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RECORDING REQUESTED BY <br /> AND WHEN RECORDED MAIL TO: <br /> City of Pleasanton <br /> P.O. Box 520 <br /> Pleasanton,CA 94566 <br /> Attention: City Manager <br /> SPACE ABOVE THIS LINE FOR RECORDER'S USE <br /> This document is exempt from recording fees <br /> pursuant to Government Code§27383 and <br /> exempt from Documentary Transfer Tax pursuant <br /> to Revenue and Taxation Code§11922 <br /> AFFORDABLE HOUSING AGREEMENT <br /> This AFFORDABLE HOUSING AGREEMENT ("Agreement") is made this day of <br /> , 2016, by the CITY OF PLEASANTON, a Municipal Corporation("City"), and <br /> PONDEROSA HOMES II,INC. a California corporation("Developer"). <br /> Recitals <br /> A. Developer currently owns a legal or equitable interest in land consisting of approximately <br /> nine (9) acres in Pleasanton, California, more particularly described in Attachment 1 <br /> attached hereto and incorporated herein by reference (the "Property"). <br /> B. For the Property, Developer has obtained City approval (PUD-113) to develop a 36 unit <br /> single-family residential project (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 the current Lower Income Housing Fee amount of Eleven Thousand <br /> Six Hundred and Twenty Seven Dollars ($1 1,627), effective January 1, 2017, for each <br /> housing unit included in the Project (which would result in a total $418,572.00 upon the <br /> issuance of the 36th 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 an affordable housing contribution of varying <br /> amounts ranging from Eleven Thousand Five Hundred and Sixty-Five Dollars($11,565)to <br /> Seventeen Thousand and Thirty-Six Dollars ($17,036) for each of the thirty-six (36) <br /> housing units in the Project, depending on the design plan (the "Affordable Housing <br /> Contribution") as described below: <br />