CITY COUNCIL AGENDA PACKET - Laserfiche WebLink

6 158739848.5 D. Owner has the following options, when the number of Affordable Units for which building permits have been issued exceeds the Affordable Units Requirement: 1. Owner may request a refund of any excess Fee Security being held by City; or 2. Owner may allow City to continue to hold the Fee Security, which may then be used by Owner as a credit against any Affordable Housing Fees that may be required for a future phase of the Project. E. Once Certificates of Occupancy have been issued for at least sixty-two (62) Affordable Units, City’s IZO requirement shall be deemed to have been fully satisfied, and any remaining Fee Security held by City shall be refunded to Owner and with ten (10) business days thereof. F. City and Owner agree that in the event of a conflict between the terms of this Agreement and the IZO, the terms of this Agreement shall prevail. 3. Compliance With State Density Bonus Law (“SDBL”) A. Owner and City agree that Owner’s compliance with the terms of this Section 3 of this Agreement (including the phasing of the Affordable Units described herein) shall constitute satisfaction of Owner’s obligation under SDBL. In furtherance thereof, City and Owner also agree as follows: 1. Owner shall achieve Substantial Completion (as defined below) of all necessary remediation, grading, site work, and utility connections for the Affordable Housing Site prior to transferring the Affordable Housing Site to the Affordable Housing Owner. As used herein, “Substantial Completion” means the required work has been completed and finally inspected by City. Upon transfer of the Affordable Housing Site, City shall issue building permits for the first 75 Market Rate Units, as and when requested by Owner. 2. City shall not issue the 76 th and/or any remaining Market Rate Units unless Owner (or Affordable Housing Owner) has obtained building permits for Affordable Units, in accordance with one of the following increments: a. Building permits for a minimum of twenty-one (21) Affordable Units for very low-income households (between 30% and 50% AMI); or b. Building permits for a minimum of forty-two (42) Affordable Units for low-income households (between 51% and 80% AMI). 3. At such time as (i) Owner has transferred the Affordable Housing Site to the Affordable Housing Owner, and (ii) Owner has complied with the building permit obligations in either subsection (A)(2)(a) or subsection (A)(2)(b) above, then the Project’s SDBL requirements shall be deemed fully satisfied. Page 133 of 682