Agmt William 14th & Callan Street Owner 04102023

Home

This Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants (this "Agreement") is entered into effective as of November 28, 2022 (the "Effective Date") by and between the City of San Leandro, a California charter city (the "City") and 14TH & CALLAN STREET OWNER, LLC a Delaware limited liability company ("Owner"). City and Owner are hereinafter collectively referred to as the "Parties." RECITALS A. Owner owns, or has the contractual right to purchase, that certain real property located at 1188 E. 141h Street, San Leandro, California 94577, also known as Alameda County Assessor's Parcel Numbers 077-0447-014-06, 077-0447-007-01, 077-0447-014-07 & 077-0447- 015-06 , (the "Property"), as more particularly described in Exhibit A. B. Owner intends to construct, own and operate on the Property a one hundred ninety-six (196) unit mixed use, multifamily Project (the "Project"). C. The Project will include one hundred ninety-six (196) (the "Units"). The occupancy of, and rent for, ten (10) of the Units will be restricted as affordable housing (the "Restricted Units"). One Unit in the Project will be a manager's unit. D. In order to comply with the City of San Leandro's inclusionary housing ordinance, San Leandro Zoning Code chapter 6.04, the Project will include ten (10) units affordable to households making one hundred percent (100%) or less of the Area Median Income (the "Restricted Units"). E. San Leandro Zoning Code chapter 6.04 requires the Owner to enter into an agreement to restrict the occupancy of the Project as required by such laws for a term of fifty- five (55) years. F. The Parties have agreed to enter into and record this Agreement in order to satisfy the conditions described in the foregoing Recitals. The purpose of this Agreement is to regulate and restrict the occupancy and rents of the Project's Restricted Units for the benefit of the Project occupants and the City. The covenants in this Agreement are intended to run with the land and be binding on Owner and Owner's successors and assigns for the full term of this Agreement. NOW THEREFORE, in consideration of the foregoing, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 1. Definitions. The following terms have the meanings set forth in this Section wherever used in this Agreement or the attached exhibits. 1.1 "Actual Household Size" shall mean the actual number of persons in the applicable household. 1.2 "Area Median Income" or "AMI" means the area median income for Alameda County, California, adjusted for Actual Household Size, determined periodically by the California Department of Housing and Community Project ("HCD") as Affordable Housing Regulatory Agreement -Centro Callan November 28, 2022