03-22-21_Agenda Packet - Laserfiche WebLink

Home Browse Search

5 9138-126780\1517029.2 1.2 Exhibits. The following documents are attached to, and by this reference made a part of, this Agreement: 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 1.2.5 Exhibit E – Notice of Affordability Restrictions on Transfer of Property 2. DEVELOPMENT OF THE PROPERTY 2.1 Project. Developer shall develop, operate, and maintain, or cause the development, operation and maintenance of, the Property as a seventeen (17) Unit rental residential community, with sixteen (16) Affordable Units for Extremely Low Income Tenants. 2.2 Density Bonus. The Project shall have seventeen (17) Units, including sixteen (16) 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 seventy percent (70%) density bonus increase provided by the State Density Bonus Law (10 Base Units x 70% = 7 State Density Bonus Units) for a total of 17 units. Although Developer has a right to construct up to eight (8) 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 seven (7) 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 2020-02 for the Project: 2.3.1 The onsite parking standards for the Project shall be reduced from 2.25 parking spaces per unit to 0.71 spaces per unit pursuant to California Government Code sections 65915(p)(3)(a), which allows onsite parking at the ratio of 0.71 stall for one-bedroom units for a total of twelve (12) onsite parking spaces for the Project, due to the affordability levels provided at the Project and the unobstructed access of the Project to a major transit stop within one-half mile. 2.3.2 Certain development standards for this Project shall be waived in accordance with Government Code Section 65915(e)(1), such that the stacked dwelling building type shall be a permitted building type for the project. 2.3.3 Certain development standards for this Project shall be waived in accordance with Government Code Section 65915(e)(1), such that no trees shall be required City Council 2 –72 3/22/2021