RecDoc2023-063043 Housing Affordability Agreement Broadway Plaza

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(b) Notwithstanding Section 29.A.4 of the Ordinance, the Affordable Units will exist solely in Building Three and will not have access to the same amenities as the Market Rate Units. However, Building Three will be developed immediately adjacent to Building One and Building Two. Building Three will include standard amenities such as community and fitness rooms, a computer lab, and services such as job training. Section 2.4 Appearance, Size and Bedroom Count of Affordable Units. (a) The exterior appearance of Building Three shall be compatible with that of the Market Rate Buildings. Interior finishes and features for Affordable Units shall be durable, of good quality, consistent with contemporary standards for new housing, and generally comparable to the quality and standards of the Market Rate Units but may trend toward more durable materials as required to preserve the financial stability. The Affordable Units shall include seventeen (17) studio units, sixty-seven (67) one -bedroom units, twenty-four (24) two-bedroom units, and twelve (12) three-bedroom units. (b) The number of bedrooms, bathrooms and square footage for the Affordable Units are provided in Exhibit D of this Agreement, incorporated herein by this reference. Section 2.5 Schedule for Developing Inclusion Units. (a) This Agreement shall be duly executed by the City, the Developer, and the Affordable Developer and recorded against the Residential Site prior to or concurrently with the approval of and recordation of a parcel map comprising a portion of the "Broadway Block" consisting of "Parcel A" (a parking lot and public open spaces), "Parcel 2" (the Market Rate Housing Site) and "Parcel 3" (the Affordable Site), which map is required to be recorded prior to the issuance of the building permits for the Project. (b) The parties agree and acknowledge that the schedule for development of the Residential Units requires coordination and phasing of the construction of the Residential Units. (c) To ensure commencement of construction of the Affordable Units in compliance with Section 29.6(B) of the Affordable Housing Ordinance, the parties agree and acknowledge that: (1) The issuance of the building permit for Building One shall be conditioned on the recordation of this Agreement against the fee interest in the Residential Site. (2) The issuance of the building permit for Building Two shall be conditioned on: (i) the recordation of the Restrictive Covenant Agreement against the fee interest in the Affordable Site; and (ii) the issuance of a building permit for Building Three that allows for the commencement of construction of Building Three. (d) To ensure completion of the Affordable Units in compliance with Section 29.6(B) of the Affordable Housing Ordinance, the parties agree and acknowledge that: (1) The issuance of a certificate of occupancy for Building One shall be conditioned on: (i) the Restrictive Covenant Agreement being recorded against the Affordable 8 1199\10\3609857.1 REV: 10-18-23 SK