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the site to allow for residential development is not be necessary to meet the City's current RHNA obligation Framework Agreement In an effort to clarify commitment, expectations and responsibilities, a Framework Agreement for the development of Irby Ranch has been developed for Council's consideration The Framework Agreement is a three-party agreement between the City, the developer (Irby Ranch, LLC), and Sunflower Hill, a copy of the draft agreement is included as Attachment 4 All parties have reviewed and agreed upon the Framework Agreement The terms generally include - Transfer timelines and site preparation conditions for the 1 64 acre parcel, - Developer Affordable Housing contribution requirements, - Future Sunflower Hill development parameters, - Sunflower Hill performance timeline, and - City contribution requirements Development Agreement State law authorizes cities to enter into binding development agreements with any person having a legal or equitable interest in real property for the development of the property A development agreement (DA) is a commitment between the City and a property owner or developer to proceed with a specific development in accordance with the terms of an agreement that describes what land use and related processes shall apply to the application In exchange, the City gets certain benefits and concessions that it might not be able to require through conditions of approval In this case, the applicant has requested a 10-year term for the DA to allow for adequate time to construct the development The agreement also ensures that the developer will abide by all requirements of the approved PUD and Affordable Housing Agreement Other financial obligations and commitments specified within the DA include a $500,000 credit towards the construction of the Nevada Street extension and other public improvements The DA for the project is included as Attachment 5 Affordable Housing Agreement The City's Inclusionary Zoning Ordinance (IZO) requires new single-family residential projects of fifteen (15) units or more to provide at least 20% of the dwelling units as affordable to very low, low, and/or moderate income households, or to satisfy the requirement through alternative means The alternative means may include the dedication of land for the purposes of affordable housing development, so long as the property is appropriately zoned, is large enough to accommodate the number of inclusionary units required, and is improved with infrastructure and adjacent utilities Under the ordinance, the proposed market rate project would be required to provide 17 affordable units As described in the Affordable Housing Agreement (AHA), the applicant has proposed to meet the City's IZO by 1) assisting with the application for land use approvals necessary to develop the Sunflower Hill concept proposal, including basic site plan Page 12 of 20