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K. The City has adopted a Density Bonus Ordinance, set forth in Article 32 of the <br />Redwood City Zoning Code, as amended to conform to the State Density Bonus Law (Government <br />Code Section 65915-65918) (together the "Density Bonus Law"). The Density Bonus Law allows <br />a density bonus and concessions and waivers when a developer proposes to provide rental housing <br />affordable to Low Income Households (as defined below). <br />L. On , 2025, the Affordable Developer received approval from the City <br />Council by Resolution No. adopted on [DATE] (the "Project Approvals") to construct <br />the Affordable Development. As part of the Project Approvals, the Affordable Developer has <br />agreed that one hundred percent (100%) of all of the Affordable Units shall be affordable and <br />rented to Low Income Households for a fifty-five (55) year period from the date that a certificate <br />of occupancy is issued for the Affordable Units (the "Density Bonus Term"). Under the Density <br />Bonus Law, the Owner has applied for, and the City has granted the following Density Bonus, <br />Concessions, and Waiver in exchange for the Owner's provision of the Affordable Units: <br />1. A density bonus — unlimited density including an automatic increase of three stories <br />and thirty-three (33) feet above base zoning height (the "Density Bonus"). <br />2. Five concessions, described as follows: open space, personal storage, front setback, <br />side setback, and rear setback (the `Concessions"). <br />3. One waiver, described as follows: reduced parking (the "Wavier"). <br />M. In accordance with the Density Bonus Law, the Ordinance, and the Project <br />Approvals, the Affordable Developer has agreed that forty-eight (48) of the residential units will <br />be affordable and rented to Very Low Income Iouseholds, and that fifty-one (5 1) of the residential <br />units will be affordable and rented to Low Income Households in accordance with the terms and <br />conditions set forth in this Agreement. <br />N. To satisfy the requirements of the City's Affordable Housing Ordinance and to <br />satisfy Density Bonus Law, the City is requiring the Affordable Developer to enter into this <br />Agreement, which shall be recorded against the Affordable Site to implement the affordability <br />requirements of that certain Land Donation Agreement and the Affordable Housing Plan and to <br />ensure that the Affordable Development will be used for the purpose approved by the City and that <br />the Affordable Units will be maintained and operated in accordance with the City's conditions and <br />restrictions concerning affordability, operation and maintenance. <br />O. Owner acknowledges and agrees that the Project Approvals provided adequate and <br />proper notice pursuant to Government Code Section 66020 of Owner's right to protest any <br />requirements for fees, dedications, reservations, and other exactions as may be included in this <br />Agreement, that no protest in compliance with Section 66020 was made within ninety (90) days <br />of the date that notice was given, and that the period has expired in which Owner may protest any <br />and all fees, dedications, reservations, and other exactions as may be included in this Agreement. <br />P. To ensure that the Affordable Development will be used and operated in accordance <br />with these conditions and restrictions, the City and the Affordable Developer wish to enter into <br />this Agreement. <br />ATTY/AGR/2025.084/920 SHASTA AFFORDABLE HOUSING LAND DONATION AGREEMENT <br />REV: 10-16-25 VR <br />Exhibit G - 3 <br />