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7C Page 245 Off-5ite Affordable Housing: • 80 Affordable Homes shall be located withu� the City and shall be either(i) offered for sale at Affordable Sales Prices (as defined in Section 4 below) to households of Moderate-Incame or Above Moderate-Income, or(ii) offered for rent at Affordable Rents (as de�ned in Section 4 below) to eligible househalds af"Very Low-incorne"and"Low- Income" as defined herein. The Parties intend to support the development of the greatest possible number of Affordable Homes; however, the Parties acknavvled�e t��at Deveioper's obligation to subsidize off-site A_ffordable Hoa�nes is Iimited by Developer's maxin�um financial contribution set forth in. Section 2. Section 2. Developer's Financial Contribution. Notwithstanding anything to the contrary set forth herein, Developer's financial contribution toward the developinent or subsidy of off-site Affordable Homes shall be limited to a maxin�um sum of Eight Million Dollars (��,040,000) (the"Developer Financial Coutribution"). If the Project approvals are amended to decrease tl�e number of homes in the Project, or if at full build-o�.rt the Project will consist of less than 79G homes, this Affordable Housing Plan will be revised accordingly to r.eflect an adjusted Developer Financial Contribution equal to the suz� of�100,000 tinies 1Q%of the total number of homes in the Project. Subject to redactians that may apply pursuant to Section 8, the Developer Fiilancial Cantribution set fortI1 in th.i.s Section i.s intended to be the maximum sum that Devcloper is obligated to provide for off- site affordable housing. Developer shall deposit the Developer Financial Contribution with the City as foll.ows: as a condition to the issuance of a building pennit for each home in the Project,Developer shall deposit the surn of Ten Thousand Dollars ($10,000}per home with the City. For example, if Developer seeks building pennits for 120 homes, Developer shall deposit with City,by cash or cashier's check, the amount of One Million Two Hundred Thousand Dollars ($1,200,000). City shall hold ail amounts deposited as the Developer Financial Contribution in a separate interest- bearing account spccifically for costs related to the development of off site AffordaUle Homes for such uses including, but not limited to, land acqui.sition costs, acqui.sitioil of praperty for rehabilitation, site developme��t costs, planning and desigu and any other costs directly related to the development or zehabilitation af aff-site Affordable Homes. 1Vothing in this Affordable Housing Plan is intended to or sl�all preclude Developer from paying ihe Developer Finas�cial Contribution earlier than required pursuant to this Section. Section 3. Use of Funds; Levera�e. Developer a�id City sha11 coo�erate to nlaximize leverage of the Developer Financial Contribution in coinbination with other fundzng sources. Without iimiting the generality of the foregoing, City sl�all use best efforts to suppart Developer's applicatzan for state, federal, local 1025911-11 2 DRAFT 12-13-07(9:30 a.m.)