10A Action 2012 0618 - Laserfiche WebLink

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DEVELOPMENT OF THE PROJECT 3.1 The Property Developer represents and warrants that as of the Effective Date: (i) Developer has assumed or will assume an agreement with the Ray Area Rapid Transit District (`BART ") pursuant to which Developer will have the exclusive right to negotiate regarding acquisition of the Property, and (ii) the Property is subject to no covenant, condition, restriction or agreement that would prevent the development of the Project in accordance with this Agreement. If at any time the foregoing statements become untrue, the City shall have the right to terminate this Agreement upon written notice to Developer. In the event that Developer does not acquire the Property within thirty (30) months following the Effective Date, this Agreement shall terminate, and with the exception of those provisions that survive termination, this Agreement shall be of no further force or effect. 3.2 Scope of Development. After acquiring the Property, Developer shall develop the Project in accordance with the terms and conditions of this Agreement and in compliance with the terms and conditions of all approvals, entitlements and permits that the City or any other governmental body or agency with jurisdiction over the Project or the Property has granted or issued as of the date hereof or may hereafter grant or issue in connection with development of the Project, including without limitation, all mitigation measures imposed in connection with environmental review of the Project and all conditions of approval imposed in connection with any entitlements, approvals or permits (all of the foregoing approvals, entitlements, permits, mitigation measures and conditions of approval are hereafter collectively referred to as the "Conditions of Approval "). The Project will consist of the design, development and construction on the Property of a 200 -unit multi- family residential project that will include two (2) residential components: the "Alameda," which will consist of 100 multi - family units, including four (4) dwelling units that will be accessible to persons with disabilities, and the "Cornerstone" which will consist of 100 multi - family units. The Project will also include common areas including a lobby, a multi- purpose room with kitchen, a landscaped outdoor courtyard, and children's play area; podium parking consisting of approximately 290 spaces; bicycle storage; laundry facilities; a management office; landscaping; and approximately 5000 square feet of ground floor retail space that may include a childcare facility. All of the foregoing, improvements, including the residential components are collectively hereinafter referred to as the "Improvements." Notwithstanding anything to the contrary contained herein, the construction of the Project is expressly conditioned upon compliance with CEQA. No physical activity, not otherwise exempt from CEQA, shall commence on the Property without CEQA compliance. 3.3 Affordable Housing. Developer covenants and agrees for itself, and its successors and assigns, that upon Developer's acquisition of the Property, the Property will be subjected to recorded covenants that will restrict use of the Property to development of a residential project that includes affordable housing, and that for a term of not less than fifty -five (55) years commencing upon the issuance of a final certificate of occupancy for the Project, not less than forty -nine (49) of the residential units in the Alameda component of the Project and not less than forty -nine (49) of the residential units in the Cornerstone component of the Project shall be rented at an affordable cost to households who qualify as Very Low- Income (as defined in the 1865087.6 8