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Section 2. ~3ecial Conditions of Growth Management Approval <br /> <br /> a. In addition to development fees in effect at the time <br /> each building permit is issued, developers shall pay <br /> growth management fees of $750 per unit to offset the <br /> cumulative cost of capital facilities made necessary by <br /> ongoing residential development provided, however, that <br /> units specifically reserved for low income households <br /> shall be exempt from the growth management fee as <br /> provided in Subsection (C). <br /> <br /> b. In addition to the foregoing, the Trammell Crow project <br /> (PUD-87-3) and the Northern Group project <br /> (PUD-81-30-39D) shall each reserve fifteen (15%) of <br /> their units for low income households for fifteen years <br /> by a binding agreement which shall run with the land. <br /> The fifteen (15%) of units reserved for low income <br /> household shall be rented, or offered for rent, at a <br /> monthly rental which does not exceed thirty percent <br /> (30%) multiplied by eighty percent (80%) of one-twelfth <br /> (1/12) of the Tri-Valley Median Income for the first <br /> three years after the completion date. From three years <br /> after the completion date till ten years after the <br /> completion date, the maximum rent calculations shall be <br /> based upon the PMSA Median Income rather than the <br /> Tri-Valley Median Income. The City Manager is hereby <br /> authorized to execute binding agreements with Trammell <br /> Crow and Northern Group which carry out the intent of <br /> this section substantially in the form of the Exemption <br /> Agreement between the City and Hacienda Gardens Venture <br /> (attached hereto). <br /> <br /> c. Each of the fifteen percent of units set aside for lower <br /> income households in the Trammell Crow project <br /> (PUD-87-3) and the Northern Group project <br /> (PUD-81-30-39D) shall be exempt from the following fees: <br /> <br /> i. lower income housing trust fund <br /> ($400 per unit) <br /> ii. capital improvement fund fee <br /> ($525 per unit) <br /> iii. growth management fee <br /> ($750 per unit) <br /> <br />Section 3. Effect of Approval <br /> <br /> a. The effect of these growth management approvals shall be <br /> to authorize development, building and occupancy of the <br /> approved units and provide for the lapsing of approvals <br /> in accordance Chapter 17.36 of the Pleasanton Municipal <br /> Code as worded on the effective date of Ordinance 1336 <br /> (attached hereto) and the additional conditions spelled <br /> out in this resolution. <br /> <br /> - 2 - <br /> <br /> <br />