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<br /> <br /> <br /> <br /> <br /> DBA No. 2010-02 <br /> January 4, 2011 <br /> Page 2 <br /> <br /> <br /> the City. Under the proposed density bonus agreement, its approval will produce five units that will <br /> be rented to very low income households (50 percent of Area Median Income). The rent will not <br /> exceed 30 percent of 50 percent of the area median income, as adjusted for household size. The <br /> term of the affordability is 55 years. The provisions of the agreement shall constitute covenants, <br /> conditions, and restrictions which shall run with the land, and shall inure to the benefit of and be <br /> binding upon the Developer, its successors and assigns in interests as successive owners of the <br /> project. Construction of these units will assist the Agency in meeting their replacement and <br /> inclusionary housing obligations and will assist the City in meeting the Regional Housing Needs <br /> Assessment (RHNA) goals identified in the Housing Element, Consolidated Plan and <br /> Implementation Plan (Exhibit 8 of Exhibit A). <br /> <br /> FISCAL IMPACT <br /> <br /> There is no fiscal impact associated with this action. <br /> <br /> <br /> <br /> <br /> 4WU-tive Trevino <br /> Director <br /> Planning & Building Agency <br /> <br /> LL:rb <br /> LL\reports\pc&za\dba10-02 bush st.cc <br /> <br /> Exhibit: A. Planning Commission Staff Report <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> 39A-2 <br />