Reso PC22-09 0083 PC Reso Recommending General Plan Amendment Approval Harbor View Project

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Exhibit F-4 ATTY/AGR/2022.389/HARBOR VIEW PROJECT DEVELOPMENT AGREEMENT REV: 10-28-2022 VR T. “Property” means the real property located at [INSERT AS APPLICABLE – “33, 44 and 50 Renato Court” or “86 Renato Court”], Redwood City, California, as more particularly described in Attachment 1 attached hereto and incorporated herein. U. “Rent” means the total of monthly payments by the residents of a Unit (other than the manager's unit) for the following: use and occupancy of the Unit and land and associated facilities, including parking; any separately charged fees or service charges assessed by Owner which are required of all residents, other than security deposits; 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, but not cable or telephone service; and 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 Owner, and paid by the Resident. V. “Resident” means a household legally occupying a Unit pursuant to a valid lease with Owner. W. “St. Francis” means Saint Francis Center of Redwood City, a California nonprofit public benefit corporation. X. “Term” is defined in Section 2.1 below. Y. “Unit” means one (1) of the approximately [INSERT FOR 33, 44 AND 50 RENATO COURT – “fifty-one (51) units” or INSERT FOR 86 RENATO COURT - “fourteen (14) units”] currently located on the Property as part of the Project. Z. “Very Low Income Household” means a household with an Adjusted Income that does not exceed the qualifying limits for low income households, adjusted for Actual Household Size, as established and amended from time to time pursuant to Section 8 of the United States Housing Act of 1937, and as published by the State of California Department of Housing and Community Development. AA. “Very Low Income Rent” means a monthly rent that does not exceed one- twelfth (1/12th) of thirty percent (30%) of fifty percent (50%) of Median Income, adjusted for Assumed Household Size. ARTICLE 2. AFFORDABILITY COVENANTS Section 2.1 Term. This Agreement commences and is effective as of the date of this Agreement and, unless terminated earlier or extended by the Parties pursuant to this Agreement, ends at the earlier of: (i) fifty-five (55) years from the date that the last Unit is leased to an Extremely Low-Income Household in accordance with the terms of this Agreement as documented in writing provided to City by Owner; or (ii) seventy-five (75) years from the Effective Date. Section 2.2 Occupancy Requirements. The Units shall be occupied by Residents meeting the following income requirements: