ORD 2285 - Laserfiche WebLink

RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City of Pleasanton P.O. Box 520 Pleasanton, CA 94566 Attention: City Manager SPACE ABOVE THIS LINE FOR RECORDER'S USE APN: 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 AFFORDABLE HOUSING AGREEMENT This AFFORDABLE HOUSING AGREEMENT ("Agreement") is made this day of 12024, by the CITY OF PLEASANTON, a Municipal Corporation ("City"), and FOOTHILL BOULEVARD HOLDING COMPANY, LLC a California limited liability company ("Developer"). RECITALS A. Developer currently controls or owns a legal or equitable interest in land consisting of approximately forty six (46) acres in unincorporated Alameda County, proposed to be annexed to the City of Pleasanton, California, more particularly described in Attachment I attached hereto and incorporated herein by reference (the "Property"). B. For the Property, Developer has obtained City approval (PUD-xxx) to create 11 l lots and develop a 110 -unit age -qualified fifty-five (55) year and older residential project (collectively the "Project") consisting of 93 single family detached homes and 18 alley -loaded and/or court- yard detached and duet homes. The 1 I I' lot is for an existing home. C. Developer has utilized the state density bonus allowed for age -qualified housing projects pursuant to California Government Code Section 65915(b)(1)(C). This twenty percent (20%) density bonus allows 112 homes on the property, which has a maximum existing density of ninety-three (93) homes before applying the density bonus. The number of affordable homes required by City's Inclusionary Zoning Ordinance (IZO) is eighteen (18) homes (twenty percent of the base 92 home project). D. The eighteen (18) homes required by the IZO will be available to households with incomes at or below one hundred and twenty percent (120%) (moderate income) of Area Median Income (AMI). E. Developer shall provide Accessory Dwelling Units (ADUs) in the Project to further expand the affordability component of the Project by providing opportunities for further dispersal of affordable residential units that are affordable by design throughout the community.