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WHEREAS, City and Developer wish to enter into a long- <br />term agreement in order to achieve the benefits of the <br />Project to City and its residents while maintaining conformity <br />with the City's General Plan growth policies; and <br />WHEREAS, City has determined that the Project would <br />produce affordable housing which is in short supply, and <br />City and Developer seek to minimize the building cost of the <br />Project in order to keep the Project as affordable as possible, <br />both by allowing development in accordance with current <br />codes and by enabling construction to proceed as if it were <br />being developed in one phase; and <br />WHEREAS, Developer has indicated that the Project will <br />be begun as soon as possible and will be constructed as <br />expeditiously as allowed; <br />NOW, THEREFORE, City and Developer hereby agree as <br />follows: <br />I. DEVELOPPZENT APPROVAL <br />City hereby grants development approval to the Project <br />for development according to the following schedule. <br />A. Subdivision Maps - Any and all necessary subdivision <br />maps may be processed in accordance with normal <br />City procedures following the execution of this <br />agreement. <br />B. Building Permits - Building permits may be secured <br />for the Project in any order or manner desired by <br />Developer subject only to the limitations contained <br />in Paragraph II herein. Approval of any necessary <br />subdivision map shall be obtained before building <br />-2- <br />