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<br />Attachment I <br /> <br />AMENDMENT #1 <br />AFFORDABLE HOUSING AGREEMENT WITH PONDEROSA HOMES n, Inc. <br /> <br />THIS AMENDMENT TO THE AFFORDALBE HOUSING AGREEMENT <br />("Agreement") was originally executed on May 6, 2003, is made and entered.into this <br />day of October 2003, by and between the City of Pleasanton, a <br />municipal corporation (hereinafter referred to as "City"), and Ponderosa Homes IT, <br />Inc., a California Corporation (hereinafter referred to as ""Owner"). <br /> <br />WlTNESSTH: <br /> <br />A. Owner and City desire to execute this Amendment #1 to the Agreement in <br />order to allow for the application of affordable housing credits in accordance with the <br />City Inclusionary Zoning Ordinance. <br /> <br />NOW, THEREFORE, in consideration of the mutual covenant, agreements and <br />conditions contained herein, City and Owner agree upon the modification to the <br />Agreement, as contained herein, and that this Amendment # 1 shall amend the <br />Agreement as follows: <br /> <br />Subsection 1: The Agreement is hereby amended to include the following: <br /> <br />Section 11. "Eight-seven (87) of the 138 Affordable units shall be deemed <br />to meet the full requirements of the City's Inclusionary Zoning Ordinance <br />for the 363 units approved for the development. If the Owner develops <br />additional units on the property noted in Exhibit B, fifty-one (51) of the 138 <br />Affordable units may be applied as affordable housing credits ("credits") to <br />that additional development as meeting the requirements of the City's <br />Inc1usionary Zoning Ordinance. Subject to City approval, up to fifty-one <br />(51) of the 138 Affordable units may be applied as credits to meeting the <br />requirements of the City's Inclusionary Zoning Ordinance for additional <br />development(s) by Ponderosa or a subsidiary whose majority ownership is <br />held by Ponderosa or its Chief operating Officer, Kyle Morgan. In no event <br />shall the total available affordable credits for units developed on land <br />indicated in Exhibit B, or off-site exceed more then fifty-one (51) units. <br /> <br />The use of credits is subject to the following terms: <br /> <br />1. The use of credits will expire when either the Pleasanton Unified School <br />District ("District") acquires the parcel as set forth in the Option Agreement <br /> <br />Page 1 of2 <br />