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Page 3 of 8 the Amenity Building has a mail room and a trash room. All residential units in the project are rentals. Construction of the Garden and Townhouse units began in June 2024, and with the start of pre-leasing, the first Townhouse Building will be occupied in August 2025, followed by the second Townhouse Building, then the Garden Buildings. As scheduled, all eighty-two (82) units are expected to be completed and occupied by October 2025. The City will issue the certificate of occupancy for these units upon each building's completion. Phase II includes the Podium Building with 254 residential units, the Amenity Buildings with a multi-purpose room and a leasing office, the swimming pool and spa, and all the landscaping. Phase II will begin construction in Fall 2025 and is anticipated to be completed in two years. Eaves Pleasanton Avalon's sister property is Eaves Pleasanton (Eaves), a 456-unit multifamily apartment complex, located between Andrews Drive and Tassajara Creek, just east of the Avalon Pleasanton development. (See Figure 1, above.) Eaves' unit mix is a combination of one- bedroom and two-bedroom units. While the property was constructed in 1988, it has undergone several renovations, including unit updates with complete renovation of kitchens and bathrooms in 2009 and 2010, carpet replacement with resilient flooring on all of the first- floor units throughout the property, and complete refinishing of the building exteriors in 2022. The apartments feature washer/dryers and full-size kitchens, and the complex features a swimming pool, new co-working area, updated fitness center, covered parking, bicycle storage, and a playground. DISCUSSION Inclusionary Zoning Ordinance (IZO) and Other Applicable Standards The original Avalon Pleasanton project, which included a Vesting Tentative Map and Development Agreement, was approved in 2013. Thus, the governing standards with respect to the affordable housing component of the project are the Inclusionary Zoning Ordinance (PMC Chapter 17.44) and the Housing Site Development Standards and Design Guidelines that the Pleasanton City Council adopted on September 4, 2012. The more recently adopted IZO amendments and Objective Design Standards for Housing Sites do not apply to this project. PMC Section 17.44.040(A) provides that for all new multifamily rental residential projects of 15 or more, at least 15 percent of the subject project's dwelling units shall be affordable to Very Low-Income households and/or Low-Income Households. Accordingly, for the purposes of the previously approved 305-unit residential development, the 15 percent requirement triggered an obligation to provide a total of 46 affordable units. On May 7, 2013, the City and Pleasanton Partners, LLC, the former site owner, entered into an Affordable Housing Agreement (AHA) that stipulated the following IZO-required affordability restrictions on the 46 affordable units (see Table 1 below). Page 77 of 694