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1 <br />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 />_______________________________________________________________________ <br />This document is exempt from recording fees <br />pursuant to Government Code § 27383 and <br />exempt from Documentary Transfer Tax <br />pursuant to Revenue and Taxation Code §11922 <br />AFFORDABLE HOUSING AGREEMENT <br />This AFFORDABLE HOUSING AGREEMENT ("Agreement") is made ________, <br />2024, by the CITY OF PLEASANTON, a Municipal Corporation ("City"), and CITY <br />VENTURES HOMEBUILDING, LLC, a Delaware Limited Liability Company ("Developer"). <br />Recitals <br />A.Developer currently owns a legal or equitable interest in land consisting of <br />approximately 1.96 acres in the City of Pleasanton, commonly known as 2025 Santa Rita <br />Road, Pleasanton CA, more particularly described in Attachment 1 attached and <br />incorporated by reference (the "Property"). <br />B.For the Property, Developer will demolish an existing commercial hotel and <br />restaurant, which will be replaced with a forty-two (42) unit condominium residential <br />project for which the City has issued Design Review (P23-0332) and Vesting Tentative <br />Tract Map 8676 (P23-0605) approval to create one lot for condominium purposes <br />(collectively the "Project"). <br />C.Pleasanton Municipal Code (PMC) Section 17.44.080(E) provides options <br />to satisfy the requirements of PMC Chapter 17.44 (Inclusionary Zoning), including <br />through payment of the City's Affordable Housing Fee as set forth in PMC Chapter <br />17.40. <br />D.Developer proposed, and the City approved by issuance of Design Review <br />(P23-0332) and Vesting Tentative Tract Map 8676 (P23-0605), that the Project would <br />meet the requirements of PMC Chapter 17.44 by payment of the Affordable Housing <br />Fee pursuant to PMC Sections 17.44.080(E). <br />E.An independent financial assessment and peer review of proprietary cash- <br />flow pro-forma and other relevant information provided by the Developer and City and <br />conducted by Economic & Planning Systems, Inc., which was hired by the City, <br />determined that the City's Inclusionary Zoning Ordinance (see PMC Chapter 17.44) <br />requirement that six (6) out of the 42 for-sale condominium units be deed restricted to <br />moderate income households would appear to render the Project financially infeasible <br />under current market conditions. <br />DR <br />A <br />F <br />T <br />ATTACHMENT 1