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7C Page 250 mu2tiple locations in the City in lieu of On-Site Afford.able Homes. City Council approval shall be required for a��y such alterna�ive proposaL Sectioii 7. Vested Rights. Throughout the Term of the.Agreement, Developer's rights u.nder this Affordabl.e Housulg Plan shall be vested, and City sh.all have no right to increase or expand the obligations of Developer with respect to tl�e development of Affordable Hom.es or the payinent of fees in lieu of construction. Section 8. Ad�ustment if Competin� Projects are Subject to Lesser Affordable Housin� Requiremei�ts. The City acknowiedges that Developer's obligation to finat�ce affardable housing pursuant to this Affordable Housing Plan.has been negat.iated as a voluntar.y contribution on Developer's part. City agrees that if at any time prior to the eighth(8th) anniversary of the issuance of the first certificate of oceupancy for the residential portion of the Project, City requires other developments {i) to make an in-lieu affordable housing contribution of less than $]0,000 per market-rate hon�e, (ii) to pay less than$i00,000 per Affordable Horne, (iii) to provide Affordable Homes fewer in number than 15%af the market-rate hames in the development, or(iv) to provzde on-site Affordable Homes fevver in number than S% af the marlcet-rate homes in�lze developznent, then Developer's obfigations uzader this Afforda6le Housing Plan shall be reduced to be equivalent to such lesser requirements. This provision shall not apply to residential devalopments of fewer than twenty(20) homes or to residential developments for wliich a conzplete application for a P:recise Plan is being processed by the City as of January 1, 2008, or for which a complete design review application such as an Architectural Pez�mit, Planned Developinent Permit, and/or Planned Community Pernut l�as been filed with the City prior to the Effective Date of the Agreement. Section 9. Joint Ventures. Developer may seek to develop off-site Affordable Homes by participati�lg as an.investor or joint venture partner with nonprofit housing develope�-s or other enti±ies. O±her than the amount of the Develaper Financial Contribution on deposit with City, the City shall have the right,but no obligation to provide funding in order to achieve greater affordability targeting or to fac.i.litate the development of additional homes. 1425991-11 7 DRAFT 12-13-07{930 a.m.)