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EXHIBIT A <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 /> 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 /> 1 <br />