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.. t~EN ?~CORDED, RETU~ TO: <br />, _ :. City Attorney ~ ,'" <br />" ' P. 0. Box 520 ~ "' ~:--321969 <br /> Pleasanton, CA 94566 <br /> <br /> AGREEMENT FOR IMPLEMENTATION OF GROWTH <br /> MANAGEMENT PLAN EXEMPTION <br /> <br /> THIS AGREEMENT is made and entered into this ~d~ day of <br /> November, 1986, by and between HACIENDA GARDENS VENTURE, a <br /> California General Partnership (the "Developer"), and the CITY OP <br /> PLEASANTON, a municipal corporation (the "City") <br /> · <br /> <br /> RECITALS <br /> <br /> A. Developer is the owner of approximately 16 3 acres of <br /> land located on the north side of Andrews Drive between Owens <br /> Drive and Old Santa Rita Road, as shown on Exhibit "A" attached <br /> hereto and incorporated herein by this reference (the <br /> "P pe rty" ) . <br /> ro <br /> <br /> B Developer has received City approval authorizing <br /> construction of a 456 unit residential condominium project <br /> located on the Property (the "Project")· <br /> <br /> C. On August 19, 1986, the City Council of the City of <br /> pleasanton approved Resolution No. 86-402 granting an exemption <br /> from the City's Growth Management Program for the Project as a <br /> lower income housing development· <br /> <br /> D. The Developer and the City wish to ensure that the <br /> purposes of the lower income exemption are achieved and wish to <br /> formalize their mutual understandings of the requirements of the <br /> exemption through this regulatory agreement <br /> <br /> NOW, THEREFORE, in consideration of the mutual covenants and <br /> undertakings set forth herein, and other good and valuable <br /> considerations, the receipt and sufficiency of which hereby are <br /> acknowledged, the Developer and the City hereby agree as follows: <br /> <br /> 1 Oggupancy by Lower Income Households. <br /> · <br /> <br /> The Developer agrees that no less than fifteen percent <br /> (15%) of the total number of dwelling units in the Project shall <br /> be reserved for occupancy or rented to lower income households as <br /> defined in Section l(a) on a continuous basis during the term of <br /> this Agreement· <br /> <br /> a For the purposes of this Agreement, "Lower income <br /> · <br /> households" means those individuals or families with incomes no <br /> greater than 80% of the median family income for the Standard <br /> Metropolitan Statistical Area which includes Alameda County for a <br /> family of four persons, adjusted up or down for larger or smaller <br /> households sizes and as established by the United States <br /> Department of Housing and Urban Development (HUD). Individuals <br /> or families who certify they meet the qualifications for <br /> eligibility as lower income households as set forth in the <br /> Certification of Tenant Eligibility, attached as Exhibit "B" and <br /> incorporated' herein by this reference, shall be deemed lower <br /> <br /> - I - <br /> <br /> <br />