75A - PH FOR CARIBOU INDUSTRIES - Laserfiche WebLink

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1.2.1 Exhibit A— Legal Description of the Property 1.2.2 Exhibit B — Tenant Verification 1.2.3 Exhibit C — Annual Tenant Recertification 1.2.4 Exhibit D—Annual Rental Housing Compliance Report L2.5 Exhibit E —Notice of Affordability Restrictions on Transfer of Property 1.2.6 Exhibit F — Parking Management Plan 1.2.7 Exhibit G —Map of Location of initial Affordable Units l .2.8 Exhibit H — Density Bonus Setup Fee 2. DEVELOPMENT OF THE PROPERTY 2.1 Protect. Developer shall develop, operate, and maintain the Property as a one - hundred and sevent -one 171 Unit mixed use commercial and residential development, with nineteen (19) Affordable Units for Very -Low Income Tenants. 2.2 Density Bonus. The Project shall have one -hundred and seventy-one (171) Units, including nineteen 19 Affordable Units, to be rented, occupied, operated, and maintained pursuant to the terms and conditions of this Agreement. Developer understands and agrees that Developer is utilizing a thirty-five percent (35%) density bonus increase provided by the State Density Bonus Law (127 Base Units x 35%= 45 State Density Bonus Units) for a total of 171 units. Although Developer has a right to construct up to forty-five (45) State Density Bonus Units on the Property, Developer has elected to construct or develop, or otherwise claim a right to construct or develop, no more than forty-four (44) State Density Bonus Units on the Property. 2.3 Development Concessions Incentives and Waivers. As set forth in the City entitlements, Developer petitioned for and is hereby granted the following concessions, incentives, and waivers as part of the approval of Density Bonus Agreement No. 2020-01 for the Project: 2.3.1 The onsite parking standards for the Project shall be reduced from 2.15 parking spaces per unit to 1.15 spaces per unit pursuant to California Government Code sections 65915(p)(1), which provides onsite parking at the ratio of one (1) stall for studio or unc-bcdroom units, and two (2) stalls for two- to three -bedroom units, for a total of 196 onsite parking spaces for the Project. 2.3.2 The General Flan Land Use Element Downtown District Center floor area ratio maximum of 3.0 shall be waived in accordance with Government Code Section 65915(e)(1), as such a maximum floor area for the development site of 4.2 with floor area as defined by California Government Code Section 659172(a)(2) shall be permitted for the development site. 75A-140