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Attacbmcnt 1 <br />AFFORDABLE HOLiSING AGRF,F,MF,NT <br />This AGREEMENT is made this day of , 2007, by the CITY OF <br />PLEASANTON, a Municipal Corporation ("City•~), and Ponderosa Homes II, Inc., a Calil~>rnia <br />Corporation ("Developer"). <br />Recitals <br />A. Developer is the owner of approsimatcly 19.8 i acres of real property located at ~ 1 ~7 <br />11~cnnery Drive and 2 ~ l ~ Martin Avenue incorporated herein by reference ("Property"). <br />B. Developer has obtained City approval (PUD-50) to develop the Property with 25 new one <br />story and two story single-family detached homes. ("Project"). <br />C The C ity's Inclusionary Zoning Ordinance permits the payment of a Lower Income <br />Housing Pee to meet the C ity s affordable housing needs. <br />D. Duc to the unique nature of the Property and Project, the City and Developer have agreed <br />that payment of a 1_ower Income Housing Fee represents the best way to meet the C ity's <br />affordable housing needs fir the Project. <br />NOW, THF,REFORE, in consideration of the mutual covenants, agreements and <br />conditions contained herein, City and Developer agree as follows: <br />1. Developer shall pay City at the time of approval of the Project final map a I.owcr Income <br />Housing Fee of $31 x,126. <br />TH[S AGREEMENT is executed the date and year first above written. <br />CITY OF PLEASANTON, <br />a Municipal Corporation <br />By: <br />Nelson Fialho <br />City Manager <br />Page 1 of ? <br />