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AFFORDABLE HOUSING AGREEMENT <br /> This AFFORDABLE HOUSING AGREEMENT ("Agreement") is made this day of <br /> , 2015, by the CITY OF PLEASANTON, a Municipal Corporation ("City"), and <br /> GHC LUND RANCH, LLC a Delaware limited liability corporation ("Developer"). <br /> Recitals <br /> A. Developer currently owns a legal or equitable interest in land consisting of approximately <br /> 195 acres in 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 48 unit <br /> single-family residential project that includes approximately 161 acres of open <br /> (collectively the "Project"). <br /> C. Execution of this Agreement memorializes the requirements of the City's Inclusionary <br /> Zoning Ordinance (Ordinance 1818) for the Project. <br /> NOW,THEREFORE, in consideration of the mutual covenants, agreements and <br /> conditions contained herein, City and Developer agree as follows: <br /> 1. Developer shall pay a Lower Income Housing Fee in the amount of Eleven Thousand <br /> Two Hundred and Twenty Eight Dollars ($11,228.00) for each housing unit included in <br /> the Project (which would result in a total $538,944.00 upon the issuance of the 48th <br /> building permit for the Project). <br /> 2. In addition to the payment of the Lower Income Housing Fee, Developer has offered and <br /> the City has agreed for the Developer to pay Developer shall pay an affordable housing <br /> contribution in the amount of Twenty Three Thousand and One Hundred and One Dollars <br /> ($23,101.00) for each housing unit included in the Project (the "Affordable Housing <br /> Contribution") (which would result in a total $1,108,848.00 upon the issuance of the 48th <br /> building permit for the Project). <br /> 026440\6883620v4 1 <br />