RES 15793 - Laserfiche WebLink

Exhibit A 1 AFFORDABLE HOUSING AGREEMENT This AGREEMENT is made this day of , 2015, by the CITY OF PLEASANTON, a Municipal Corporation ("City"), and Ponderosa Homes II,Inc.,a California Corporation ("Developer"). Recitals A. Developer has an option to purchase land consisting of approximately 4.5 acres in Pleasanton,California, located generally at 3410-3450 Cornerstone Court(the"Property"). B. For the Property,Developer has obtained City approval(PUD-111)to develop the Property with 25 new single-family detached homes as part of the Centerpointe development (the "Project"). C. The City's Inclusionary Zoning Ordinance (IZO) permits a developer, in lieu of constructing affordable housing units on a project site, to utilize Inclusionary Unit Credits (IUCs) subject to approval by the City. D. Developer was approved for 51 IUCs in September 2007 through an amendment to the original 2003 Affordable Housing Agreement for the Ironwood development, 33 IUCs being subsequently utilized to meet the affordable housing requirement for the Village at Ironwood project. E. Due to the nature of the Property and Project, Developer has requested to utilize ten (10) additional IUCs to meet the City's affordable housing needs for the current Project. NOW, THEREFORE, in consideration of the mutual covenants, agreements and conditions contained herein, City and Developer agree as follows: 1. In accordance with Pleasanton Municipal Code Section 17.40.100, City approves the use of ten (10) of Developer's remaining Inclusionary Units Credits (IUCs) to meet the affordable housing requirement for the Centerpointe project(PUD-111). 2. The use of the 10 IUCs will result in a remaining balance of 8 IUCs for future use on other projects subject to approval by the City Council and compliance with original Affordable Housing Agreement as amended.