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Appropriation Adjustment, Density Bonus and Development Impact Fee Deferral <br />Agreement for FX Residences <br />December 7, 2021 <br />Page 8 <br />The Density Bonus Agreement has been signed by HomeAid to acknowledge their <br />acceptance of the terms. <br />Development Impact Fee Deferral Agreement <br />The Development Impact Fee Deferral Agreement will defer the collection of the Project's <br />development impact fees until prior to issuance of the certificate of occupancy instead of <br />requiring payment of the fees at the time of building permit issuance. The Agreement is <br />attached as Exhibit 7. HomeAid's reason for the request is that they are entitled by State <br />law to deferred payment of fees intended for public facilities or improvements and the <br />deferral of such development impact fees will help facilitate the financing, development <br />and construction of the project. Specifically, California Government Code Section 66007 <br />states that "any local agency that imposes any fees or charges on residential <br />development for the construction of public improvements or facilities shall not require the <br />payment of those fees or charges, notwithstanding any other provision of law, until the <br />date of the final inspection, or the date the certificate of occupancy is issued, whichever <br />occurs first." The specific development impact fees that are part of this deferral request <br />include the following: <br />Development Impact Fee <br />Amount <br />Park Acquisitions and Development <br />$377,400 <br />Fire Facilities <br />$81,600 <br />Transportation System Improvement Authority <br />(Combined Non -Residential and <br />Residential -Multifamily) <br />$51,000 <br />TOTAL <br />$510,000 <br />As an affordable housing project, the project qualifies for this request for deferral of their <br />development impact fees. The Development Impact Fee Deferral Agreement will defer <br />approximately $510,000 of the development impact fees for the development of the <br />Project. <br />The following terms are incorporated into the Agreement: <br />• Fee Deferral and Amount: The deferred collection of the development impact <br />fees in the estimated amount of approximately five hundred, ten thousand dollars <br />($510,000). <br />City Council 16 — 8 12/7/2021 <br />