11 ATTACHMENT 5 - Laserfiche WebLink

Developer's long term obligations set forth in this Agreement are in addition to Developer's agreement to perform all the mitigation measures identified in the Mitigation Monitoring Program. Section 3.02. One-Time Fee Paid by Developer. The following fee will be paid by the Developer in addition to those fees which will be paid at the time a building permit is obtained for the construction of dwellings unit on individual lots: Traffic Mitigation Fees: Developer shall pay the City one million dollars ($1,000,000) into an account for traffic facilities/traffic calming devices, which shall satisfy Developer's obligation for all city traffic mitigation fees in effect on the Effective Date. Such payment shall be made at the time the City approves the first final map for the Project. As a condition of approval of the Project, the City shall require Developer to install a traffic signal at the intersection of Kottinger Drive and Bernal Avenue. The installation of this traffic signal shall be funded from the one million dollars ($1,000,000). Any remaining funds will be applied first to traffic calming measures on Hearst Drive (subject to the City's approval) and, if there are any remaining funds, they shall be paid into the City's TIF program. Section 3.03. Affordable Housing. Of the forty-seven (47) Exempt Permits available to the Developer pursuant to Section 4.07 of this Agreement, twenty (20) shall be used by the Developer to construct affordable housing units and the balance may be used by the Developer, in its sole discretion, for affordable or market-rate units. The twenty (20) affordable units shall consist of five (5) units affordable to Moderate Income Households, ten (10) units affordable to Low Income Households and five (5) units affordable to Very Low Income Households, as those terms are defined in Chapter 17.44 of the Municipal Code as of the Effective Date. The twenty (20) affordable units represent approximately twenty percent (20) of the maximum density (ninety- eight (98) units) allowed on the Project Site under the General Plan as of the Effective Date. In the event all or some portion of the twenty (20) affordable units required under this Agreement have not been constructed within five (5) years of date that the first final map for the Project records„ the Developer shall pay to City the City's "Lower Income Housing Fee" (or "LIHF") for 51 units in the amount then in effect. Section 3.04. Dedications and Improvements by Developer (a) With the recordation of the first final map for the Project, Developer shall dedicate to the City or to a Geologic Hazard Abatement District ("GHAD"), the Board of Directors of which shall be the Pleasanton City Council, and City/GHAD shall accept, in perpetuity four hundred ninety-seven (497) acres of the Project Site (the "Open Space"), as shown on the Oak Grove Planned Unit Development Plan. With the recordation of the first final map 54393\84008v3