RES2025020 - Laserfiche WebLink

EXHIBIT A Recorded at the request of and when recorded return to: City of Pleasanton Office of the City Clerk P. O. Box 520 Pleasanton, CA 94566 [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 (Villages at the Quarry) This AFFORDABLE HOUSING AGREEMENT ("Agreement") is made this day of 2025, by the CITY OF PLEASANTON, a Municipal Corporation ("City"), and SQUARE MILE PLEASANTON, LLC, a California limited liability company ("Owner"). RECITALS A. Owner currently owns a legal or equitable interest in land consisting of approximately 51.37 acres located at 3300 Busch Road (APNs 946 125100704, 946 125100809 and 946 125103300) in Pleasanton, California (the "Property"). B. Owner has obtained City approval (PS 23-0480)to develop on the Property (i) a maximum of three hundred and ten (310) single-family residential units along with approximately fifty-seven (57)junior accessory dwelling units (collectively, the "Single-Family Component") and a maximum of one hundred and one(101) affordable multi-family residential units together with one manager's unit(collectively, the "Multi-Family Component"). The Single-Family Component and the Multi-Family Component are referred to collectively herein as the "Residential Units". The Residential Units, together with all related on-site and off-site improvements, including, without limitation, hardscape improvements, parking areas and landscaping improvements to the Property (all in accordance with the project approvals, the plans and specifications approved by City, and any conditions imposed by City in issuing the project approvals), constitute. collectively, the "Project." C. Within the Property, the Multi-Family Component will be constructed by an experienced affordable housing developer ("Affordable Housing Owner") on approximately 3.06 acres, as further described and depicted in Attachment 1 attached hereto and incorporated herein by reference (the "Affordable Housing Site"). Owner and City wish to make each Residential Unit within the Multi-Family Component (except for one manager's unit) available to households with incomes generally at or below eighty percent (80%) (low income) of the Area Median Income (each, an "Affordable Unit" and collectively. the "Affordable Housing") as detailed more fully herein. For the avoidance of doubt, any junior accessory dwelling units to be constructed within the Single-Family Component are intended to be "affordable by design" and are not intended to be "Affordable Housing" as such term is used in this Agreement, including for purposes of compliance with Chapter 17.44 of the City's Municipal Code as in effect on March 1, 2023 (°Inclusionary Zoning Ordinance" or °IZO"). 1 158739848.5