12 ATTACHMENTS - Laserfiche WebLink

Recorded at the Request of and when recorded, return to: City of Pleasanton P.O. Box 520 Pleasanton, CA 94566 Exempt per Gov. Code ,¢27383 AFFORDABLE HOUSING AGREEMENT This AGREEMENT is made this day of 2009, by the CITY OF PLEASANTON, a Municipal Corporation (`City"), and CIVIC SQUARE,LLC, a California limited liability company (`Developer Recitals EXHIBIT C A. Developer currently owns and operates a 262 unit apartment complex located at 4800 Bernal Avenue, Pleasanton, California, more particularly described in Attachment 1 attached hereto and incorporated herein by reference (the "Property B. For the Property, Developer has obtained all necessary entitlements to develop an additional 12 units on the Property (collectively the "Project C. Developer and the City wish to make a certain number of the apartment units within the Project available to households with incomes at or below one hundred twenty percent (120 (moderate income) and eighty percent (80 (low income) of the Area Median Income. D. Area Median Income shall mean the area median income for the San Francisco- Oakland- Fremont Metropolitan Statistical Area adjusted for family size in accordance with adjustment factors adopted and amended from time to time by the United States Department of Housing and Urban Development (HUD) pursuant to Section 8 of the United States Housing Act of 1937 or any successor statute. NOW, 'THEREFORE, in consideration of the mutual covenants, agreements and conditions contained herein, City and Developer agree as follows: Of the 274 apartment units, 12 shall be "Affordable" units. Developer shall make upon issuance of Certificates of Occupancy for the 12 additional units, (available for rent two (2) Affordable units for low income households with income at or below 80% of the Area Median Income and shall make available for rent ten (10) units for moderate income households with income at or below 120% of the Area Median Income. The Affordable units shall be consistent with the following: