Agmt00 Irvine Apartment Communi - Laserfiche WebLink

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Safety Code Section 33000 et seq. ("CRL")), new retail/commercial uses and ancillary facilities consisting of up to 45,370 square feet, approximately 35,000 square feet of replacement commercial/warehouse space, and surface and underground parking, landscaping, and on-site and off-site infrastructure improvements appropriate to the development. Certain backbone utility, roadway and other infrastructure included in the Franklin Street Project are necessary to serve both the IAC Project Site and the Shea Project Site and are more particularly shown on Attachment 6(a) hereto ("Shared Infrastructure"). B. The IAC Project The IAC Project consists of approximately 206 rental units and up to 8,000 squaze feet of retail space, together with related improvements (the"IAC Project"), including, but not limited to, pazking, landscaping, and roadway and utility infrastructure located on or necessary to serve the IAC Project Site (the "IAC Project Infrastructure"). The IAC Project includes, in satisfaction of the CRL, CEQA and the Replacement Housing Plan, IAC's contribution to the seventy-six (76) affordable housing units required for the Franklin Street Project. Six percent(6%) of the rental units constructed by IAC shall be affordable to very low income residents and nine percent (9%) of the rental units constructed by IAC shall be affordable to moderate income residents. IAC will work with the Agency as IAC develops a marketing plan for the residential units to incorporate the Agency's objectives. C. The Shea Project = The Shea Project consists of approximately 300 owner-occupied units comprised of townhomes and condominiums on the Shea Project Site, up to approximately 40,570 gross square feet of new retaiUcommercial uses and ancillary facilities, approximately 35,000 square feet of replacement commerciaUwarehouse space, and a community pazk,together with related improvements (the"Shea Project"), including, but not limited to, parking, landscaping, roadway and utility infrastructure located on or necessary to serve the Shea Project Site (the "Shea Infrastructure"). The Shea Project includes, in satisfaction of the CRL, CEQA and the Replacement Housing Plan, Shea's contribution to the 76 affordable housing units required for the Franklin Street Project. Six percent(6%) of the dwellings constructed by Shea shall be affordable to very low inc�.me residents and nine percent(9%) of the dwellings constructed by Shea shall be affordable to moderate income residents. D. IAC Project Phasing IAC currently contemplates that the IAC Project will be constructed in two (2)phases (shown as Block A and Block B, as described in Attachment 4(b) hereto). Each phase of the IAC Project shall be referred to individually as a"Project Phase,"and such phases shall be referred to collectively as the "Project Phases." IAC may elect, in response to economic factors and changing market conditions, to construct a particular Project Phase, or portion thereof, in such sequence, or at such rate or timing, as IAC determines appropriate in its sole and absolute discretion. IAC shall phase construction of the IAC Project Infrastructure in accordance with City's requirements with regard to each Project Phase. The parties understand that IAC's timing decision with regazd to phasing will not affect or relieve IAC from its obligations to fund and replenish the Acquisition Budget under Section 305, or alter the timing of such obligations. ' 4 ._ 9627:83976.25 , r . ,