Ord. 2547 - Laserfiche WebLink

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a. Make commercially reasonable and good faith efforts, not to exceed six (6) months from the date of the notice to the City, to substitute the Affordable Housing Site and Affordable Housing Project pursuant to Section 2.2(D) of this Agreement and, if applicable, seek to replace the Affordable Housing Partner as a “Qualified Designee” under Section 6.4 of the Land Donation Agreement; b. Irrevocably offer the Affordable Site to the City for the development of the Affordable Housing Project in which case the City retains all rights, in its sole and absolute discretion, to accept or decline such offer, which decision shall be made within three (3) months of Developer’s offer. In this instance, the Developer shall be responsible for and shall bear all costs in implementing the Relocation Plan such that the Affordable Site is transferred to the City unoccupied and vacant; and/or c. In the event the City, in its sole discretion, declines to accept the Developer’s irrevocable offer of the Affordable Site (as set forth in subsection (b) above), the Developer shall pay the City the amount of Ten Million Dollars ($10,000,000). d. Provided that the Developer has irrevocably offered the Affordable Site to the City as provided for in section (b) above, Developer may deposit the total amount in (c) with City and obtain a Vertical Building Permit for the 901 ECR Project. Upon completion of (a) or (b) above, the City will promptly refund the amount to the Developer. Notwithstanding any other provision in this Agreement, City shall not issue the 901 ECR Project a temporary certificate of occupancy until either the Affordable Housing Site has been transferred in a manner provided for herein or the Ten Million Dollars has been paid to the City pursuant to subsection (c) above. B. Affordability Covenant. Upon transfer of the Affordable Site to the Affordable Housing Developer, the Affordable Site shall be subject to recorded covenants that will restrict the use of the Affordable Site for the use of the ninety-nine (99) affordable units for a term of not less than fifty-five (55) years, commencing upon the issuance of a final certificate of occupancy for the Affordable Site, as further set forth in the Land Donation Agreement (the “Affordability Covenant”). The Affordability Covenant must be executed and recorded prior to the issuance of the first Vertical Building Permit for the Project, and for the purposes of clarity, once the transfer of the Affordable Site and Affordability Covenant are recorded against the Affordable Site, there shall be no further obligations of the 901 ECR Project with respect to the Affordability Covenant. 1. Relocation Plan Obligations. The Relocation Plan sets forth the obligations and duties of the Developer and/or Affordable Housing Partner, as applicable under this Agreement and the Land Donation Agreement, in assisting the existing occupants of the Affordable Site to relocate, as required by California Relocation Assistance Law and the Affordable Housing Ordinance. The Developer and/or Affordable Housing Partner shall comply with the terms of the Land Donation Agreement with respect to the Relocation Plan shall also provide that the Developer and/or Affordable Housing Partner shall deposit into an escrow account an amount deemed sufficient to adequately cover the costs of implementing the Relocation Plan (currently estimated to be Four Hundred Forty-Four Thousand, Three Hundred Dollars ($444,300)) for the City’s use of these funds to implement the Relocation Plan in the event the ATTY/ORD.0002/CC ORD APPROVING DEVELOPMENT AGREEMENT (901 EL CAMINO REAL) - EXHIBIT A REV: 04-23-25 VR Page 14 of 336