SR 06:076 - Laserfiche WebLink

Attachment I AMENDMENT #1 AFFORDABLE HOUSING AGREEMENT WITH PONDEROSA HOMES II, Inc. THIS AMENDMENT TO THE AFFORDABLE HOUSING AGREEMENT' (" Agreement") was originally executed on , 2004, is made and entered into this day of October 2004, by and between the City of Pleasanton, a municipal corporation (hereinafter referred to as "City"), and Ponderosa Homes II, Inc., a California Corporation (hereinafter referred to as ""Owner"), WITNESSTH: A. Owner and City desire to execute this Amendment #1 to the Agreement in order to allow for the application of Inclusionary Unit Credits (IUC's) in accordance with the City's Inclusionary Zoning Ordinance, NOW, THEREFORE, in consideration of the mutual covenants, agreements and conditions contained herein, City and Owner agree as follows: Section I: The Agreement is hereby amended to include the following: Section 11 shall read as follows: Section 11, "Eight-seven (87) of the 138 Affordable Units shall be deemed to meet the full requirements of the City's Inclusionary Zoning Ordinance for the 363 units approved for the development. If the Owner develops additional units on the property identified in Exhibit B (the Exhibit B property) [the 23-acre site optioned to the Pleasanton Unified School District], fifty-one (51) of the 138 Affordable Units may be applied as Inclusionary Unit Credits (IUC's) to that development to meet the requirements of the City's Inclusionary Zoning Ordinance; provided however, said development is by Owner, or by a subsidiary of the Owner whose majority ownership is held by Owner or by its Chairman, Kile Morgan, JI. In no event shall the total IUC's for units developed on the Exhibit B property exceed more than fifty-one (51) units, The use of the lUC's is subject to the following terms: t:- The IUC's will have a term of five years commencing from the date the PUSD either closes escrow or terminates its option on the Exhibit B property, ~- The lUC's may be used only on the Exhibit B property, Page 1 of2