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~{EREAS, City and Developer wish to enter into a long- <br />term agreement in order to achieve the benefits of the <br /> <br />Project to City and its residents while maintaining conformity <br />with the City's General Plan growth policieS; and <br /> <br /> WttEREAS, City has determined that the Project would <br />produce affordable housing which is in short supply, and <br />City and Developer seek to minimize the building cost of the <br />Project in order to keep the Project as affordable as possible, <br />both by allowing development in accordance with current <br />codes and by enabling construction to proceed as if it were <br />being developed in one phase; and <br /> <br /> WHEREAS, Developer has indicated that the Project will <br />be begun as soon as possible and will be constructed as <br />expeditiously as allowed; <br /> <br /> NOW, THEP~FORE, City and Developer hereby agree as <br /> <br />follows: <br />I. <br /> <br />for <br /> <br /> DEVELOPmeNT APPROVAL <br /> <br /> City hereby grants development approval to the Project <br />development according to the following schedule. <br /> <br /> A. Subdivision Maps - Any and all necessary subdivision <br /> maps may be processed in accordance with normal <br /> City procedures following the execution of this <br /> agreement. <br /> <br /> B. Building Permits Building permits may be secured <br /> for the Project in any order or manner desired by <br /> Developer subject only to the limitations contained <br /> in Paragraph II herein. Approval of any necessary <br /> subdivision map shall be obtained before building <br /> <br />-2- <br /> <br /> <br />