AgdaPkt 2012-10-08 - Laserfiche WebLink

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6.1.G. - Page 5 Section 2.02. Incenti�es and Cpncessions. In accordance with Section 65915(d){2)(A}, OWNER has requested and is entitled to, and the CITY has granted, one incenti�e or concession in exchange far QWNER's agreement to provide afFordable rental units for Lower Income Households, as fo�laws:: One incenti�e in the form of three (3) additionaf rental units, for rent at market-rate to be included in the Project, #hereby bringing the total number of residentiaf rental dwelling units to be incEuded in the Project to two hundred and sixty-faur(264); and Two concessions in the form of a reduction in sidewalk width to twel�e feef (12)' from the required fourteen feet 14' ir� width and an increase in building height to approximately fifty- five feet (55') from the allowed fifty #oot (50') maximum buifding height, both deviatinns fram MIJC-VB zoning District regulations. OWNER hereby acknowledges ancf agre�s that the incentive and concessiaRS described in this Section 2.Q2 fufly satisfies OWNER's right to financialfy sufficient incentives or concessions under the Density Bonus Law. Article !II Number and Location of Affardable Units Section 3.01. Number of Affordable lJnits and Bedrooms. OWNER, as a conditian to satisfying OWNER's affordable housing obligations as set forth in the Project Approvals, and in accardance with the AHP, shall construct, or cause to be constructed, twenty two (22) Affordable Units, eorr�prised of eleven (11) one-bedraom units, and eleven (1�) two-bedroom units, totaling 33 betlrooms in the unit mix mare particularly s�t forth in tF�e QWNER's AHP attached hereta as Exhibit"B." 5ection 3.02. Location of Affordable Units. The Affordable Units shall be the type of units shown in the ANP attached hereto as Exhibit "B" and shall be constructed an the Property fn the lacations(s) shown or described in the AHP attached hereto as Exhibit "B," and the types of units shall not be changed without the appro�af of#he CITY. 5ubject ta the fierms of this Agreement, OWNER may designate new or different Af€ordable Units within the Project whene�er it is feasible to da so, pro�ided thaf such designation does nat result in a violation of any of the pro�isions af this Agreement ancl, pro�ided further, that at ail times the Affordabfe Units are disbursed throughout the Project so as to avoid any identifiable concentratian of such uni#s. Section 3.D3. Qualitv. Size and Amenities of Affordabfe Units. The Affardable Units shall be comparabfe in quafity, size and amenities to #hose units whFCh will be available to tenants of the units not designated as Affardable Units ("Market Rate Units"), subject to variations in interior finishes which sF�all be reviewed and approved by the CITY prior to the issuance of any Certificates of Occupancy. Tenants in the AfFordable Units shail have equal access and enjoymen#to all common facilities of the Project. ATTYIAGR/2011.1411640 VETERANS WAY—AFFQRDABILITY AGREENfEN7 REV:12129/11 Page 3 of 20