Affordable Housing Agreement 1409 ECR to be recorded

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the housing impact fee has been established by resolution of the City Council. In accordance with Section 18.271 of the Affordable Housing Ordinance, as an alternative to payment of the affordable housing impact fee, developers of residential or nonresidential development projects may propose to mitigate the affordable housing impacts of such development, such as through the construction of affordable units on site. As set forth in the Project Approvals, the Project includes thirty-five (35) Affordable Units. Based on the Affordable Housing Ordinance and City Council Resolution No. 15462, twelve and a half percent (12.5%) of the Project, or forty-four (44) Affordable Units, would need to be provided on-site to mitigate the impacts on the need for affordable housing. The OWNER has elected to provide thirty-five (35) Affordable Units and pay the balance of the Housing Impact Fee in the amount of $1,235,046 based on the residential and commercial square footage included in the project. Article III Number and Location of Affordable Units Section 3.01. Number of Affordable Units and Bedrooms. OWNER, as a condition to the satisfaction of OWNER's affordable housing obligations as set forth in the Project Approvals, and in accordance with the AHP, OWNER shall construct, or cause to be constructed, thirty-five (35) Affordable Units, comprised of thirteen (13) studio units, fourteen (14) one -bedroom units and eight (8) two- bedroom units, and totaling forty three (43) bedrooms, in the unit mix more particularly set forth on the attached AHP Exhibit A (Location and Floor Plans of On -Site Affordable Units). Section 3.02. Location of Affordable Units. The Affordable Units shall be the type of units as shown on the attached AHP Exhibit A and shall be constructed on the Property in the locations(s) shown or described in the AHP Exhibit A, and the types of units and their respective locations shall not be changed without the approval of the City, which shall not be unreasonably withheld. Section 3.03. Qualitv. Size and Amenities of Affordable Units. The Affordable Units shall be comparable in quality, size and amenities (at the same cost as otherwise available for other tenants) to those units which will be available to tenants of the units not designated as Affordable Units ("Market Rate Units"), subject to variations in interior finishes which shall be reviewed and approved by the City prior to the issuance of any Certificates of Occupancy. Notwithstanding the foregoing, interior finishes and amenities may not differ from those provided in the base model Market Rate Units. Tenants in the Affordable Units shall have equal access and enjoyment to all common facilities, amenities and services of the Project. Section 3.04. Phasing. As a single-phase project, all Affordable Units shall be constructed in one phase concurrently with the Market Rate units. REV: 04-13-18 PR ATTY/AGR.2018.081/Gre star Affordable Housings er a is y g agreement - 1409 EI Camino