Item 24 - Agreement No. 2025-01 - MLC Holdings

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DRAFT 1.2.7 Exhibit G: Notice of Affordability Restrictions on Transfer of Property 1.2.8 Exhibit H: Request for Default 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 eighty-six (86) Units, with five (5) Affordable Units for Eligible Households in accordance with this Agreement and the Project Approvals. 2.2 Density Bonus. The Project shall have eighty-six (86) Units, to be sold, owned, occupied, operated, and maintained pursuant to the terms and conditions of this Agreement. Developer understands and agrees that Developer is not requesting an increase in density and that this Agreement does not allow or approve an increase in residential density over the allowed density regulations of the City. Developer shall not construct or develop, or otherwise claim a right to construct or develop any additional residential units on the Property under this Agreement. 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 Application: 2.3.1 Concession. In accordance with Government Code Section 65915(d)(1), Developer is granted the following concession: a reduction in the publically accessible common open space from 24,020 square feet to 9,676 square feet. This concession is a reduction of the requirement in the Metro East Mixed Use Overlay District Section 4.5. 2.3.2 Waivers. Developer has not requested waivers. 2.4 Parking Requirements. Onsite parking shall be provided in compliance with Government Code Section 65915(p). The Project shall provide not less than one hundred sixty three (163) parking spaces. 2.5 No Further_ Concessions, Incentives, or Waivers. Developer acknowledges and agrees that no further concessions, incentives, waivers or parking requirements are requested, and that the terms set forth in Section 2.3 and 2.4 fully satisfies any duty City may have under the City Density Bonus for Affordable Housing, the Density Bonus Law, or any other law or regulation to provide any density bonus incentive or to waive any building, zoning, or other requirement in connection with a density bonus. By this Agreement, Developer releases any and all claims Developer may have against City in any way relating to or arising from City's obligation to waive requirements of or provide development incentives pursuant to the City Density Bonus for Affordable Housing and the Density Bonus Law applicable to the Project. 2.6 Unit Mix. 2.6.1 Unrestricted Units. The Project, for purposes of this Agreement, may have no more than eight -one (81) Unrestricted Units, as set forth Section 2.6.3, below, and pursuant to the terms and conditions of this Agreement. Any change to the unit distribution of the Unrestricted Page 8 55394,00 10 1 ti43423340.1