RecD08 2008-086768 (2) - Laserfiche WebLink

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, ' (as defined in Section 4 below) to eligible households of "'Very Low-Income" and "Low- Income" as defined herein. The Parties intend to support the development of the greatest possible number of Affordable Homes; however, the Parties acknowledge that Developer's obligation to subsidize off-site Affordable Homes is limited by Developer's maximum financial contribution set forth in Section 2. Section 2, Developer's Financial Contribution. Notwithstanding anything to the contrary set forth herein, Developer's financial contribution toward the development or subsidy of off-site Affordable Homes shall be limited to a maximum sum of Eight Million Dollars ($8,000,000) (the "Developer Financial Contribution"), If the Project approvals are amended to decrease the number of homes in the Project, or if at full build-out the Project will consist of less than 796 homes, this Affordable Housing Plan will be revised accordingly to reflect an adjusted Developer Financial Contribution equal to the sum of $100,000 times 10% of the total number of homes in the Project. Subject to reductions that may apply pursuant to Section 8~ the Developer Financial Contribution set forth in this Section is intended to be the maximum sum that Developer is obligated to provide for off- site affordable housing. Developer shall deposit the Developer Financial Contribution with the City as follows: as a condition to the issuance of a building pennit for each home in the Project, Developer shall deposit the sum of Ten Thousand Dollars ($10,000) per home with the City, For example, if Developer seeks. building pe11l1its for 120 homes, Developer shall deposit with City, by cash or cashier's check, the amount of One Million Two Hundred Thousand Dollars ($1,200,000). City shall hold all amounts deposited as the Developer Financial Contribution in a separate interest- bearing account specifically for costs related to the development of off-site Affordable Homes for such uses including, but not limited to, land acquisition costs, acquisition of property for rehabilitation, site development costs, planning and design and any other costs directly related to the development or rehabilitation of off-site Affordable Homes. Nothing in this Affordable Housing Plan is intended to or shall preclude Developer from paying the Developer Financial Contribution earlier than required pursuant to this Section. Section 3, Use of Funds: Levera2e, Developer and City shall cooperate to maximize leverage of the Developer Financial Contribution in combination with other funding sources, Without limiting the generality of the foregoing, City shall use best efforts to support Developer's application for state, federal, local and private sources of funding for the off-site affordable housing, including without limitation, funds that may be available from the Redevelopment Agency of the City of Redwood City, the County of San Mateo, state and federal low-income housing tax credits, tax-exempt bonds, and financing that may be available via programs administered by the California Housing Finance Agency ("CalHFA") and the California Department of Housing and Community Development (UHCD"). In addition, City shall use best efforts to maximize leverage of the Developer I _ ATTY/AGRI2008.013 Exhibit C 022708 2