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1 <br />158739848.5 <br />Recorded at the <br />request of and when <br />recorded return to: <br />City of Pleasanton <br />Office of the City Clerk <br />P. O. Box 520 <br />Pleasanton, CA 94566 <br />[This document is exempt from <br />recording fees Pursuant to Government <br />Code§ 27383 and Exempt from <br />Documentary Transfer Tax pursuant To <br />Revenue and Taxation Code§ 11922] <br />AFFORDABLE HOUSING AGREEMENT <br />(Villages at the Quarry) <br />This AFFORDABLE HOUSING AGREEMENT ("Agreement") is made this day of <br />, 2025, by the CITY OF PLEASANTON, a Municipal Corporation ("City"), <br />and SQUARE MILE PLEASANTON, LLC, a California limited liability company <br />(“Owner”). <br />RECITALS <br />A. Owner currently owns a legal or equitable interest in land consisting of <br />approximately 51.37 acres located at 3300 Busch Road (APNs 946 125100704, 946 125100809 <br />and 946 125103300) in Pleasanton, California (the "Property"). <br />B. Owner has obtained City approval (PS 23-0480) to develop on the Property (i) a <br />maximum of three hundred and ten (310) single-family residential units along with approximately <br />fifty-seven (57) junior accessory dwelling units (collectively, the “Single-Family Component”) and a <br />maximum of one hundred and one (101) affordable multi-family residential units together with <br />one manager’s unit (collectively, the “Multi-Family Component”). The Single-Family Component <br />and the Multi-Family Component are referred to collectively herein as the “Residential Units”. <br />The Residential Units, together with all related on-site and off-site improvements, including, <br />without limitation, hardscape improvements, parking areas and landscaping improvements to <br />the Property (all in accordance with the project approvals, the plans and specifications approved <br />by City, and any conditions imposed by City in issuing the project approvals), constitute, <br />collectively, the "Project." <br />C. Within the Property, the Multi-Family Component will be constructed by an <br />experienced affordable housing developer (“Affordable Housing Owner”) on approximately 3.06 <br />acres, as further described and depicted in Attachment 1 attached hereto and incorporated <br />herein by reference (the “Affordable Housing Site”). Owner and City wish to make each <br />Residential Unit within the Multi-Family Component (except for one manager’s unit) available to <br />households with incomes generally at or below eighty percent (80%) (low income) of the Area <br />Median Income (each, an “Affordable Unit” and collectively, the “Affordable Housing”) as <br />detailed more fully herein. For the avoidance of doubt, any junior accessory dwelling units to be <br />constructed within the Single-Family Component are intended to be “affordable by design” and <br />are not intended to be “Affordable Housing” as such term is used in this Agreement, including <br />for purposes of compliance with Chapter 17.44 of the City’s Municipal Code as in effect on <br />March 1, 2023 (“Inclusionary Zoning Ordinance” or “IZO”). <br />(;+,%,7$ <br />Page 128 of 682