AgdaPkt 2012-10-08 - Laserfiche WebLink

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6.1.G. - Page 3 RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: ClTY OF REDWOOD CITY 1077 MIDDLEFIELD ROAD BQX 391 R�DWOOD CITY, CALIFORNIA 94064 ATTN: HOU5ING MANAGER (Space Above Provided For Recorder} Exempt from Recording Fees under Gavt. Code Section 27383 AFFORDABLE H�USfNG AGREEMENT THIS AFFQR�ABLE HOUSING AGREEMENT {"Agreement") is made this day of , 2012, by and between the CITY OF REDWODD CITY (the "ClTY"} and BRE Properties, Inc., a Maryland corppration ("OWNER"), ir� anticipation of OWNER's acquisition of that certain real pro�erty consisting of approximately 3.6 acres and located at 640 Veteran's Boufe�ard in the City of Redwood City, County of San Mateo, Caiifornia, as more fully described in Exhibit "A" attached hereto and incorporated herein by this reference {the "Property"). WHEREAS, California Gorrernment Code sectio� 65915 (the "Density Banus Law") allows cities to grant private developers density bonuses, incenti�es and concessions, use of statutory �ehicular parking standarcfs ar�d wai�ers of cer�ain development star�dards, for the production of below-market-rate housing; and WHEREAS, the CITY has pre�iously adapted a Mitiga#ed Negative Declaration pursuant to the California Environmental Quality Act and appro�ed a Planned De�elopment Permit pursuant to the pro�isions af Article 46 of the Zoning Ordinance of the City (the Project Appro�al") for the co�struction of an apartment building de�elopment, comprised of 264 rental residential units, in two structures, each consisting of four residential stories o�er two stories of parking, one of which would be partially subterranean, {the "Project"); and WHEREAS, OWNER has agreed to include twenty-iwo (22) b�low-market-rate rentaf housing units affordabEe to persons and families of fower income, comprised of ele�en (11} ane-bedroom units, and ele�en (11} two-bedroom units, totafing 33 bearooms (collecti�ely, the "Affordable Units" and each an "Affordable Unit") in the Project in accordance with OWNER's Affordable Housing Plan (the "AHP") appro�ed and accepted by the CITY as part ot the Project App�ovals (a capy of the AHP is attached hereto as Exhibit "B" and incorporated F�erein by this reference), and has asked the CITY for a `density bo�tus', allowing OWNER to construct more units than would be allnwed under the CITY's applicable zoning requirements, one incenti�e ar concession, wai�ers of certa�n City de�eEopment standards, and application of statutory parking standards as pro�ided for by the Density Bonus Law; and WHEREAS, #he Density Bonus Law requires that Affordable Units pro�ided in exchange for a density bonus and incenti�es or concessions be rented at affordable rents to ho�seholds whose incomes do not exceed certain amounts; and Page 1 of 20