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• • <br />7. <br />8. <br />a. The current number of occupied and/or reserved dwelling units <br />available to lower-income households and a statement that a <br />minimum of 15$ of the total units in the Project built to date <br />have been reserved or rented as units for occupancy by <br />lower-income households during the preceding year pursuant to <br />the terms of this Agreement. <br />b. The current rents of units occupied by and/or offered for <br />occupancy to lower-income households and a statement that rent <br />levels in all units designated for lower-income households did not <br />exceed the rent levels authorized by Section 3 of this Agreement <br />during the preceding year. <br />c. Any increase in rents for lower-income units during the <br />preceding year and the effective date of such rent increases. <br />d. A listing by unit number, of which units we re occupied by, or <br />reserved for, lowe r-income households as of January 1 of that <br />year. <br />e. A calculation of the percentage of the u nits designated as <br />lower-income a nd of the total units in the project which were <br />vacant on the date of the Annual Report. <br />f. A statement that to the knowledge of Developer no default has <br />occurred under this Agreement. <br />Further Investigation <br />Upon receipt of the Annual Report, the City's Director of Planning <br />and Community Development ("Director") shall file the Annual Report, <br />and may undertake further investigation as deemed appropriate. If <br />any such further investigation reveals possible violations of the terms <br />of this Agreement, the Director shall issue a Notice of Noncompliance <br />to Developer specifying the basis for any alleged violation of this <br />Agreement. If Developer and the Director cannot resolve the matter, <br />then Developer shall be given notice and opportunity to respond <br />before the City Council. <br />Remedies <br />If the City Council, after notice and hearing, shall find on the basis <br />of substantial evidence that Developer has not complied with the terms <br />of this Agreement, then, in addition to enforcing its other rights at <br />law or in equity, the City may act as follows: <br />a. Technical Noncompliance. Minor and unintentional violations of <br /> this Agreement shall be assigned the dollar value as the City <br /> Council in its sole discretion may set. Developer shall be <br /> obligated to pay that dollar amount to the City within sixty (60) <br /> days of the City Council's finding. Any such fines shall be <br /> placed in the City's lower-income housing fund and shall be <br /> expended as required by said fund. City Council determinations <br /> pursuant to this subsection shall not be subject to arbitration <br /> pursuant to Section 16. <br />5 <br />