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Attachment 1 <br /> RECORDING REQUESTED BY <br /> AND WHEN RECORDED MAIL TO: <br /> City of Pleasanton <br /> P.O.Box 520 <br /> Pleasanton,CA 94566 <br /> Attention: City Manager <br /> SPACE ABOVE THIS LINE FOR RECORDER'S USE <br /> APN: <br /> This document is exempt from recording fees <br /> pursuant to Government Code§27383 and <br /> exempt from Documentary Transfer Tax pursuant <br /> to Revenue and Taxation Code*11922 <br /> AFFORDABLE HOUSING AGREEMENT <br /> This AFFORDABLE HOUSING AGREEMENT("Agreement") is made this day of <br /> ,2016, by the CITY OF PLEASANTON,a Municipal Corporation("City"),and <br /> PONDEROSA HOMES II,INC. a California corporation ("Developer"). <br /> Recitals <br /> A. Developer currently owns a legal or equitable interest in land consisting of approximately <br /> nine (9) acres in Pleasanton, California, more particularly described in Attachment 1 <br /> attached hereto and incorporated herein by reference(the "Property"). <br /> B. For the Property, Developer has obtained City approval (PUD-1 13) to develop a 36 unit <br /> single-family residential project(collectively the "Project"). <br /> C. Execution of this Agreement memorializes the requirements of the City's Inclusionary <br /> Zoning Ordinance(Ordinance 1818)for the Project. <br /> NOW,THEREFORE,in consideration of the mutual covenants,agreements and <br /> conditions contained herein,City and Developer agree as follows: <br /> 1. Developer shall pay the current Lower Income Housing Fee amount of Eleven Thousand <br /> Two Hundred and Twenty Eight Dollars($11,515.00)for each housing unit included in the <br /> Project(which would result in a total $414,540.00 upon the issuance of the 36th building <br /> permit for the Project). <br /> 2. In addition to the payment of the Lower Income Housing Fee, Developer has offered and <br /> the City has agreed for the Developer to pay an affordable housing contribution of varying <br /> amounts ranging from Ten Thousand Seven Hundred and Fifty-Seven Dollars($10,757)to <br /> Fifteen Thousand Six Hundred and Seventy-Two Thousand Dollars ($15,672) for each of <br /> the thirty-six (36) housing units in the Project, depending on the design plan (the <br /> "Affordable Housing Contribution")as described below: <br />