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The "IAC Project Site" consists of approximately four and one-half (4.5) acres generally bounded by E1 Camino Real to the west, Monroe Street to the north, the Caltrain fight-of-way to the east, and Maple Street to the south as more particularly shown on Attachment 5 attached hereto and incorporated herein by reference. {}108 The Project A. The Franklin Street Proiect. The Franklin Street Project consists of construction on the Franklin Street Project Site of approximately 506 residential dwelling units comprised of approximately 300 for-sale units and 206 rental units, (of which 76 units satisfy the requirements for very low and moderate income housing in accordance with Community Redevelopment Law, California Health and Safety Code Section 33000 et seq. ("CRL")), new retail/commercial uses and ancillary facilities consisting of up to approximately 45,370 gross square feet, approximately 35,000 square feet of replacement commercial/warehouse space, and surface.and underground parking, landscaping, and on- site and off-site infi'astructure improvements appropriate to the development (the "Franklin Street Project"). Certain backbone utility, roadway and other infrastructure are necessary to serve both the Shea Project Site and the IAC Project Site and are more particularly shown on Attachment 6(a) hereto and incorporated herein by reference ("Shared Infrastructure"). B. The Shea Project. The Shea Project consists of approximately 300 for-sale units comprised of townhomes and condominiums on the Shea Project Site, approximately 40,570 gross square feet of the new retail/commercial uses and ancillary facilities, approximately 35,000 square feet of replacement commercial/warehouse space, and a community park (the "Shea Project"), together with related improvements including, but not limited to parking, landscaping, roadway and utility infrastructure located on or necessary to serve the Shea Project Site (the "Shea Project Infrastructure"). The Shea Project includes, in satisfaction of the CRL, CEQA and the Replacement Housing Plan, Shea's contribution to the 76 affordable housing units for the Franklin Street Project. Shea shall either construct six percent (6%) of the for-sale units as units affordable to very Iow income residents and nine percent (9%) of the for-sale units as units affordable to moderate income residents or otherwise make available an equivalent number of units affordable to very low income residents and moderate income residents. Shea will work with Agency as Shea develops a marketing plan for the residential units to reasonably incorporate Agency's objectives. C. The IAC Project. Pursuant to the Disposition and Development Agreement for the Franklin Street Project -- IAC Project entered into with Agency (the "lAC DDA"), IAC would develop approximately 206 rental units and up to approximately 8,000 square feet of retail space, together with related improvements on the IAC Project Site (the "IAC Project"), including, but not ~mited to, parking, landscaping, and roadway and utility infrastructure located on or necessary to serve the IAC Project Site (the "IAC Project Infrastructure"). The lAC Project includes, in satisfaction of the CRL, CEQA and the Replacement Housing Plan, IAC's contribution of to the seventy-six (76) affordable housing units required for the Franklin Street Project. Six percent (6%) of the rental units constructed by IAC shall be affordable to very low income residents and nine (9%) of the rental units constructed by IAC shall be affordable to moderate income residents. 4 wc-21875