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<br /> <br />Revised 11 /4/87 <br />GROWTH MANAGEMENT AGREEMENT <br />FOR IMPLEMENTATION OF A LOWER INCOME HOUSING PROJECT <br />This Agreement is made and entered into this ~~'t~t day of ~1G, <br />1987, by and between The Prudential Insurance Company of America, a New <br />Jersey corporation (the "Developer"), and the City of Pleasanton, a <br />municipal corporation (the "City") . <br />Recitals <br />A. Developer is the owner of approximately 14.7 acres of land located on <br />the south side of West Las Positas between Stoneridge Drive and the <br />abandoned Southern Pacific right-of-way, as shown on Exhibit "A" <br />attached hereto .and incorporated herein by this reference (the <br />"Property"). <br />B. Developer has received City approval authorizing construction of a <br />354-unit residential apartment project located on the Property (the <br />"Project") . <br />C. On September 15, 1987, the City Council of the City of Pleasanton <br />adopted Resolution No. 87-423 approving a Growth Management <br />Agreement pursuant to the City's Growth Management Program for the <br />Project. <br />D. As a material inducement for obtaining the Growth Management <br />Agreement and becoming exempt .from certain fee obligations, Developer <br />has agreed to construct and operate the project containing a <br />lower-income housing element. <br />E. The Developer and the City wish to ensure that the purposes of the <br />Growth Management Agreement and the lower-income fee exemptions are <br />achieved, and wish to formalize their mutual understandings through <br />this regulatory agreement. <br />Now, Therefore, in consideration of the mutual covenants and undertakings <br />set forth herein, and other good and .valuable considerations, the receipt <br />and sufficiency of which hereby are acknowledged, Developer and the City <br />hereby agree as follows: <br />1. Occupancy by Lower-Income Households <br />The Developer agrees that no less than fifteen percent (15$) of the. <br />total number of dwelling units in the Project shall be reserved for <br />occupancy or rented to lower income households as defined in Section <br />1 a) on a continuous basis during the term of this Agreement. <br />1 <br />