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1 <br />158739848.5 <br />Recorded at the request of <br />and when recorded return to: <br />City of Pleasanton Office <br />of the City Clerk <br />P. O. Box 520 Pleasanton, <br />CA 94566 <br />[This document is exempt from recording fees Pursuant to Government Code§ 27383 and Exempt from Documentary Transfer Tax pursuant To Revenue and Taxation Code§ 11922] <br />AFFORDABLE HOUSING AGREEMENT <br />This AFFORDABLE HOUSING AGREEMENT ("Agreement") is made this day <br />of _________, 202__, by the CITY OF PLEASANTON, a Municipal Corporation ("City"), and <br />STONERIDGE PROPERTIES, LLC, a Delaware limited liability company, doing business in <br />California as STONERIDGE ASSOCIATES, LLC, successor in interest to SECURITY TRUST <br />COMPANY, as TRUSTEE under TRUST NO. 1860-0 (“Owner”). <br />RECITALS <br />A.Owner currently owns a legal or equitable interest in land consisting of <br />approximately six (6.0) acres in Pleasanton, California, more particularly described in <br />Attachment 1 attached hereto and incorporated herein by reference (the "Property"). <br />B.For the Property, Owner has obtained City approval (PUD-____) to develop a <br />360-unit multi-family residential project (collectively the "Project"). <br />C.Developer and the City wish to make a certain number of the apartment units <br />within the Project available to households with incomes generally at or below eighty percent <br />(80%) (low income) of the Area Median Income. <br />D.Area Median Income (AMI) shall mean the area median income for the San <br />Francisco-Oakland-Fremont Metropolitan Statistical Area adjusted for household size in <br />accordance with adjustment factors adopted and amended from time to time by the United <br />States Department of Housing and Urban Development (HUD) pursuant to Section 8 of the <br />United State Housing Act of 1937 or any successor statute. <br />E.Execution of this Agreement meets the requirements of the City’s Inclusionary <br />Zoning Ordinance for the apartment units and shall be in lieu of paying the City’s “Lower <br />Income” Housing Fee for the project. <br />NOW, THEREFORE, in consideration of the mutual covenants, agreements and <br />conditions contained herein, City and Owner agree as follows: <br />1.Of the 360 apartment units, 58 shall be “Affordable” units. Developer shall make all <br />Affordable units available for rent to households generally at or below 80% of the Area <br />ATTACHMENT 1