(a) Applicants for a density bonus, incentive, concession, waiver, modification or revised parking standard shall enter into a regulatory agreement with the city in a form acceptable to the City Attorney.
(b) Following execution of the agreement by all parties, the completed density bonus regulatory agreement, or memorandum thereof, shall be recorded and the conditions filed and recorded on the development.
(c) The executed regulatory agreement shall be recorded on the development prior to approval of a final map, or, where a map is not being processed, prior to issuance of a building permit. The regulatory agreement shall be binding to all future owners and successors interest.
(d) The regulatory agreement shall be consistent with the guidelines of the city’s Below Market Rate Program and shall include at a minimum the following:
(1) The total number of dwelling units approved for the development, including the number of restricted affordable units;
(2) A description of the household income group to be accommodated by the restricted affordable units, and the standards for determining the corresponding affordable rent or affordable sales price;
(3) The location, dwelling unit sizes (square feet), and number of bedrooms of the restricted affordable units;
(4) Term of use restrictions for restricted affordable units of at least 55 years for moderate income units and at least 55 years for low and very low units;
(5) A schedule for completion and occupancy of restricted affordable units;
(6) A description of any concession, incentive, waiver, modification, or revised parking standard, if any, being provided by the city;
(7) A description of remedies for breach of the agreement (the city may identify tenants or qualified purchasers as third party beneficiaries under the agreement);
(8) That any restricted affordable unit offered for sale: is initially sold to and occupied by a person of family of very low, low, or moderate income, or, if not purchased by an income-qualified household within 180 days after the issuance of a certificate of occupancy, the unit is purchased by a qualified non-profit housing corporation, in accordance with Government Code Section 65915(C)(2); and
(9) Other provisions to ensure implementation and compliance with this section.
(Ord. 5623 § 2 (part), 2024: Ord. 5494 § 3, 2020: Ord. 5373 § 13 (part), 2016; Ord. 5231 § 2 (part), 2014)