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<br />2 <br /> <br /> <br />F. The Property is located within Area 16 -- Tri Valley Inn, which is <br />designated in the Housing Element for development of market-rate housing at a <br />density range of 15 to 25 dwelling units per acre. The Project is consistent with <br />Objective Design Standards for the Property, and its density of 21.4 dwelling units <br />per acre is consistent with and would further the housing goals for the Property <br />described in the Housing Element Update. <br /> <br />G. Execution of this Agreement memorializes that the requirements of the City's <br />Inclusionary Zoning Ordinance for the Project shall be met by the payment of the City’s <br />Affordable Income Housing Fee (see PMC Ch. 17.40) for this Project. <br /> <br />NOW, THEREFORE, in consideration of the mutual covenants, agreements <br />and conditions contained herein, City and Developer agree as follows: <br /> <br />1. As required by PMC §17.40.100, at the time of issuance of a building permit <br />for each of the 42 condominium units, Developer shall pay to the City the Affordable <br />Housing Fee in effect. <br /> <br />I. For reference, effective January 1, 2024, the Affordable Housing Fee is <br />$51,077 for a condominium unit, as outlined in Table 1 below. The City’s <br />Affordable Housing Fee ordinance provides for an automatic annual <br />adjustment based on an independent index as set forth in PMC §17.40.070 <br />(see Ordinances 1488 (1990) and 2192 (2019); and Resolution No. 18-1047 <br />(2018)) which annual adjustment is therefore applicable to the Project as <br />allowed by California Government Code §65589.5(o). <br /> <br />Table 1 –Sample Affordable Housing Fee <br /> <br /># OF <br />UNITS <br />CURRENT AFFORDABLE <br />HOUSING FEE FOR RESIDENTIAL <br />CONDOMINIUM UNITS <br />(EFFECTIVE 01.01.2024) <br />TOTAL FEE <br />42 $51,077 $2,145,234 <br /> <br />II. The Project does not qualify for any exemptions in PMC §17.40.040, in <br />particular Subsection A.5. does not apply to this Project because the <br />replacement of a commercial hotel and restaurant with new residential <br />condominium units is not a similar use. <br /> <br />III. The payment of the Affordable Housing Fee shall be in lieu of providing <br />price restricted affordable housing units on or off of the Property or any <br />other affordable housing programs or units which would otherwise be <br />required as part of the Project and shall fully meet any and all of the <br />requirements of the City's Inclusionary Zoning Ordinance as it may be <br />amended in the future. <br /> <br />DR <br />A <br />F <br />T