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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 /> 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 /> NOW, THEREFORE, in consideration of the mutual covenants, agreements <br /> and conditions contained herein, City and Developer agree as follows: <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 /> 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 /> Table 1 —Sample Affordable Housing Fee <br /> CURRENT AFFORDABLE <br /> # OF HOUSING FEE FOR RESIDENTIAL TOTAL FEE <br /> UNITS CONDOMINIUM UNITS <br /> (EFFECTIVE 01.01.2024) <br /> 42 $51,077 $2,145,234 <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 /> 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 /> 2 <br />