RecDoc 2012-156533 - Laserfiche WebLink

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Section 2.02. Incentives and Concessions. In accordance with Section 65915(d)(2)(A), OWNER has requested and is entitled to, and the CITY has granted, one incentive or concession in exchange for OWNER's agreement to provide affordable rental units for Lower Income Households, as follows:: One incentive in the form of three (3) additional rental units, for rent at market-rate to be included in the Project, thereby bringing the total number of residential rental dwelling units to be included in the Project to two hundred and sixty-four(264); and Two concessions in the form of a reduction in sidewalk width to twelve feet (12)' from the required fourteen feet 14' in width and an increase in building height to approximately fifty- five feet (55') from the allowed fifty foot (50') maximum building height, both deviations from MUC-VB zoning District regulations. OWNER hereby acknowledges and agrees that the incentive and concessions described in this Section 2.02 fully satisfies OWNER's right to financially sufficient incentives or concessions under the Density Bonus Law. Article III Number and Location of Affordable Units Section 3.01. Number of Affordable Units and Bedrooms. OWNER, as a condition to satisfying OWNER's affordable housing obligations as set forth in the Project Approvals, and in accordance with the AHP, shall construct, or cause to be constructed, twenty two (22) Affordable Units, comprised of eleven (11) one-bedroom units, and eleven (11) two-bedroom units, totaling 33 bedrooms in the unit mix more particularly set forth in the OWNER's AHP attached hereto as Exhibit"B." Section 3.02. Location of Affordable Units. The Affordable Units shall be the type of units shown in the AHP attached hereto as Exhibit "B" and shall be constructed on the Property in the locations(s) shown or described in the AHP attached hereto as Exhibit "B," and the types of units shall not be changed without the approval of the CITY. Subject to the terms of this Agreement, OWNER may designate new or different Affordable Units within the Project whenever it is feasible to do so, provided that such designation does not result in a violation of any of the provisions of this Agreement and, provided further, that at all times the Affordable Units are disbursed throughout the Project so as to avoid any identifiable concentration of such units. Section 3.03. Qualitv, Size and Amenities of Affordable Units. The Affordable Units shall be comparable in quality, size and amenities to those units which will be available to tenants of the units not designated as Affordable Units ("Market Rate Units"), subject to variations in interior finishes which shall be reviewed and approved by the CITY prior to the issuance of any Certificates of Occupancy. Tenants in the Affordable Units shall have equal access and enjoyment to all common facilities of the Project. ATTY/AGRl2011.141/640 VETERANS WAY—AFFORDABILITY AGREEMENT REV:12/29/11 Page 3 of 20