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2016 - 116997 <br /> 2:10 pm 11/07/16 AG Fee: NO FEE <br /> Count of Pages 37 <br /> Recorded in Official Records <br /> of San M <br /> RECORDING REQUESTED BY County Mark Chur hateo <br /> AND WHEN RECORDED MAIL TO: Assessor-County Clerk-Recorder <br /> CITY OF REDWOOD CITY I 11 III III II II II I II <br /> 1017 MIDDLEFIELD ROAD * R 0 0 0 2 3 0 2 9 8 8 <br /> BOX 391 <br /> REDWOOD CITY, CALIFORNIA 94064 <br /> ATTN: CITY CLERK <br /> Ll) <br /> (Space Above Provided For Recorder) Exempt from Recording Fees under Govt. Code Section 27383 <br /> AFFORDABLE HOUSING AGREEMENT <br /> THIS AFFORDABLE HOUSING AGREEMENT ("Agreement") is made as of <br /> U , 2016, by and between the CITY OF REDWOOD CITY (the "CITY") and <br /> 8 Veterans RWC, LLC, a Delaware limited liability company ("OWNER"), with respect to <br /> certain real property consisting of approximately 1 . 15 acres of land located at 849 <br /> Veterans Boulevard in the City of Redwood City, County of San Mateo, California, as <br /> more fully described in Exhibit "A" attached hereto and incorporated herein by this <br /> reference (the "Property"). <br /> WHEREAS, the Planning Commission of the CITY has approved Architectural <br /> Permit AP2015-89 for a new 160, 396 sq . ft. six-story residential development with a <br /> maximum height of approx. 74 ft. consisting of 90 for-rent apartment units, 142 parking <br /> spaces, 7 motorcycle spaces, and 30 bicycle spaces (the "Project") . <br /> WHEREAS, California Government Code section 65915 (the "Density Bonus Law") <br /> directs cities to grant private developers density bonuses, incentives and concessions, <br /> use of statutory vehicular parking standards and waivers of certain development <br /> standards, for the production of below-market-rate housing. <br /> WHEREAS, under the terms and conditions of Architectural Permit AP2015-89, <br /> OWNER is required to offer for rental 7 Affordable Units (defined below) as Very Low <br /> Income Rental Units in accordance with OWNER's Affordable Housing Plan (the "AHP") <br /> approved and accepted by the CITY as part of the Project Approvals. A copy of the AHP <br /> is attached hereto as Exhibit "B" and incorporated herein by this reference. <br /> WHEREAS, OWNER desires to enter into this Agreement in order to satisfy the <br /> affordable housing requirements of Architectural Permit AP2015-89 and Condition of <br /> Approval No. 8. <br /> WHEREAS, the CITY desires to enter into this Agreement in order to ensure that <br /> the required number of Affordable Units will be made available to and occupied by <br /> Qualified Households (defined below) in accordance with the terms and conditions of this <br /> Agreement. <br /> NOW, THEREFORE, to ensure their mutual compliance with the requirements of <br /> Density Bonus Law and other applicable statutory and regulatory requirements, and to <br /> ATTY/AGR/2016.243/849 VETERANS AFFORDABLE HOUSING AGREEMENT <br /> REV: 08-30-16 VR <br /> Page 1 of 12 <br />