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<br />. ' <br /> <br />expand the obligations of Developer with respect to the development of Affordable Homes or the <br />payment of fees in lieu of construction. <br /> <br />Section 8. Adjustment if Competing Projects are Subject to Lesser Affordable Housing <br />Requirements. <br /> <br />The City acknowledges that Developer's obligation to finance affordable housing <br />pursuant to this Affordable Housing Plan has been negotiated as a voluntary contribution on <br />Developer's part. City agrees that if at any time prior to the eighth (8th) anniversary of the <br />issuance of the first certificate of occupancy for the residential portion of the Project, City <br />requires other developments (i) to make an in-lieu affordable housing contribution of less than <br />$10,000 per market-rate home, or (ii) to pay less than $100,000 per Affordable Home, or (iii) to <br />provide Affordable Homes fewer in number than 15% of the market-rate homes in the <br />development, or (iv) to provide on-site Affordable Homes fewer in number than 5% of the <br />market-rate homes in the development, then Developer's obligations under this Affordable <br />Housing Plan shall be reduced to be equivalent to such lesser requirements. This provision shall <br />not apply to residential developments of fewer than twenty (20) homes or to residential <br />developments for which a complete application for a Precise Plan is being processed by the City <br />as of January 1, 2008, or for which a complete design review application such as an Architectural <br />Permit, Planned Development Permit, and/or Planned Community Permit has been filed with the <br />City prior to the Effective Date ofthe Agreement. <br /> <br />Section 9. <br /> <br />Joint Ventures. <br /> <br />Developer may seek to develop off-site Affordable Homes by participating as an investor <br />or joint venture partner with nonprofit housing developers or other entities. Other than the <br />amount of the Developer Financial Contribution on deposit with City, the City shall have the <br />right, but no obligation to provide funding in order to achieve greater affordability targeting or to <br />facilitate the development of additional homes. <br /> <br />ATTY/AGR/2008.013 Exhibit C <br />022708 <br /> <br />7 <br />