RecDoc2023-063043 Housing Affordability Agreement Broadway Plaza

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Section 2.1 Satisfaction_ of Inclusionary Housing Obligation. (a) The requirements of the Ordinance and Condition of Approval pursuant to Resolution No. 15769 adopted by City Council of Redwood City on May 20, 2019, as modified by an amendment to the Affordable Housing Plan approved by the Community Development Director on April 7, 2023, shall be satisfied with respect to the Project if the Developer constructs or causes to be constructed Affordable Units in Building Three meeting the requirements of this Agreement, in compliance with the schedule set forth in Section 2.5 below, and the Affordable Units are made available to and occupied by Extremely Low, Very Low, and Low- Income Households at an Affordable Rent, in compliance with the Restrictive Covenant Agreement. Rent shall include the total of monthly payments by the Resident of for the following: (1) use and occupancy of the Affordable Unit and land and associated facilities; (2) any separately charged fees or service charges assessed by Affordable Developer which are required of all Residents, including parking, other than security deposits; (3) the cost of an adequate level of service for utilities paid by the Resident, including garbage collection, sewer, water, electricity, gas and other heating, cooking and refrigeration fuel (estimated using utility allowance calculations), but not cable or telephone service; and (4) any other interest, taxes, fees or charges for use of the land or associated facilities and assessed by a public or private entity other than Affordable Developer and paid by the Resident. (b) A written amendment to this Agreement is required to make any changes to the Affordable Units as they are described in this Agreement, or to otherwise change the terms of this Agreement. Section 2.2 Number and Type of Affordable Units. In order to satisfy Ordinance requirements for the Project, the Developer will cause to be constructed by Affordable Developer one hundred and nineteen (119) Affordable Units to be made available to and occupied by Extremely Low, Very Low, and Low -Income Households at the applicable Affordable Rents, respectively, for fifty-five (55) years from the date of the Certificate of Occupancy (including a temporary certificate of occupancy) is issued for Building Three, in accordance with the Restrictive Covenant Agreement and the terms of Section 29.6.0 of the Ordinance; plus one (1) unrestricted manger's unit. The Affordable Units will include twelve (12) Extremely Low -Income Units, twelve (12) Very Low -Income Units, and ninety-five (95) Low -Income Units. Section 2.3 Locanoii of Affordable Units. (a) The Affordable Units shall be located in Building Three, as shown or described in the Site Map, attached hereto as Exhibit C. 1199\10\3609857.1 REV: 10-18-23 SK