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<br />AFFORDABLE HOUSING AGREE~ENT <br /> <br />THIS AFFORDABLE HOUSING AGREEMENT is made July 18,2006, <br />between the City of Pleasanton, a Municipal Corporation, ("City") and Stoneridge <br />Associates, a California General Partnership, ("Owner"). <br /> <br />Recitals <br /> <br />A. Owner is the owner of the Stoneridge Condominium project, a 520 residential unit <br />located at 6250 Stoneridge Mall Road in Pleasanton, California (the "Project"). <br /> <br />B. City approved the Project as a condominium project in the 1980's and the Project <br />was constructed in 1988. <br /> <br />C. Since its occupancy, the Project's condominium units have been rented to <br />individual and corporate tenants and between 1988 and 1998, 78 of the units were rented <br />to lower income households in satisfaction of the Agreement for Implementation of <br />Growth Management Exemption (Growth Management Agreement) executed by the City <br />and the Project owner on February 12, 1987. <br /> <br />D. Owner recently notified the City that it intended to begin selling the individual <br />units and requested the City to provide an Acknowledgment that the project is not a <br />condominium conversion project as defined by City ordinance and that it has received all <br />necessary approvals required by the City for the sale of the units. <br /> <br />E. City and Owner have discussed in detail Owner's plan to sell the units and the <br />City's desire to make adequate provision for the existing and projected housing needs of <br />all economic segments ofthe community. <br /> <br />F. Owner desires to support City's achievement of this goal and has agreed, subject <br />to this Agreement, to provide thirty-five ("35") of the Project units to be sold to low <br />income and moderate income households and to provide certain other benefits to existing <br />tenants in the Project. <br /> <br />NOW, THEREFORE, in consideration of the mutual promises herein, the parties agree as <br />follows: <br /> <br />1. Owner shall make available for sale 35 units as set forth below. <br /> <br /> Number of Units Sales Price <br /> Low Income ~oderate Income Low ~oderate <br />Unit Types Households Households Income Income <br />Studio 3 0 $180,000 N/A <br />One Bedroom 4 20 $197,000 $298,000 <br />Two Bedroom 3 5 $221,000 $336,000 <br />(excluding <br />Project <br /> <br />I <br /> <br />642862.9 <br />