10A Action 2012 0618 - Laserfiche WebLink

Home

Regulatory Agreement), and not less than an additional fifty (50) of the residential units in the Alameda component of the Project and not less than an additional fifty (50) of the residential units in the Cornerstone component of the Project shall be rented at an affordable cost to households whose ineorne is less than or equal to ninety percent (90 %) of Area Median Income (as defined in the Regulatory Agreement) in accordance with the terms hereof and the Regulatory Agreement which the Parties shall execute substantially in the form attached hereto as Exhibit D , and which shall be recorded in the Official Records upon Developer's acquisition of the Property. One unit in the Alameda component of the Project and one unit in the Cornerstone component of the Project may be reserved as managers' units, and will not be subject to income - eligibility requirements or rent restrictions. 3.3.1 Preference for San Leandro Residents and Employees. In order to ensure that there is an adequate supply of affordable housing within the City of San Leandro for residents and employees of businesses within the City, to the extent permitted by law and consistent with the program regulations for funding sources used for development of the Project, during initial lease up of the Project, Developer shall give a preference in the rental of the residential units in the Project to eligible households that include at least one member who lives or works in the City of San Leandro. Developer agrees to use targeted marketing to local residents and employees to increase awareness of the availability of units in the Project, including without limitation, advertising in local media such as the San Leandro Times and local - serving bilingual media and undertaking outreach to the San Leandro Unified School District, City employees and the San Leandro Chamber of Commerce. 3.4 Project Approvals. Developer acknowledges and agrees that execution of this Agreement by City does not constitute approval for the purpose of the issuance of building permits for the construction of the Project, does not limit in any manner the discretion of City in such approval process, and does not relieve Developer from the obligation to apply for and obtain all necessary entitlements, approvals, and permits for the construction of the Project, including without limitation, the approval of architectural plans, the issuance of any certificates regarding historic resources required in connection with the Project (if any), and the completion of any required environmental review. Developer covenants that it shall: (i) obtain all necessary permits and approvals which may be required by City, or any other governmental agency having jurisdiction over the construction of the Project or the development of the Property, (ii) comply with all Conditions of Approval, (iii) comply with all mitigation measures imposed in connection with any environmental review of the Project, and (iv) not commence construction work on the Project prior to issuance of building permits required for such work. City staff shall work cooperatively with Developer to assist in coordinating the expeditious processing and consideration of all permits, entitlements and approvals necessary for development of the Project. 3.5 Fees. Developer shall be solely responsible for, and shall promptly pay when due, all customary and usual fees and charges of City in connection with obtaining building permits and other approvals for the Project, including without limitation, those related to the processing and consideration of amendments, if any, to the current entitlements, any related approvals and 1865087.6 9