RecD08 2008-086768 (2) - Laserfiche WebLink

Browse Search

I f EXHIBIT C AFFORDABLE HOUSING PLAN Peninsula Park This Affordable Housing Plan ("Affordable Housing Piau") dated as of February 13, 2008 (the effective date of the Ordinance adopting the Agreement (defined below) and hereafter, the "Effective Date") constitutes the Affordable Housing Plan for the Project described in that certain Development Agreement (the "Agreement") dated as of the Effective Date and executed by and between R.C, Peninsula Park, LLC, a Delaware limited liability company ("Developer") and the City of Redwood City, a municipal corporation of the State of California ("City"). · Developer and City are collectively referred to herein as the "Parties." Capitalized tenns used herein without definition shall have the meaning ascribed to such tenns in the Agreement. Section 1. Affordable Housing Production Goal. As currently proposed, at full build-out the Project will include 796 homes. Based on that number, in accordance with the teoos and conditions set forth in this Affordable Housing Plan, Developer shall subsidize the construction andlor acquisition and rehabilitation of 120 affordable homes (equal to fifteen percent (15%) of the total number of homes developed within t the Project) (the HAffordable Homes't). Subject to the terms and conditions' set forth in this Affordable Housing Plan, the Affordable Homes shall be produced andlor subsidized as follows: On-Site Affordable Housing: . 20 Affordable Homes shall be made available on the Project site for sale to Eligible Purchasers of Moderate-Income (as defined in Section 4 below). . 20 Affordable Homes shall be made available on the Project site for sale to Eligible Purchasers of Above Moderate -Income (as defined in Section 4 below). Notwithstanding the foregoing, if the Project approvals are amended to decrease the nwnber of homes in the Project or if at full build-out the Project will consist of less than 796 homes, the number of On-Site Affordable Homes required to be provided on the Project site pursuant to this Affordable Housing Plan shall be equal to five percent (5%) of the total number of homes in the Project, one-half of which shall be offered for sale to Eligible Purchasers of Moderate-Income, and one-half of which shall be offered for sale to Eligible Purchasers of Above Moderate-Income. Off-Site Affordable Housing7 · 80 Affordable Homes shall be located within the City and shall be either (i) offered for sale at Affordable Sales Prices (as defined in Section 4 below) to households of Moderate-Income or Above Moderate-Income, or (ii) offered for rent at Affordable Rents ATTY/AGR/2008.013 Exhibit C 022708 1