REVISED as of December 17, 2021 by the AGREEMENT TO CONDITIONS PLN18-0046

A.  To satisfy the Inclusionary Housing Requirement under Section 6.04.132 "Off-Site Alternatives" of the Inclusionary Housing Ordinance (Chapter 6.04 of the Zoning Code), the applicant shall provide 1) hour long-term rent restricted units and 2) pay an in-lieu fee of $67,276.00.  Of the four long-term rent restricted units, two shall be for renter households at or below the 100% median household income and two units shall be for renter households at or below 120% moderate household income based on the HUD Area Median Income (AMI) limits for Alameda County.

B.  The proposed apartment building has 40,366 net rentable square feet.  The City in lieu fee rate shall be $5 per square feet of net rentable residential area (exclusive of parking, corridors, and other common areas).  Therefore, the gross amount of the fee is $201,830.00.  The four units fulfill two-thirds (2/3) of the applicant's inclusionary housing production requirement, while the remaining, one-third (1/3) shall be fulfilled by the applicant paying a pro-rated in-lieu fee equaling $67,267.00 (1/3 x $201,830.00).  The in-lieu fee of $67,276.00 shall be paid prior or at the issuance of the Certificate of Occupancy.

C. The applicant shall provide the hour rent restricted units on-site at 1388 Bancroft, where the inclusionary units will be a minimum of two bedroom units each.

D.  Prior to building permit approval, the applicant shall submit an Inclusionary Housing Plan to the Community Development Director for review and approval as required under Section 6.04.128 "Compliance Procedures" of the Inclusionary Housing Ordinance (Chapter 6.04 of the Zoning Code).  In addition, the applicant shall enter into a Inclusionary Housing Agreement with the City per Section 6.04.128.C.