Item 21 - Density Bonus Agreement No. 2022-03

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1.1.21 "Unrestricted Units" means the Units within the Project to be constructed or caused to be constructed by Developer to a Household without restriction. 1.2 Exhibits. The following documents are attached to, and by this reference incorporated into, this Agreement: 1.2.1 Exhibit A — Legal Description of the Property 1.2.2 Exhibit B — Income Verification Form 1.2.3 Exhibit C — Notice of Affordability Restrictions on Transfer of Property 2. DEVELOPMENT OF THE PROPERTY 2.1 Project. Developer shall develop or cause the development of the Property as fifty- one (51) single-family attached townhomes, eight (8) of which are proposed as Low -Income Affordable Units. All of the townhomes are planned to be condominiums that will be offered for sale. 2.2 Density Bonus. The Project shall have fifty-one (51) Units, to be sold, used, occupied, operated, and maintained pursuant to the terms and conditions of this Agreement. Developer agrees to provide eight (8) Affordable Units to Low -Income Households, which equals 23%, after rounding up, of the thirty-five (35) Base Units allowed for the Project. Accordingly, Developer pursued its density bonus pursuant to Government Code section 65915(b)(1)(A), which requires 10% of the total units of a housing development for rental or sale to lower income households. Pursuant to Government Code section 65915(f)(1), Developer's 23% in Low -Income Affordable Units provides a 46.25% density bonus. Developer understands and agrees that Developer is utilizing a 46.25% density bonus increase provided by the State Density Bonus Law (35 Base Units x 46.25% = 16 State Density Bonus Units) for a total of 51 units. Developer shall not construct or develop, or otherwise claim a right to construct or develop, more than sixteen(16) 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 Application No. 2022-03 for the Project: 2.3.1 The open space requirements for this Project shall be reduced in accordance with Government Code Section 65915(d)(2)(A), which allows one (1) incentive or concession for projects that include at least 10% of the total units for lower income households, such that the minimum required common open space shall be seven -percent (7%) of the Property lot size. 2.3.2 The development standards for this Project shall be waived in accordance with Government Code Section 65915(e)(1), such that the proposed building setbacks exceed the maximum allowed (8'-0" setback) and shall be between 9'-0" and 13'-059 . 2