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PLANNING COMMISSION DRAFT <br />SUBJECT TO CITY COUNCIL APPROVAL <br />economic segments of the community and to provide a balance of housing <br />opportunities throughout the City. <br />D. The, -Pr-ej eet is pr-opesing a total i+aR+ber- of " five (4 5) f esidefi4ial evffief Ship Units, <br />ineluding five (5) units fer- Nledef:4e Ineefae Tenants, as defined hef:ein. <br />D. R.—The Project complies with the affordability requirements for a housing <br />development as set forth in the State Density Bonus Law and City Density Bonus <br />for Affordable Housing. <br />E. F: In light of the purpose of the State Density Bonus Law and City Density Bonus <br />for Affordable Housing, and the express provisions of Government Code Section <br />65915(d)(1)(2)(A) , the City has determined that the Project is eligible for one (1) <br />incentive or concession, and waivers as prescribed by the State Density Bonus <br />Law. <br />F. G—This Agreement, and the exhibits attached hereto and incorporated herein by <br />reference, are intended to set forth the terms and conditions for the <br />implementation of the Project's requirement to provide affordable housing units <br />in exchange for receiving the density bonus, concession and waivers set forth <br />herein. <br />NOW, THEREFORE, in consideration of the above recitals, which are incorporated <br />herein by this reference, and of the mutual covenants contained herein, and for other good and <br />valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties <br />agree as follows: <br />DEFINITIONS AND EXHIBITS <br />1.1 Definitions. In addition to the terns that may be defined elsewhere in this <br />Agreement, the following terms when used in this Agreement shall be defined as follows: <br />1.1.1 "Affordability Covenants" means, <br />restrictions on the sale and conveyance of the Property <br />pursuant to California Government Code Section 65915 that ensure that the Property will be <br />preserved for lower income housing for at least 55 years for owner -occupied housing units and <br />will be sold or resold only to persons or families of very low, low, or moderate income, as <br />defined in Section 50052.5 of the California Health and Safety Code. <br />1.1.2 "Adjusted for family size appropriate to the unit" shall have the <br />meaning set forth by Health and Safety Code Section 50052.5(h). <br />1.1.3 "Administrative Procedures Manual" shall mean the City's <br />Administrative Procedures Manual: Ownership Housing Development, setting forth rules and <br />regulations for the City's homeownership program. <br />55394.00101\n^^^'�.-.a4,7442998272.1 <br />