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and remains unpaid thirty (30) days following the date that City provides written notice of the <br />delinquency. Beginning in the third year after the City Building Department signs off on the <br />final inspection of the Project, the Affordable Housing Monitoring Fee will increase annually by <br />three percent (3%) over the prior year. <br />3.4 Annual Report: Inspections. Following completion of rehabilitation and <br />construction of the Project, by not later than July 1 of each year during the term of this <br />Agreement, Owner shall submit an annual report ("Annual Report") to the City in form <br />satisfactory to City, together with a certification that the Project is in compliance with the <br />affordability restrictions and occupancy requirements of this Agreement. The Annual Report <br />shall, at a minimum, include the following information for each dwelling unit in the Project: (i) <br />unit number; (ii) number of bedrooms; (iii) current rent, utility, and other charges; (iv) dates of <br />any vacancies during the previous year; (v) number of people residing in the unit; (vi) total <br />household Gross Income of residents; (vii) documentation of source of household income; (viii) <br />lease commencement and termination dates, (ix) initial move -in date, and (x) the information <br />required by Section 3.2. <br />Owner shall include with the Annual Report, an income recertification for each <br />household, documentation verifying tenant eligibility, and such additional information as City <br />may reasonably request from time to time in order to demonstrate compliance with this <br />Agreement. The Annual Report shall conform to the format requested by City; provided <br />however, during such time that the Project is subject to a regulatory agreement restricting <br />occupancy and/or rents pursuant to requirements imposed in connection with the use of state or <br />federal low-income housing tax credits or tax-exempt bond financing, Owner may satisfy the <br />requirements of this Section that pertain to tenant income certification and rents by providing <br />City with a copy of compliance reports required in connection with such financing. <br />hi addition to the information described above, the Annual Report shall include the <br />following: <br />(i) A Project income and expense statement for the reporting period; <br />(ii) Proposed annual budget for the next fiscal year which sets forth Owner's <br />estimate of operating income, operating expenses and debt service for the year, amounts payable <br />to reserves and proposed rent adjustments; <br />(iii) A summary of any significant repairs or maintenance undertaken for the <br />Project, and describing any remaining physical defects to be corrected. <br />(iv) A summary of maintenance and other issues anticipated to affect the <br />current budget needs of the Project and the amount expected to be needed for major repairs or <br />other needs during the following fiscal year; <br />(v) Information on the status of the waiting list for units, including the number <br />of households on the list and the number of City of Redwood City residents and persons <br />employed in the City on the list; <br />11 <br />OAR #4820-8711-2085 v4 <br />ATTY/AGR.2019.148/Redwood Oaks Associates 11 LP - Regulatory Agreement <br />