RecDoc 2026-002924 Development Agreement 901 El Camino Real

Browse Search

Affordable Site to the Affordable Housing Partner is infeasible; (b) the Substitute Site meets all of the requirements of the Affordable Housing Ordinance for land donations and the California Relocation Assistance Law in effect as of the time of the request; (c) the Substitute Site has a substantially similar or greater appraised value as to the Substitute Site; (d) the Substitute Site project will provide at least ninety-nine (99) deed -restricted affordable units that are subject to income requirements; (e) the new Affordable Housing Plan and Relocation Plan, if applicable, meets the requirements of the Affordable Housing Ordinance and California Relocation Assistance Law; (t) the Substitute Site has been issued or is concurrently being issued entitlements or permits consistent with the new Affordable Housing Plan; and, (g) the substitution of the Affordable Site and Affordable Housing Project will not be detrimental to the public's health, safety, or general welfare. 3. If the City Council approves the request for the Substitute Site based on the criteria listed above, the Substitute Site shall be treated as and shall: (a) replace the "Affordable Site" defined in Recital D and referred thereafter in this Agreement; (b) the Substitute Site's legal description shall replace Exhibit C; (c) the subsequent development on the Substitute Site shall be treated as and shall replace the "Affordable Housing Project" defined in Recital E and referred thereafter in this Agreement; and, (d) the approval of the Substitute Site shall be treated and considered to be a Minor Amendment, as that term is defined in Section 8.2 of this Agreement. In addition, if the Substitute Site is approved by the City Council, the City Manager is authorized to execute any conforming amendments to the Affordable Land Donation Agreement as may be necessary to reflect the substitution, provided that such amendments be memorialized in a form subject to approval by the City Attorney. E. Affordable Housing Proiect Timing Contingency and Voluntary Financial Contribution. The Parties acknowledge that the Affordable Housing Project may proceed to construction prior to the Project's construction during the Term or Extended Term of this Agreement. Accordingly, to the extent allowed by applicable law, and if requested in writing by the Affordable Housing Partner in the Affordable Housing Partner's sole and absolute discretion, the Developer agrees to assign its rights arising from any purchase and sale agreement that the Developer has entered into for the purchase of the Affordable Site to the Affordable Housing Partner if all of the following have occurred: 1) no Vertical Building Permits have been pulled for the Project; and, 2) the Affordable Housing Partner has obtained sufficient' funding forthe purchase of the Affordable Site and construction of the Affordable (-lousing Project, such that the Developer's land donation is not necessary to make the Affordable Housing Project financially feasible. Thereafter, once the Affordable Housing Partner has acquired fee title to the Affordable Site and has recorded the Affordability Covenant against the Affordable Site pursuant to this Section 2.2.E, prior to or concurrently with issuance of the Vertical Building Permit for the Project, the Developer shall pay the City the amount of Ten Million Dollars ($10,000,000), which represents the applicable Affordable Housing Impact Fee, currently estimated to be Seven Million, Two Hundred Eighty -Seven Thousand, Seven Hundred Seventy -Four Dollars ($7,287,774) plus an additional voluntary financial contribution of the remainder, which is currently estimated to be Two Million, Seven Hundred Twelve Thousand, Two Hundred Twenty -Six Dollars ($2,712,226). 1. As set forth in Section 5.1 below, the Affordable Housing Impact Fee portion of the Ten Million Dollars ($10,000,000) shall be subject to any rate escalators in effect on the Effective Date or, in the absence of any built-in rate escalators, the Engineering News ATTY/AGR/2025.085 —901 EL CAM INO REAL DA REV: 08-01-25 VR Page 11 of 48