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Property will in turn provide substantial employment, tax, and other public benefits to City. <br />R. On September 17, 2024, the Planning Commission, the initial hearing body for <br />purposes of development agreement review, considered this Agreement and made a <br />recommendation for approval to the City Council. <br />S. On November 25, 2024, the City Council adopted Ordinance No. 2543 approving <br />this Agreement (the "Enacting Ordinance"), which was introduced on October 28, 2024, and <br />adopted on November 25, 2024. <br />NOW, THEREFORE, in consideration of the promises, covenants, and provisions set forth <br />herein, the receipt and adequacy of which consideration is acknowledged, Developer and the City <br />agree as follows: <br />AGREEMENT <br />ARTICLE 1. GENERAL PROVISIONS <br />Section 1.1 Property Subject to the Agreement. All of the Property shall be subject to <br />this Agreement. The Affordable Site shall also be subject to this Agreement, to the extent provided <br />in the Partial Assignment and Assumption Agreement. The Parties hereby acknowledge that, as of <br />the Effective Date, with the exception of the City Parcel, Developer or the Affiliate has a legal <br />and/or equitable interest in the Property and the Affordable Site. Developer further agrees that all <br />persons holding legal or equitable title in the Property shall be bound by this Agreement. <br />ARTICLE 2. COMMUNITY BENEFITS <br />Section 2.1 Community Benefits Obligations. In consideration of the rights and <br />benefits conferred by City to Developer under this Agreement, Developer shall perform and <br />provide the specific Community Benefits described in the Project Approvals, Recital O, and in this <br />Article 2, some of which may exceed the dedications, conditions, and exactions that City may <br />impose under Applicable Law. <br />Section 2.2 Affordable Housing. <br />A. Affordable Housing Project as a Community Benefit. To satisfy the <br />requirements under the City's Affordable Housing Ordinance and as an alternative to paying the <br />impact fee otherwise due under the Affordable Housing Ordinance ("Affordable Housing Impact <br />Fee"), the Developer has submitted an Affordable Housing Plan as part of the consideration for <br />the Project Approvals, in which the Developer has agreed to donate, or cause the Affiliate to <br />donate, the Affordable Site for the development of seventy-one (71) deed -restricted affordable <br />rental units, with one (1) manager's unit on the Affordable Site to the Affordable Housing Partner, <br />pursuant to the terms of the Affordable Housing Land Donation Agreement. As provided in the <br />Project Approvals, the appraised value of the Affordable Site is $9,360,000 which is $3,586,563 <br />greater than the $5,773,437 Affordable Housing Impact Fee required to be paid pursuant to the <br />Affordable Housing Ordinance, and the number of affordable units to be constructed will result in <br />at least forty-six (46) more units than required under the Affordable Housing Ordinance. <br />7 <br />ATTY/AGR/2024.193-GATEKEEPER DA -1900 BROADWAY <br />REV: 10-22-24 VR <br />