Item 23 - Density Bonus Agreement No. 2023-01: 4th and Grand (1212 E. Fourth Street)

Home Browse Search

Eligible Household another unit within the Project that meets the size and location requirements for Affordable Units under this Density Bonus Agreement. If there are no vacant units meeting those requirements, then the next available unit within the Project which does meet those requirements must be rented to an Eligible Household. (b) If the no longer Eligible Household either moves to another Unrestricted Unit within the Project or leaves the Project altogether, then the vacated Affordable Unit, or, at Developer's election, any other Unrestricted Unit within the Project which meets the size and location requirements for Affordable Units under this Density Bonus Housing Agreement and has the same number of bedrooms as the vacated unit, shall be rented as an Affordable Unit to an Eligible Household. (c) Developer may proceed to terminate the tenancy and pursue any and all remedies in accordance with law or contract. 4.10 Monitoring and Recordkeeping. Throughout the Term of this Agreement, Developer shall annually complete or cause to be completed and submit to City the Annual Compliance Report. Developer agrees to pay a reasonable fee, as set by City resolution, for the purpose of paying the actual costs associated with the City's obligation to monitor Developer's compliance with the affordability restrictions contained in this Agreement related to the Affordable Units, not to exceed monitoring costs for up to one (1) Affordable Units. Representatives of City shall be entitled to enter the Property if necessary after review of above documentation, upon at least forty-eight (48) hour notice, to monitor compliance with this Agreement, and shall be entitled to inspect the records of the Project relating to the Affordable Units and to conduct an independent audit or inspection of such records at a location within the City that is reasonably acceptable to the City without a fee from the City. Developer agrees to cooperate with City in making the Property and the records of the Project relating to the Affordable Unit reasonably available for such inspection or audit. Developer agrees to maintain or cause for the maintenance of each record of the Project for no less than five (5) years after creation of each such record. Developer shall allow the City to conduct annual inspections of the Affordable Unit on the Property after the date of construction completion, with reasonable notice, which shall be at least twenty four (24) hours in advance, unless a shorter time is required in an emergency, to Owner of the Affordable Unit. Developer shall commence to cure or cause the commencement to cure any defects or deficiencies found by the City while conducting such inspections within ten (10) Business Days of written notice thereof, or such longer period as is reasonable within the sole discretion of the City. 4.11 Notice of Affordability Restrictions on Transfer of Property. In the event the Developer wishes to sell or transfer the Project, during the Total Affordability Term, the City and the Developer shall execute and deposit into escrow, a Notice of Affordability Restrictions on Transfer of the Property, to be executed by the City and Developer in a form substantially similar to Exhibit E, which is attached hereto and must be executed by the parties prior to any transfer of the Property. 11