Reso25-02 0024 PC Reso 901 El Camino Real

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Page 17 of 48 the City Manager’s satisfaction that within three (3) years of the Effective Date, the Developer has donated and/or transferred the ownership of the Affordable Housing Site to the Affordable Housing Partner for the development of affordable housing. Evidence of the land donation shall include the execution and recordation of the following documents as designated in the exhibits to the Affordable Housing Land Donation Agreement, attached as Exhibit F herein: the Affordability Covenant, Grant Deed, Irrevocable Offer to Dedicate; and the Partial Assignment and Assumption Agreement, attached as Exhibit G. 2. Extension Option 2(A) Term; Criteria. Alternatively to seeking the Extension Option 1 Term, if the Developer is in compliance with all of the terms and conditions of this Agreement and the Project Approvals at the time the extension request is made, the City Manager shall grant a two (2)-year extension of the Initial Term, for a total term of eight (8) years (“Extension Option 2(A) Term”), if the Developer has paid Five Hundred Thousand Dollars ($500,000) to the City at the time of the Extension Option 2(A) Term request is made. a. Extension Option 2(B) Term; Alternative Criteria. In the alternative to the payment per Extension Option 2(A) Term above, if the Developer is in compliance with all of the terms and conditions of this Agreement and the Project Approvals at the time the extension request is made, the Developer may instead request a two (2)-year extension for a total of term of eight (8) years (“Extension Option 2(B) Term”), if the Developer demonstrates that the Developer is diligently working to advance the development of the Project. For purposes of this extension option, “diligently working” shall mean that prior to the expiration of the Initial Term, the Developer has submitted or completed all of the following to the City: i. At least eighty percent (80%) of the engineering improvement plans for public improvements as required by the Project Approvals and VTPM are complete upon first submittal to the City, as determined by the City Engineer; and, ii. At least eighty percent (80%) of the building construction plans required for the Project by the Project Approvals are complete upon first submittal to the City, as determined by the Community Development Director. The Developer is also required to make a good faith effort to respond to City comments and/or review of the submitted building construction plans within four (4) months of each returned submittal. 3. Extension Option 3(A) Term; Criteria. If the City Manager has already granted either the Extension Option 2(A) or 2(B) Term, and if the Developer is in compliance with all of the terms and conditions of this Agreement and the Project Approvals at the time the extension request is made, the City Manager shall grant an additional two (2)-year extension to Extension Option 2(A) or 2(B) Term, for a total term of ten (10) years (“Extension Option 3(A) Term”), if the Developer has made a second payment of five hundred thousand dollars ($500,000) to the City at the time of the Extension Option 3(A) Term request. a. Extension Option 3(B) Term; Alternative Criteria. In the alternative and in lieu of the payment Extension Term Option 3(A) above, if the City Manager has already granted either the Extension Option 2(A) or 2(B) Term, and the Developer is in compliance with all of the terms and conditions of this Agreement and the Project Approvals at the time the extension request is made, the Developer may instead request a two-year extension ATTY/RESO.0024/PC RESO 901 EL CAMINO REV: 04-11-25 VR