Reso25-02 0024 PC Reso 901 El Camino Real

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Page 3 of 42 a density bonus and concessions and waivers when a developer proposes to provide rental housing affordable to Low Income Households (as defined below). M. On _______, 2025, the Affordable Developer received approval from the City Council by Resolution No. adopted on [DATE] (the “Project Approvals”) to construct the Affordable Development. As part of the Project Approvals, the Affordable Developer has agreed that one hundred percent (100%) of all of the Affordable Units shall be affordable and rented to Low Income Households for a fifty-five (55) year period from the date that a certificate of occupancy is issued for the Affordable Units (the “Density Bonus Term”). Under the Density Bonus Law, the Owner has applied for, and the City has granted the following Density Bonus, Concessions, and Waiver in exchange for the Owner’s provision of the Affordable Units: 1. A density bonus – unlimited density including an automatic increase of three stories and thirty-three (33) feet above base zoning height (the “Density Bonus”). 2. Five concessions, described as follows: open space, personal storage, front setback, side setback, and rear setback (the ‘Concessions”). 3. One waiver, described as follows: reduced parking (the “Wavier”). N. In accordance with the Density Bonus Law, the Ordinance, and the Project Approvals, the Affordable Developer has agreed that forty-eight (48) of the residential units will be affordable and rented to Very Low Income Households, and that fifty-one (51) of the residential units will be affordable and rented to Low Income Households in accordance with the terms and conditions set forth in this Agreement. O. To satisfy the requirements of the City's Affordable Housing Ordinance and to satisfy Density Bonus Law, the City is requiring the Affordable Developer to enter into this Agreement, which shall be recorded against the Affordable Site to implement the affordability requirements of that certain Land Donation Agreement and the Affordable Housing Plan and to ensure that the Affordable Development will be used for the purpose approved by the City and that the Affordable Units will be maintained and operated in accordance with the City's conditions and restrictions concerning affordability, operation and maintenance. P. Owner acknowledges and agrees that the Project Approvals provided adequate and proper notice pursuant to Government Code Section 66020 of Owner's right to protest any requirements for fees, dedications, reservations, and other exactions as may be included in this Agreement, that no protest in compliance with Section 66020 was made within ninety (90) days of the date that notice was given, and that the period has expired in which Owner may protest any and all fees, dedications, reservations, and other exactions as may be included in this Agreement. ATTY/RESO.0024/PC RESO 901 EL CAMINO REV: 04-11-25 VR