RecDoc 2012-156533 - Laserfiche WebLink

Browse Search

� 2012-156533 3:18 pm 10124f12 AG Fee: NO FEE Count of Pages 22 Recorded in Official Records RECORDING REQUESTED BY County of San Mateo AND WHEN RECORDED MAIL TO: Mark Church Assessor-Count Clerk-Recorder CITYOF REDWOOD CITY IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII 1017 MIDDLEFIELD ROAD * R 0 0 0 1 5 1 9 3 9 6 * BOX 391 REDWOOD CITY, CALIFORNIA 94064 ATTN: HOUSING MANAGER (Space Above Provided For Recorder) Exempt from Recording Fees under Govt.Code Section 27383 �L, AFFORDABLE HOUSING AGREEMENT � ��T��HIS AFFORDABLE HOUSING AGREEMENT ("Agreement") is made this � Z— day of��c��)f�012, by and befinreen the CITY OF REDWOOD CITY (the "CITY") and BRE Properties, Inc., a Maryland corporation ("OWNER"), in anticipation of OWNER's acquisition of that ce�tain real property consisting of approximately 3.6 acres and located at 640 Veteran's Boulevard in the City of Redwood City, County of San Mateo, California, as more fully described in Exhibit"A" attached hereto and incorporated herein by this reference (the "Property"). WHEREAS, California Government Code section 65915 (the "Density Bonus Law") allows cities to grant private developers density bonuses, incentives and concessions, use of statutory vehicular parking standards and waivers of certain development standards, for the production of below-market-rate housing; and WHEREAS, the CITY has previously adopted a Mitigated Negative Declaration pursuant to the California Environmental Quality Act and approved a Planned Development Permit pursuant to the provisions of Article 46 of the Zoning Ordinance of the City (the Project Approval") for the construction of an apartment building development, comprised of 264 rental residential units, in two structures, each consisting of four residential stories over two stories of parking, one of which would be partially subterranean, (the "ProjecY'); and WHEREAS, OWNER has agreed to include finrenty-two (22) below-market-rate rental housing units affordable to persons and families of lower income, comprised of eleven (11) one-bedroom units, and eleven (11) two-bedroom units, totaling 33 bedrooms (collectively, the "Affordable Units" and each an "Affordable UniY') in the Project in accordance with OWNER's Affordable Housing Plan (the "AHP") approved and accepted by the CITY as part of the Project Approvals (a copy of the AHP is attached hereto as Exhibit "B" and incorporated herein by this reference), and has asked the CITY for a `density bonus', allowing OWNER to construct more units than would be allowed under the CITY's applicable zoning requirements, one incentive or concession, waivers of certain City development standards, and application of statutory parking standards as provided for by the Density Bonus Law; and WHEREAS, the Density Bonus Law requires that Affordable Units provided in exchange for a density bonus and incentives or concessions be rented at affordable rents to households whose incomes do not exceed certain amounts; and Page 1 of 20