Agmt25 El Camino Real Holding JV LLC, - 920 Shasta

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ATTY/AGR/2025.084/920 SHASTA AFFORDABLE HOUSING LAND DONATION AGREEMENT REV: 10-16-25 VR Page 2 of 41 E. Under the Ordinance and the 901 El Camino Real Project Approvals, as a condition of developing the 901 El Camino Real Project, the Developer is required to either: (1) develop thirty-one (31) units of affordable housing; or, (2) pay the Affordable Housing Impact Fee in the amount of Seven Million, Two Hundred Eighty-Seven Thousand, Seven Hundred Seventy-Four Dollars ($7,287,774) (the “Project Fees”), the amount required to be paid calculated based on the amount of the fees due on date the entitlements for the 901 El Camino Real Project were approved. Under the Ordinance, developers may propose alternative means of compliance in meeting its affordable housing obligation, such as donating land under specified circumstances. F. Included in the 901 El Camino Real Project Approvals, the City approved an Affordable Housing Plan, dated November 5, 2024 (the “Affordable Housing Plan”), attached hereto as Exhibit B-1 and incorporated herein, which contemplates and allows for the land donation described in this Agreement in lieu of paying the Affordable Housing Impact Fee, and in connection with such approval, found that the conditions set forth in Section 29.7D of the Ordinance and the required criteria for land donations set forth in Section 29.8H of the Ordinance were satisfied. G. Section 29.1(C)(12) of the Ordinance recognizes that accepting land donations increases the sites with appropriate zoning, development standards, and infrastructure capacity to accommodate affordable residential developments within the City and Section 29.8H sets forth the criteria for such land donations. H. As a condition of the City’s approval of the land donation and to satisfy the conditions in the approved Affordable Housing Plan, the Developer has agreed to donate or cause Developer to donate, and, upon and subject to the terms, conditions, and requirements in this Agreement, the Qualified Designee desires to accept, the specified 35,702 square foot parcel located at 920 Shasta Street (Assessor’s Parcel Number 053-343-110) and at 122 Buckeye Street (Assessor’s Parcel Number 053-343-080), with a combined area of 0.82 acres, as more particularly described in Exhibit A-1, attached hereto and incorporated herein by this reference (the “Affordable Site”). A Preliminary Title Report of the Affordable Site is also attached hereto and incorporated herein by reference as Exhibit A-2. As of the date of this Agreement, the Affordable Site consists of separate legally created and conveyable parcels, and is currently improved with a 19,346 square foot self-storage facility and two-bedroom caretaker unit, and with a 1,232-square foot single family residence. I. Under the Affordable Housing Plan, the Qualified Designee has agreed to develop the Affordable Site with, not less than approximately ninety-nine (99) affordable residential units (excluding the manager/caretaker’s unit) in such manner and subject to such income requirements as specified in the Affordable Housing Plan (the “Affordable Units”), required by the City in connection with the development of the 901 El Camino Real Project (the “Affordable Development”). J. The City has determined that Qualified Designee is a “Qualifying Designee” as such term is used as part of the Affordable Housing Plan requirements set forth in Chapter 2(I)(c)(1) of the Guidelines, and has experience in the development, ownership, and operation of affordable housing projects similar to the anticipated Affordable Development.