Res99 RD-99-30 - Laserfiche WebLink

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ATTACHMENT ] 1 RECORDING REQUESTED BY AND AFTER RECORDATION, MAIL TO: The Redevelopment Agency of The City of Redwood City 2010 Broadway, Suite 200 Redwood City, CA 94063 AFFORDABLE HOUSING COVENANT The date of this Affordable Housing Covenant (this "CovenanY') is 1999. Pursuant to Section 33413 of the Califomia Health and Safety Code, and Section 601 of that certain Disposition and Development and Agreement, dated , 1999 by and between the REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY (the "Agency"), and IRVINE APARTMENT COMMiTNITIES, L.P., a California limited partnership ("IAC") (the "DDA"), the Agency and IAC agree with respect to those certain pazcels of real propeRy located in San Mateo County, Califomia and more particularly shown on Exhibit A attached hereto (the "IAC Project Site"), that the IAC Project Site will be subject to affordable housing requirements as set forth below. � 1. USE OF THE IAC PROJECT SITE. IAC hereby covenants and agrees, for itself, its lessees, successors and assigns, as follows: A. Development. Pursuant to the terms and conditions of the DDA, IAC contemplates developing approximately 206 rental units and up to 8,000 squaze feet of retail space, together with related improvements (the "IAC ProjecY'), including, but not limited to, pazking, landscaping, and roadway and utility infrastructure located on or necessazy to serve the IAC Project. Six percent (6%) of the rental units constructed by IAC shall be affordable to very low income residents (the "Very Low Income Affordable Units"), and nine percent (9%) of the rental units constructed by IAC shall be affordable to moderate income residents (the "Moderate Income Affordable Units", and together with the Very Low Income Affordable Units, collectively, the "Affordable Units"). - B. Effective Date. This Covenant shall become effective upon its execution by, and delivery to, each party, and shall remain in full force and effect until the sooner to occur of (i) the date this Covenant is terminated by a written instrument executed by the Agency, or its successors and assigns, and IAC, or its successors and assigns and recorded in the real property records of San Mateo County, Califomia, or (ii) Januazy 17, 2028 (the °Termination Date"). The covenants set forth in Para¢raph 1 shall be deemed to run with the land and shall remain in effect until January 17, 2028, unless this Covenant terminates earlier pursuant to the foregoing sentence. The covenants set forth in Para�phs 2 and 3 shall be deemed to run with the land. C. Rent and Income Restrictions Rental of Affordable Units; Calculation of Monthlv Affordable Rent For the term of this Covenant, (i) the Very Low Income Affordable Units shall be occupied or reserved for occupancy by individuals or families whose income does not exceed 962t1002525 ♦ -_