Item 62 - Pre-Commitment of Affordable Housing Funds for Jamboree Housing Corporation and WISEPlace

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5 9138-126780\1517029.2 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 forty-eight (48) unit rental residential community, with forty-seven (47) Affordable Units for Extremely Low Income Tenants. 2.2 Density Bonus. The Project Units are allowed under the City’s Adaptive Reuse Ordinance. Therefore, no density bonus is required or provided. 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. DBA-2022-1 for the Project: 2.3.1 Onsite parking shall be provided in compliance with Government Code Section 65915(p)(4). No parking concession is requested or provided. Pursuant to the Project plans, the Developer is proposing to provide 20 total onsite parking spaces or 0.42 spaces per unit. 2.3.2 The permitted building height for this Project shall be increased in accordance with Government Code Section 65915(d)(2)(B), such that the maximum building height for this Project shall be 54 feet and 6 inches and four (4) stories. 2.3.3 Certain development standards for this Project shall be waived in accordance with Government Code Section65915(d)(2)(B), such that all proposed utilities will be undergrounded with the exception of existing overhead power lines over the existing building along with the recorded Southern California Easement (to remain). 2.4 No Further Concessions, Incentives, or Waivers. Developer acknowledges and agrees that the concessions, incentives, and waivers set forth in section 2.3 above 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. 2.5 Unrestricted Units. The Project, for purposes of this Agreement, may have no more than one (1) Unrestricted Unit (i.e. – manager’s unit) comprised of one (1) two-bedroom unit. 2.6 Affordable Units. The Project, for purposes of this Agreement, shall have no less than forty-eight (48) Units, which shall be comprised of forty-seven (47) studio units designated as Affordable Units pursuant to the terms and conditions of this Agreement. The Affordable Units shall be consistent with all applicable City approvals. EXHIBIT 5