Reso25 16301 - Laserfiche WebLink

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Designee with a reasonably similar method of calculation of adjusted income as provided in said Section 6914. For Affordable Units that are subject to Affordable Rents as provided by CTCAC, the Household Income shall be set at an amount consistent with the household income levels as determined by the CTCAC. (aa) “Housing Element Update EIR” means the Final Environmental Impact Report and MMRP for the Housing, Built Environment, Public Safety, Building Community, Natural Resources & Environmental Justice Elements Update to the Redwood City General Plan, certified by the City Council on February 13, 2023, in Resolution No. 16124. (bb) “Housing Element Update MMRP” has the meaning set forth in Recital O. (cc) “HUD” means the United States Department of Housing and Urban Development. (dd) “Irrevocable Offer to Dedicate” means that certain Irrevocable Offer to Dedicate, in the form attached hereto as Exhibit D, incorporated herein by this reference. (ee) “Low-Income Household” means a household with an annual Household Income no greater than the maximum income for low-income households, as published annually by the City for each household size, based on either HUD income limits for San Mateo County or the HCD income limits for San Mateo County, as applicable. (ff) “Low-Income Rent” means the Affordable Rent permitted to be charged for a Low-Income Unit, shall not exceed one-twelfth (1/12th) of sixty percent (60%) of thirty percent (30%) of Median Income, adjusted for Assumed Household Size, and as provided to the Developer annually by the City or as published by CTCAC for 80% AMI households, as applicable. (gg) “Low-Income Units” means Affordable Units required to be occupied by Low-Income Households. (hh) “NEPA” means the National Environmental Policy Act of 1969, as set forth in 42 U.S.C. 4321 et seq. (ii) “Ordinance” has the meaning set forth in Recital B above. (jj) “Partial Assignment of Development Agreement” has the meaning set forth in Recital D above. (kk) “Project Plans” has the meaning set forth in Section 4.2(a) of this Agreement. (ll) “Relocation Plan” is set forth in Exhibit B-2, and as defined in Recital K above. ATTY/RESO.0034/CC RESO APPROVING PROJECT (901 EL CAMINO REAL) - EXHIBIT C REV: 04-22-25 VR Page 7 of 224