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7C Page 244 12/13/07 DRAFT{AG�NCY) EXHIBIT C AFFORDABLE HOUSING PLAN Peninsuia Park Tlus Affardable Housing Plan ("Affordable Housing Plan") dated as of , 20_(the effective date of the Ordinance adopting the Agreement(defined below} and hereafter, the"Effective Date") constitutes the Afforda�le Housing Plan for the Project described in that certa.in Development Agreement(the"Agreement")dated as of the Effective Date and executed by and between R.C. Peninsula Park, LLC, a Delaware limited l'aability compan.y ("Developer") and the City of Redwood City, a municipal corporation of the State of California("City"). Developer and City are collectively referred to herein as the "Parties." Capitalized terzns used herein without definition shall have the meanzng ascribed to such terms in the Agreement. Section 1. Affordable Housing Production Goal. � As currently proposed, at full build-out the Project will include 796 hornes. Based on that number, in accordance with the terms and conditions set forth in tbis Affardable Ho�.�sing Plan, Developer shall subsidize the construction and/or acquisition and rehabilitation of 120 affordable homes (equal to fifteen percent (15%) of the total nun�ber of homes developed within the Project) (the "Affordable I�omes"). Subject to the terms and conditions set forth in this A.f.fordahle Housing Plan, the Affordablc Homes sl�ail be produced andlor subsidized as follows: On-Site Affordabie Housin�: • 20 Affordable Homes shall he made available on the Project site for sale t�Eligible Purchasers of Moderate-Tncome (as defined in Section 4 below). � 24 Affordable Homes shall be inade available on the Proiect site for sale to Eligible Purchasers of Above�Vloderate -Income (as defiiaed in Section 4 below)_ Notwiihstanding the foregoing, if the Project approvals are amended to decrease�11e number of hoines in the Project or if at full buiid-out the Project will consist of less than 79G homes, the number of On-Site Affordable Homes required to be provided on the Project site pursuant to this Affordable Housing Plan shall be equai to fve percent(5%}of the total number of homes in the Project, one-half of which shall be offered for sale to Eligible Purch.a.sers of Moderatc-Income, and one-half of which sha11 be offered for sale to Eligible Purchasers of Above Moderate-I��coine. 1025911-11 � DRAF'f 12-13-07{9;30 a.m.)