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5 <br />158739848.5 <br />Security”) determined by multiplying (i) the Affordable Housing Fee by (ii) the <br />Unmet Affordable Units Requirement multiplied by five. As used herein, (A) <br />“Affordable Units Requirement” means the number equal to 20% of the total <br />number of Market Rate Units for which building permits have been issued by <br />City as of a given time (with any decimal fraction less than or equal to 0.50 <br />disregarded and any decimal fraction greater than 0.50 rounded up to 1.0) and <br />(B) “Unmet Affordable Units Requirement” means (i) the Affordable Units <br />Requirement as of a given time less (ii) the number of Affordable Units for <br />which building permits have been issued by City as of the same time (for the <br />avoidance of doubt, if the difference obtained from such calculation is negative, <br />then the Unmet Affordable Units Requirement shall be zero for purposes <br />hereof). <br />The following table describes how this calculation methodology would work in <br />a range of possible sample payments of $52,203 per Market Rate Unit over the <br />life of the Project: <br />Total Market <br />Rate Units <br />with Building <br />Permits <br />40 40 40 43 75 310 <br />Affordable <br />Units <br />Requirement <br />8888.6 <br />rounded <br />up to 9 <br />15 62 <br />Total <br />Affordable <br />Units with <br />Building <br />Permits <br />061261130 <br />Unmet <br />Affordable <br />Units <br />Requirement <br />8-0=8 8-6=2 8-12=0 9-6=3 15-11=4 62- <br />30=32 <br />Fee Security 8*5* <br />$52,203= <br />$2,088,120 <br />2*5* <br />$52,203= <br />$522,030 <br />0*5* <br />$52,203= <br />$0 <br />3*5* <br />$52,203= <br />$783,045 <br />4*5* <br />$52,203= <br />$469,827 <br />32*5* <br />$52,203= <br />$8,352,480 <br />2. City shall hold any Fee Security received from Owner in a segregated <br />interest-bearing escrow account. Owner shall forfeit any Fee Security held by <br />City if Owner fails to obtain building permits for the number of Affordable <br />Units sufficient to satisfy the Unmet Affordable Units Requirement within 12 <br />months of City’s issuance of building permit(s) for the Market Rate Units <br />related thereto, unless an extension is granted by the City, with approval by <br />the City Manager. Prior to the expiration of any such 12 months period, <br />Owner may request an extension for an additional six months, which City <br />shall have sole discretion to grant (provided, however, City shall not <br />unreasonably deny any such extension request if Owner provides evidence <br />that Owner (or Affordable Housing Owner) is actively and diligently working to <br />secure the building permit(s) required to satisfy the applicable Unmet <br />Affordable Units Requirement). <br />Page 132 of 682