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F. Pursuant to Santa Ana Municipal Code section 41- 1904(c)(2), any <br />application to pay a fee in lieu of constructing some or all of the required <br />inclusionary units for a project comprised of more than twenty residential <br />units shall be subject to the review and approval of the City Council, which <br />may grant such request if substantial evidence supports a finding that the <br />cost of providing inclusionary units on site would substantially exceed the <br />amount of the applicable in -lieu fee. <br />G. This Inclusionary Housing Agreement, when fully executed by the City and <br />the Developer and recorded, is intended to satisfy the requirement that the <br />Developer enter into an Inclusionary Housing Agreement, as set forth in <br />the Ordinance and the conditions to City Approvals. <br />NOW, THEREFORE, in consideration of the mutual promises set forth in this <br />Inclusionary Housing Agreement and other good and valuable consideration, the <br />receipt and sufficiency of which is acknowledged by the City and the Developer, <br />the Parties, agree as follows: <br />DEFINITIONS OF TERMS <br />The following words, terms and phrases are used in this Inclusionary Housing <br />Agreement, as follows, unless the particular context of usage of a word, term or <br />phrase requires another interpretation. <br />Administrative Procedures Manual is this administrative procedures manual, <br />which has been prepared by the City for the implementation and enforcement of <br />the Ordinance. A copy of the Administrative Procedures Manual shall be <br />maintained on file with the City, and shall be provided to the Developer. <br />Affordability Gap is equal to the difference between the Fair Market Value of the <br />Inclusionary Unit and the Affordable Sales Price for the Inclusionary, Unit. <br />Affordable Housing Cost means the maximum costs that can be borne by a <br />Low or Moderate Income Household based on the requirements imposed by <br />HSC Section 50052.5. The calculation methodology is described in the <br />Administrative Procedures Manual. <br />Incluslonary Housing Agreement Page 2 <br />City of Santa Ana February 17, 2015 <br />1603 \14 \1654522.2 <br />25G -4 <br />