RES 15770 - Laserfiche WebLink

ATTACHMENT I 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 , 2015, by the CITY OF PLEASANTON, a Municipal Corporation ("City"), and SHAC LAS POSITAS APARTMENTS LLC, a California limited liability company ("Developer"). Recitals A. Developer currently owns a legal or equitable interest in a 5.9-acre site at 5850 West Las Positas Boulevard, 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, including the PUD Development Plan approved by the City Council by its Ordinance 15-XXX to develop 94 condominium units with related site improvements (collectively the "Project"). C. Developer and the City wish to make a total of ten (10) units within the Project available to households with incomes at or less than eighty percent (80%) (low income) of the Area Median Income. D. Area Median Income (AMI) shall mean the area median income for the San Francisco- Oaldand-Fremont Metropolitan Statistical Area(Oakland-Fremont HMFA)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. NOW, THEREFORE, in consideration of the mutual covenants, agreements and conditions contained herein, City and Developer agree as follows: 1. Of the 94 units authorized by the PUD Development Plan approved by the City Council by its Ordinance 15-XXX,ten (10) units shall be "Affordable Units."The ten 1