SR 06:052 - Laserfiche WebLink

ATTACHMENT 1 AMENDMENT #1 AFFORDABLE HOUSING AGREEMENT WITH PONDEROSA HOMES II, Inc. THIS AMENDMENT #1 TO THE AFFORDALBE HOUSING AGREEMENT ("Agreement") was originally executed on May 6, 2003, is made and entered on November 2, 2004, between the City of Pleasanton, a municipal corporation ("City"), and Ponderosa Homes II, Inc., a California Corporation ("Owner"). WITNESSTH: A. Owner and City desire to execute this Amendment #1 to the Agreement in order to allow for the application of affordable housing credits in accordance with the City's Inclusionary Zoning Ordinance. NOW, THEREFORE, in consideration of the mutual covenant, agreements and conditions contained herein, City and Owner agree as follows: Section 1. The Agreement is hereby amended to include a new Section 11 as follows: Section 11. "Eight-seven (87) of the 138 Affordable units shall be deemed to meet the full requirements of the City's Inc1usionary Zoning Ordinance for the 363 units approved for the development. If the Owner develops additional residential units on the 21.3-acre site as shown in the attached Exhibit B ("the 21.3-acre site"), which property is currently under option to the Pleasanton Unified School District ("PUSD"), 51 of the 138 Affordable units may be applied as Inc1usionary Unit Credits ("IUC'S) to that development, provided that Owner, or a subsidiary of Owner whose majority ownership is held by Owner or by Kyle Morgan, develops the 21.3 acre site. The use of lUC's is subject to the following: a. The IUC's shall have a term of five years beginning (a) when and if the option on the 21.3-acre site held by the PUSD either expires or is terminated earlier, or (b) when and if PUSD exercises its option but does not thereafter close escrow. Alternatively, owner may use the IUC's on property other than the 21.3-acre site if the City Council approves their use on another property within five years from the date of this Amendment. Page I of3