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<br />ARTICLE III <br /> <br />DEVELOPMENT OF THE SITE <br /> <br />Section 3.01. <br /> <br />Development by Developer. <br /> <br />a. The parties agree that the Developer shall develop <br />the Property within the times specified in the Schedule of <br />Performance, attached hereto as Exhibit "I" and incorporated herein <br />by reference (the "Schedule of Performance"), as a multi-unit <br />affordable housing project, consisting generally of fifty-eight <br />(58) rental apartments, including one (1) two bedroom manager's <br />unit, parking and amenities, all as more specifically described in <br />the Scope of Development. The proj ect will be subj ect to the <br />covenants set forth in the Declaration of Affordability Covenants <br />regarding affordability of the Project at certain income levels. <br /> <br />b. The City's zoning ordinances including, but not <br />limited to, parking and height requirements, and the City's <br />building requirements are applicable to the use and development of <br />the Property pursuant to this Agreement. The Developer <br />acknowledges that any change in the plans for development or the <br />use of the Property as set forth in the Scope of Development shall <br />be subject to (i) the prior written approval of the Agency and (ii) <br />the City's zoning ordinances and building requirements. <br /> <br />c. The Scope of Development is approved by the Agency <br />upon its execution of this Agreement. The proj ect shall be <br />developed and completed in conformance with the approved Scope of <br />Development and any and all other plans, specifications and similar <br />development documents required by this Agreement, except for such <br />changes as may be mutually agreed upon in writing by and between <br />the Developer and the Agency. <br /> <br />d. The approval of the Scope of Development by the <br />Agency hereunder shall not be binding upon the City Councilor the <br />Planning Commission of the City with respect to any approvals of <br />the Project required by such other bodies. If any revisions of the <br />Scope of Development as approved by the Agency shall be required by <br />another government official, agency, department or bureau having <br />jurisdiction over the development of the Property, the Developer <br />and the Agency shall cooperate in efforts to obtain waivers of such <br />revisions, or to obtain approvals of any such revisions which have <br />been made by the Developer and have thereafter been approved by the <br />Agency. The Agency shall not unreasonably withhold approval of <br />such revisions. <br /> <br />14 <br /> <br />REDW\0006\DOC\001-5 <br />1/27/05 7:00 tmve <br />