LYON HOUSING (FIRST STREET) XLVIII, LLC. A DELAWARE LIMITED LIABILITY COMPANY

Home Browse Search

The approved Phasing Plan must be implemented within six (6) months after completion of the first phase (i.e„ Issuance of first Utility Release), 5,9 Inclusionary Housing Owner shall produce and Incorporate a total of ten (10) low- Income affordable units, including five (5) one - bedroom units and five (5) two - bedroom units, within the Project pursuant to the terms and regulations of Article XVIII.I of Chapter 41 of the Santa Ana Municipal Code, 5,110 In-Lieu Park Development Fee. The Owner shall pay an in -lieu park development fee in the amount of One Million Four Hundred Fifty Thousand Dollars ($1,450,000) with respect to the Project ( "In -Lieu Park Development Fee ") payable pro rata, which pro rata fraction shall be determined based on a fraction the numerator of which is the total number of residential units in a phase and the denominator of which is the total number of residential units in the Project. The pro rata In -Lieu Park Development Fee shall be paid prior to issuance of the building permit for each phase. The City shall use said fees for new parkland, capital improvements at existing parks, and deferred maintenance at existing parks (up to a maximum of fifty percent of amount of the fee). If not used or appropriated this fee shall be returned to Developer, consistent with the provisions of (and subject to the exceptions contained within) the California Mitigation Fee Act, Government Code § 66000 et sec, Owner may propose In future an alternative in-lieu of the provisions of this section which fully satisfies this requirement, and if such proposal is consistent with City's park plans and standards, the City shall consider such proposal in good faith; provided, however, that if approved such proposal shall be the subject of an amendment to this First Amended and Restated Development Agreement entered into pursuant to Government Code section 65868. 5.11 Covenants, Conditions, and Restrictions. Owner may, at its sole option, decide in the future to sell individual residential units as condominiums. Prior to the issuance of the first building permit for the Project, Owner shall provide to the City the proposed Covenants, Conditions, and Restrictions ( "CC &R's ") to be recorded against the Property for the condominiums. Those CC &R's must be approved by the Planning and Building Agency's Executive Director (or the person acting in the equivalent role if the title of the position is changed. The City's review and approval of the CC &R's shall be limited to determining inclusion of the following restrictions within the CC &R's: 96761 �)\54A&S720 16