically, while Developer contemplates constructing the Project Site in accordance with the Project Design Review, Developer shall have the vested right to develop the Project Site with 94 condominium units, surface parking and related site improvements, in accordance with the PUD Development Plan referred to above." Section 3. The provisions of Article III (Developer Obligations), Section 3.03, regarding "Below Market Rate Units" are hereby amended to read as follows: "Below Market Rate Units. As more particularly set forth in the AHA, assuming Developer develops the 94 unit condominium project as contemplated by the GMA and the Project Design Review, Developer shall be obligated to provide affordability components within the Project Site, in accordance with the following: 1. Of the 94 units authorized by the PUD Development Plan approved by the City Council by its Ordinance , ten (10) units shall be "Affordable Units." The ten Affordable Units shall be made available at an initial sales price of$265,000 to households with an annual income at or below 80%of the Area Median Income. 2. If the Area Median Income as set forth in Attachment 2, increases after the effective date of this Agreement and before the date the City issues the initial building permits for the project, the initial sales price of $265,000 for the Affordable Units will be adjusted by the percentage rate equal to the percentage increase of then current Area Median Income above the Area Median income included in Attachment 2. 3. The Affordable Units will be subject to Restrictive Covenants, Resale Restrictions and Option to Designate Eligible Purchasers prepared exclusively by the City and the Developer shall cooperate with the City regarding the recording of these documents.