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AgdaPkt 2011-09-19
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AgdaPkt 2011-09-19
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Last modified
9/20/2011 12:47:48 PM
Creation date
9/15/2011 4:47:59 PM
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Template:
CC Index
CC Index - Document Type
Agenda Packet
Meeting Type
Joint
Agency Type
City Council and Redevelopment Agency
Date
9/19/2011
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6. 1. D. - Page 38 <br />2. The as -built plans for the Project show that three (3) units to be designated as <br />Affordable Units (each, a " 598 Unit and collectively, the ° 598 Units ") are 598 <br />square feet. <br />3. The undersigned acknowledge and agree that the 598 Units satisfy the BMR <br />Obligation to the extent that the BMR Obligation requires each Affordable Unit to <br />consist of "approximately six hundred fifty square feet (650 sf) to approximately <br />one thousand (1000 sf). <br />4. The size of the 598 Units shall not constitute a default in the performance or <br />observance by Declarant of any covenant, agreement or obligation set forth in the <br />Declaration, including, without limitation, the BMR Obligation. <br />5. The undersigned shall at no time require that Declarant, its successors or assigns, <br />subject another unit in the Project to the BMR Obligation in lieu of a 598 Unit. <br />6, The Resale Restriction Agreement attached hereto as Exhibit A shall be recorded <br />for each affordable unit upon its sale, <br />7. The Developer agrees to provide a copy of this letter agreement to all purchasers. <br />Please acknowledge this agreement with your signature below, and return a signed copy of <br />this letter to the City, <br />Sincerely, <br />Jill Ekas, AICP <br />Planning, Housing and <br />Economic Development Dir 'tor <br />i <br />Randy Lamb { "Dev toper") <br />Nicholson -Lamb Venture L.P, <br />Att: Exhibit A, Resale Restriction Agreement <br />
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