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2 <br />158739848.5 <br />D. Except as provided for in Gov’t Code Section 65589.5(o)(2), City and Owner <br />acknowledge that Owner has vested into the provisions of the IZO in effect as of March 1, 2023 <br />and that any subsequent changes to the IZO adopted by City shall not apply to the Project, <br />including the amendments to the IZO adopted by City Council on December 3, 2024 pursuant to <br />Ordinance No. 2287 Owner agrees that it is subject to the automatic annual adjustment to the <br />Affordable Housing Fee as set forth in PMC Chapter 17.40.070, in existence on the above <br />vesting date; for the avoidance of doubt, this means that the annual adjustment shall be based <br />on the Consumer Price Index for San Francisco/Oakland region, and not the Engineering News <br />Record Consumer Construction Cost Index for the San Francisco Bay Area. <br />E. City and Owner acknowledge and agree that it is anticipated that the Property (all <br />or portion(s) thereof) will be conveyed to other individual(s) and/or entities for the purpose of <br />constructing and operating the Project. This will include the conveyance of the Affordable <br />Housing Site to an Affordable Housing Owner for purposes of constructing and operating the <br />Affordable Units. <br />NOW, THEREFORE, in consideration of the mutual covenants, agreements and <br />conditions contained herein, City and Owner agree as follows: <br />1. Affordable Unit Provisions. The Multi-Family Component shall have one <br />hundred and one (101) Affordable Units. Owner shall make all Affordable units available <br />for rent to households at or below 80% of the Area Median Income as provided in Cal. <br />Government Code §65915 and Cal. Health & Safety Code §50053(b)(4). For the <br />Affordable Units that receive a California Tax Credit Allocation Committee (“TCAC”) <br />allocation for their construction, rent shall be consistent with the rent averaging <br />requirements of TCAC. Owner will provide City with a Reservation Letter for all <br />Affordable Units that receive a TCAC allocation. The Affordable Units shall be <br />consistent with the following: <br />A. The Multi-Family Component shall have the following bedroom mix: <br />1-Bed 2-Bed 3-Bed Totals <br /># of Units 45 26 31 102 <br />B. In addition to meeting any minimum affordability requirement specified in <br />Sections 3(A)(2)(a) or 3(A)(2)(b) of this Agreement, pursuant to State Density <br />Bonus Law, the Multi-Family Component shall meet the affordability restrictions <br />specified in the City of Pleasanton’s January 2023 Objective Design Standards <br />for Housing Site, as follows: <br />1. A minimum of 25 percent of the Affordable Units shall have rents set at no <br />more than 30% of 50% of AMI (as defined below) for households with <br />incomes up to 50% of AMI (Very Low-Income Units). <br />2. A minimum of 25 percent of Affordable Units shall have rents set at no more <br />than 30% of 60% of AMI for households with incomes of 51% to 60% of AMI <br />(Low-Income Units). <br />Page 129 of 682