RES 15770 - Laserfiche WebLink

ATTACHMENT 44 units for a total fee of$122,452, subject to those periodic cost of living or similar indexed increases, decreases or adjustments to the Lower Income Housing Fee. 11. In lieu of providing any Affordable Units and the payment of the City's Lower Income Housing Fee, required hereunder and in full satisfaction of all requirements of Developer under this Agreement, City may elect, not later than the first to occur of one year after the effective date of this Agreement or forty-five (45) days after Developer notifies City in writing of its intent to apply for a building permit, to require a one time in-lieu fee in the amount of One Million Two Hundred Thirty-Five Thousand Dollars ($1,235,000), which shall be payable prior to issuance of certificates of occupancy. Developer may elect to phase construction of the project such that multiple Certificates of Occupancy will be issued. If multiple Certificates of Occupancy are issued the onetime fee of$1,235,000 will be prorated based upon the number of residential units included in each Certificate of Occupancy when issued. 12. The obligations under this Agreement apply unless the PUD Development Plan (approved by the City Council by its Ordinance 15-XXX) expires or is relinquished and the Project is not constructed prior to expiration or relinquishment of said PUD Development Plan (as it is extended by the Development Agreement approved by the City Council by its Ordinance 15-YYY). 13. The effective date of this Agreement shall be the date upon which this agreement becomes fully executed. 14. This Agreement shall be recorded in Alameda County and shall run with the land. THIS AGREEMENT is executed the date and year first above written. CITY: CITY OF PLEASANTON, a Municipal Corporation By: Nelson Fialho City Manager ATTEST: Karen Diaz, City Clerk APPROVED AS TO FORM: Jonathan P. Lowell, City Attorney DEVELOPER: 3