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b) First Floor Hei¢ht More than S Above Adjacent Sidewalk Elevation: Owner has requested a waiver of the applicable height restriction to allow for the first floor plate height above adjacent sidewalk grade along the Project frontage to be greater than 5 feet. (See Exhibit 271 c) Buildin¢ Encroachment Into Front 15' Setback: Owner has reguested a reduction of the applicable minimum Building setback from 1S to 10' for a portion of the Project frontage along Main Street. (See Exhibit 231 d) Above-Grade Garage Encroachment Into the 39' Rear Setback: Owner has requested a reduction of the applicable rear setback requirement to allow for a minor encroachment by the above-grade garage into the minimum 39' reaz setback from top-of-bank. (See Exhibit 241 e) Reduction in Garage Drive Aisle Wid[h to 24': Owner has requested a reduction of the requirement £or drive aisle widths within the concrete pazking garage. jSee Exhibit 71 Owner hereby acknowledges and agrees that the City's waiver of the foregoing development standards fully satisfies the City's obligations to waive development standazds under the Density Bonus Law. As outlined in GC 65915, development standard variances do not constitute incentives or concessions. 4) State Mandated Pazking Standards � Owner has requested that the parking standazds set forth in Section 65915(p) shall be applied to the Project as follows: One Bedrooms = one on-site space Two Bedrooms = two on-site spaces Three Bedrooms = hvo on-site spaces The above standards include guest pazking and handicap parking and the spaces may be offered in tandem and as uncovered. The spaces cannot be provided on-street unless by agreement. Fwther, the Owner's use of the State pazking standazds is not considered an incentive anNor concession. IIII Clarification of Certain Comnliance Conditions As part of this AHP, there aze several additional important considerations: a) Initial Rental Rate: The initial rental rate for each affordable unit will be based on the San Mateo County Income Limits and Maximum Affordable Rents Payments as published by the San Mateo County Department of Housing and most recently released prior to mazketing of the completed Project for initial lease up. b) Initial Sales Price: The initial Sales Price for the "Moderate" BMR units will be based on a formula agreed to between Owner and the City in accordance with guidelines established by the California Health and Safety Code. c) Interior Finishes: Interior finishes for the BMR units will be of acceptable quality, but may not necessarily match precisely the level of finishes specified for the mazket rate units. 4