RES2025020 - Laserfiche WebLink

D. Except as provided for in Gov't Code Section 65589.5(o)(2), City and Owner acknowledge that Owner has vested into the provisions of the IZO in effect as of March 1, 2023 and that any subsequent changes to the IZO adopted by City shall not apply to the Project, including the amendments to the IZO adopted by City Council on December 3, 2024 pursuant to Ordinance No. 2287 Owner agrees that it is subject to the automatic annual adjustment to the Affordable Housing Fee as set forth in PMC Chapter 17.40.070, in existence on the above vesting date; for the avoidance of doubt, this means that the annual adjustment shall be based on the Consumer Price Index for San Francisco/Oakland region, and not the Engineering News Record Consumer Construction Cost Index for the San Francisco Bay Area. E. City and Owner acknowledge and agree that it is anticipated that the Property (all or portion(s) thereof) will be conveyed to other individual(s) and/or entities for the purpose of constructing and operating the Project. This will include the conveyance of the Affordable Housing Site to an Affordable Housing Owner for purposes of constructing and operating the Affordable Units. NOW, THEREFORE, in consideration of the mutual covenants, agreements and conditions contained herein, City and Owner agree as follows: 1. Affordable Unit Provisions. The Multi-Family Component shall have one hundred and one (101) Affordable Units. Owner shall make all Affordable units available for rent to households at or below 80% of the Area Median Income as provided in Cal. Government Code §65915 and Cal. Health & Safety Code§50053(b)(4). For the Affordable Units that receive a California Tax Credit Allocation Committee ("TCAC") allocation for their construction, rent shall be consistent with the rent averaging requirements of TCAC. Owner will provide City with a Reservation Letter for all Affordable Units that receive a TCAC allocation. The Affordable Units shall be consistent with the following: A. The Multi-Family Component shall have the following bedroom mix: 1-Bed 2-Bed 3-Bed Totals #of Units 45 26 31 102 B. In addition to meeting any minimum affordability requirement specified in Sections 3(A)(2)(a) or 3(A)(2)(b) of this Agreement, pursuant to State Density Bonus Law, the Multi-Family Component shall meet the affordability restrictions specified in the City of Pleasanton's January 2023 Objective Design Standards for Housing Site, as follows: 1. A minimum of 25 percent of the Affordable Units shall have rents set at no more than 30% of 50% of AMI (as defined below) for households with incomes up to 50% of AMI (Very Low-Income Units). 2. A minimum of 25 percent of Affordable Units shall have rents set at no more than 30% of 60% of AMI for households with incomes of 51% to 60% of AMI (Low-Income Units). 2 158739848.5