Res17 15621 - Laserfiche WebLink

Browse Search

City may (but has no obligation to) record any notices of completion or cessation of labor, or any other notice that the City deems necessary or desirable to protect its interest in the Property. 5 . 18 Performance and Payment Bonds. Prior to commencement of construction work on the Project, Developer shall cause its general contractor to deliver to the City copies of payment bond(s) and performance bond(s) issued by a reputable insurance company licensed to do business in California, each in a penal sum of not less than one hundred percent ( 100%) of the scheduled cost of construction of such Project component. The bonds shall name the City as co-obligee. 5. 19 Insurance Requirements. Developer shall maintain and shall cause its contractors to maintain all applicable insurance coverage specified in Article X. 5.20 Affordable Housing. Developer covenants and agrees for itself, its successors and assigns that the Property will be subject to recorded covenants that will restrict use of the Property to operation of an affordable rental residential development for seniors, and that for a term of not less than fifty-five (55) years commencing upon the issuance of the final certificate of occupancy for the Project: (i) all of the residential units in the Project (except the manager's unit) shall be occupied or available for occupancy by senior households that include at least one member that is 62 years of age or older, subject to applicable State and federal regulations, (ii) not less than forty- nine percent (49%) of the residential units in the Project shall be occupied or available for occupancy at Affordable Rents to households whose income is no greater than sixty percent (60%) of Area Median Income; and (iii) with the exception of a manager's unit that will not be subject to rent or occupancy restrictions, the remaining units in the Project will be available at Affordable Rents to households whose income is no greater than eighty-five percent (85%) of Area Median Income. Six (6) residential units shall be reserved for formerly homeless households. Notwithstanding anything to the contrary provided in this Section, Developer shall comply with rent and occupancy restrictions imposed by all applicable financing sources and regulatory agencies if such agencies impose requirements on the Project that are more stringent than those set forth in this Agreement. As more particularly set forth in the Regulatory Agreement, Developer shall be obligated to pay to City an Affordable Housing Monitoring Fee in the amount of $ 150 per unit for each residential unit in the Project that is subject to the affordability restrictions set forth in the Regulatory Agreement. This per-unit fee is payable at initial lease-up of each residential unit, upon each annual review, and upon re-occupancy of any residential unit. The City will not charge an annual monitoring fee in the same year that the City charges a fee in connection with the initial lease-up. If the City determines, in the exercise of its reasonable discretion, that the Project requires additional technical assistance or compliance monitoring in an amount in excess of the typical time required for comparable projects, the Developer shall pay City for such additional costs at the rate of $ 150 per hour. All compliance monitoring and technical assistance fees shall be payable to City within fifteen ( 15) days following City's written request for payment, and City shall have the right to file a lien against the Property if such fees are not paid within thirty (30) days of such written request. Beginning in the third year after the City's issuance of a final certificate of occupancy or equivalent for the Project, the annual compliance monitoring fee will increase annually by the percentage increase in the Consumer Price Index-Urban (CPI-U) for the San Francisco-Oakland-San Jose, California area over the prior year. In the event that in any year there is insufficient Project cash flow available to pay the annual monitoring fee, the City will ATY/AGR/2017.218/RWC — BRADFORD — DDA REV: 09-18-17 VR Page 19 of 94