RecDoc 2010-115130 (2) - Laserfiche WebLink

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EXHIBIT 2 AMENDED AND RESTATED AFFORDABLE HOUSING PLAN One Marina This Amended and Restated Affordable Housing Plan ( "Affordable Housing Plan ") dated as of September 27, 2010 (the effective date of the Ordinance adopting the First Amendment (defined below) and hereafter, the "Effective Date ") constitutes the Affordable Housing Plan for the Revised Project described in that certain First Amendment to Development Agreement ( "First Amendment ") 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") dated as of the date hereof. The First Amendment modifies that certain Development Agreement executed by and between Developer and the City, dated as of February 13, 2008 (the "Original Agreement "). The Original Agreement as amended by the First Amendment is hereafter referred to as the "Development Agreement." Capitalized terms used herein without definition shall have the meaning ascribed to such terms in the Development Agreement. This Amended and Restated Affordable Housing Plan supersedes and replaces in its entirety the Affordable Housing Plan included as Exhibit C to the Original Agreement. Section 1. Affordable Housing Production Goal 1.1 On -Site Affordable Homes. As currently proposed, the Property will be developed with 231 homes. Based on that number, not less than fifteen (15) homes (the "Required On -Site Affordable Homes ") will be offered for sale to Eligible Purchasers of Moderate - Income (as defined below). If the Project approvals are amended to increase or decrease the number of homes to be developed on the Property, or if at full build -out the Project will consist of more or less than 231 homes, the number of Required On -Site Affordable Homes will be adjusted accordingly, with such adjustment to be calculated by multiplying six and four tenths percent (6.4 %) times the total number of homes. If an adjustment to the number of Required On -Site Affordable Homes is necessary due to the total number of homes at build -out being more or less than 231, and if multiplying the total number of homes by 6.4% results in a fractional number of Required On -Site Affordable Homes, then the number of Required On -Site Affordable Homes shall be the nearest whole number. For example, if the total number of homes at build -out will be 260 then 260 x 6.4% = 16.64 and the number of Required On -Site Affordable Homes would be 17; if the total number of homes at build - out will be 175, then 175 x 6.4% = 11.20 and the number of Required On -Site Affordable Homes would be 11. S:ATTY /AGR/2010.111 EXHIBIT 2 9/28/10