RES2025020 - Laserfiche WebLink

Security") determined by multiplying (i) the Affordable Housing Fee by (ii) the Unmet Affordable Units Requirement multiplied by five. As used herein, (A) "Affordable Units Requirement" means the number equal to 20% of the total number of Market Rate Units for which building permits have been issued by City as of a given time (with any decimal fraction less than or equal to 0.50 disregarded and any decimal fraction greater than 0.50 rounded up to 1.0) and (B) `Unmet Affordable Units Requirement" means (i) the Affordable Units Requirement as of a given time less (ii) the number of Affordable Units for which building permits have been issued by City as of the same time (for the avoidance of doubt, if the difference obtained from such calculation is negative, then the Unmet Affordable Units Requirement shall be zero for purposes hereof). The following table describes how this calculation methodology would work in a range of possible sample payments of$52,203 per Market Rate Unit over the life of the Project: Total Market 40 40 ( 40 43 75 310 Rate Units with Building Permits Affordable 8 8 8 8.6 15 62 Units rounded Requirement up to 9 Total 0 6 12 6 11 30 1 Affordable Units with Building Permits I Unmet 8-0=8 8-6=2 8-12=0 9-6=3 15-11=4 62- Affordable 30=32 Units j Requirement Fee Security i 8*5* 2*5* 0*5* 3*5* 4*5* 32*5* 52 203= 52 203= 52 203= 52 203= $52,203= 52 203= $2,088,120 $522,030 $0 $783,045 $4697827 $8,352,480 2. City shall hold any Fee Security received from Owner in a segregated interest-bearing escrow account. Owner shall forfeit any Fee Security held by City if Owner fails to obtain building permits for the number of Affordable Units sufficient to satisfy the Unmet Affordable Units Requirement within 12 months of City's issuance of building permit(s) for the Market Rate Units related thereto, unless an extension is granted by the City, with approval by the City Manager. Prior to the expiration of any such 12 months period, Owner may request an extension for an additional six months, which City shall have sole discretion to grant (provided, however, City shall not unreasonably deny any such extension request if Owner provides evidence that Owner (or Affordable Housing Owner) is actively and diligently working to secure the building permit(s) required to satisfy the applicable Unmet Affordable Units Requirement). 5 158739848.5