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in the Project (except the manager’s unit) shall be occupied or available for occupancy <br />by senior households that include at least one member who is 62 years of age or older, <br />and (ii) not less than 49% of the residential units in the Project shall be occupied or <br />available for occupancy at Affordable Rents to households whose income is no greater <br />than 60% of Area Median Income. Six residential units shall be reserved for formerly <br />homeless households who are seniors. With the exception of a manager’s unit that will <br />not be subject to rent or occupancy restrictions, the Developer shall comply with rent <br />and occupancy restrictions imposed by all applicable financing sources and regulatory <br />agencies if such agencies impose requirements on the Project that are more stringent <br />than those set forth in the DDA. <br /> <br />Article 34 was added by initiative to the California Constitution to provide local residents <br />a vote in the development of affordable housing in their communities and reads as <br />follows: “No low rent housing project shall hereafter be developed, constructed, or <br />acquired in any manner by any state public body until, a majority of the qualified <br />electors of the city, town or county, as the case may be, in which it is proposed to <br />develop, construct, or acquire the same, voting upon such issue, approve such project <br />by voting in favor thereof at an election to be held for that purpose, or at any general or <br />special election”. Health and Safety Code section 37001 lists a number of project types <br />that are not considered “low rent housing projects.” The most typical exemption is <br />subdivision (a)(1) which exempts projects that receive no property tax exemption, other <br />than the welfare exemption, and in which no more than 49% of the units will be <br />occupied by persons of low income. The City does not have Article 34 authority and <br />therefor will restrict 49% of the units in the Development as affordable. However, the <br />Developer intends to utilize tax credit financing sources to construct the project which <br />requires 100% of the units to be affordable to households at or below 60% of the AMI <br />for a period of not less than 55 years. Therefor all units in the Project will be affordable <br />for 55 years. <br /> <br />Childcare Center; Commercial Space – The Developer will construct and improve the <br />ground floor commercial space suitable for operation of a childcare center. Subject to <br />design review and City Council approval of funding, the City may provide a grant of City <br />childcare funds in an amount not to exceed $300,000 to defray costs associated with <br />development of such facility. The release of any such funds, if awarded, shall be <br />conditioned upon Developer’s delivery to City of a copy of a fully-executed lease <br />requiring a childcare provider to use the facility for operation of a childcare center for a <br />term of at least twelve months. Developer will undertake reasonable efforts to lease the <br />commercial space to a childcare provider. If no childcare tenant is identified within <br />twelve months following issuance of the final certificate of occupancy for the Project, <br />Developer may lease the commercial space to a not-for-profit tenant approved by the <br />City. <br /> <br />Publicly-Accessible Creekside Trail - The City will retain ownership of the creekside <br />parcel and will enter into a license agreement with the Developer to permit the <br />Developer to complete the improvements to the creekside parcel to create a publicly- <br />accessible creekside trail in accordance with plans approved by City. Subject to design <br />6.3.B. - Page 4