Agmt08 R.C. Peninsula Park, LLC - Laserfiche WebLink

Browse Search

considerably higher in those areas of the City where zoning permits construction of buildings exceeding six (6) stories, and (ii) the cost to construct high-rise buildings is considerably more expensive than low-rise construction. Therefore, in order to maximize the production of the greatest number of off-site Affordable Homes, Developer or City may seek development opportunities on sites conducive to Type V construction. 6.2 On-Site Affordable Homes. Notwithstanding the provisions of Section QJ., a minimum of five percent (5%) of the homes developed in the Project (the "On-Site Affordable Homes") shall be offered for sale at Affordable Sales Prices to Eligible Purchasers. If at full build-out the Project will consist of 796 homes, the number of On-Site Affordable Homes will be forty (40). If the Project approvals are amended to decrease the number of homes in the Project or if at full build-out the Project will consist of less than 796 homes, the number of On-Site Affordable Homes will be adjusted accordingly. One-half of the On-Site Affordable Homes shall be offered for sale at Affordable Sales Prices to eligible Moderate-Income households, and the remainder of the On-Site Affordable Homes shall be offered for sale at Affordable Sales Prices to eligible Above Moderate-Income households. The On-Site Affordable Homes shall be provided proportionally in each phase of the residential development of the Project. For example if a phase includes a total of 120 homes, three (3) of such homes will be offered at an Affordable Sales Price to Moderate-Income Households, and three (3) will be offered at an Affordable Sales Price to Above Moderate - Income households. Developer may accelerate the number of On-Site Affordable Homes in a phase of the Project in order to correspondingly reduce the number of On-Site Affordable Homes to be offered in subsequent phase(s). In connection with the sale of On-Site Affordable Homes, a downpayment of at least ten percent (10%) shall be required; provided however the homebuyer may voluntarily make a larger downpayment. Nothing in this Affordable Housing Plan is intended to or shall be construed to prevent home buyers from participating in downpayment assistance programs provided by City, HCD, CalHF A or other any other entity. Developer's obligation to subsidize On-Site Affordable Homes shall be deemed fully discharged upon the initial sale (or offer for sale for a period of at least eight (8) months) of forty (40) On-Site Affordable Homes (as such number may be adjusted pursuant to this Section 6.2), to Eligible Purchasers without regard to the amount of subsidy provided by Developer or other sources for such homes. Developer pledges to fully cooperate with City in efforts to market the On-Site Affordable Homes and identify Eligible Purchasers. Nothing in this Section 6.2 shall preclude Developer's presentation of alternative proposals that provide for production of significantly greater number of Affordable Homes in multiple locations in the City in lieu of On-Site Affordable Homes. City Council approval shall be required for any such alternative proposal. Section 7. Vested Rights. Throughout the Term of the Agreement, Developer's rights under this Affordable Housing Plan shall be vested, and City shall have no right to increase or ATTY/AGR/2008.013 Exhibit C 022708 6