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exempt from Article 34 election requirements because the City is only restricting 119 units <br />(including the unrestricted manager unit), roughly 23% of the total 518 residential units that are <br />part of the Project. <br />F. To satisfy the requirements of the City's Affordable Housing Ordinance and to <br />satisfy Density Bonus Law, the City is requiring the Owner to enter into this Agreement, which <br />shall be recorded against the Affordable Project to implement the affordability requirements of <br />that certain Housing Affordability Agreement among the Developer, SI 78 LLC and the City and <br />to ensure that the Affordable Project will be used for the purpose approved by the City and that <br />the Affordable Units will be maintained and operated in accordance with the City's conditions <br />and restrictions concerning affordability, operation and maintenance. <br />G. To ensure that the Affordable Development will be used and operated in <br />accordance with these conditions and restrictions, the City and the Affordable Developer wish to <br />enter into this Agreement. <br />THEREFORE, City and the Owner hereby agree as follows. <br />ARTICLE 1 <br />DEFINITIONS <br />Section 1.1 Definitions. When used in this Agreement, the following terms shall have <br />the respective meanings assigned to them in this Article 1. <br />(a) "Actual Household Size" means the actual number of persons in the <br />applicable household. <br />(b) "Affordable Developer" has the meaning set forth in the preamble above. <br />(c) "Affordable Housing Monitoring Fee" has the meaning set forth in Section <br />3.6 below. <br />(d) "Affordable Housing Ordinance" means that certain Ordinance 1130-375 <br />adopted in June of 2018 and set forth in Article 29 of the Redwood City Zoning Code which <br />requires that residential development projects consisting of twenty (20) or more dwelling units <br />include on-site affordable units. <br />(e) "Affordable Project" means the Affordable Site and Building Three. <br />(f) "Affordable Rent" means the total monthly Rent for an Affordable Unit <br />not exceeding either (as applicable) the rents specified by Section 50053 of the California Health <br />and Safety Code and California Code of Regulations Title 25, or thirty percent (30%) of the <br />imputed income limitation applicable to such unit pursuant to Section 42(g)(2)(C) of the Internal <br />Revenue Code (as determined by CTCAC) for the appropriate Household Income level. As <br />allowed under Government Code Section 65915(c)(1)(B)(ii), the Rent for at least twenty percent <br />(20%) of the Affordable Units shall be set at Rents not exceeding the rents specified by Section <br />50053 of the California Health and Safety Code for the appropriate Household Income level and <br />REV: 07-12-24 VR <br />1199\10\3491196.8 <br />