20.190.100

A. General. Applicants for a Density Bonus, incentive, waiver or modification of Development Standards shall enter into a Regulatory Agreement with the City. The terms of the draft Regulatory Agreement shall be reviewed and revised as appropriate by the Director and the City Attorney. The final Regulatory Agreement, as approved by the City Attorney. shall be executed by the Applicant submitting an application to enter into a Regulatory Agreement that is signed by the property owner and forwarded to the Approval Authority for final approval. B. Timing of Agreement Approval. Approval of the Regulatory Agreement by the Approval Authority shall take place prior to the issuance of a Building Approval or Grading Approval. The Regulatory Agreement may be submitted concurrently with an application for a compliance plan. C. Agreement Terms and Conditions. The Regulatory Agreement shall include at a minimum all of the following: 1. The total number of dwelling units approved for the Housing Development, including the number of Restricted Affordable Units and/or Senior Citizen Housing Development 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 Housing Cost; 3. The location, dwelling unit sizes (square feet), and number of bedrooms of the Restricted Affordable Units and/or Senior Citizen Housing Development units; 4. Term of use restrictions for Restricted Affordable Units and/or Senior Citizen Housing Development units for the minimum period(s) of time, and age restrictions if applicable, specified in the State Housing Density Bonuses and Incentives Law; 5. Requirements to ensure that the initial occupants of all for-sale units that qualified the Applicant for the award of the Density Bonus are persons and families of the appropriate income levels, as required, and that the units are offered at an Affordable Housing Cost, as that cost is defined in Section 50052.5 of the Health and Safety Code and/or meet the requirements for Senior Citizen Housing Development units as specified in the State Housing and Density Bonuses and Incentives Law. The Regulatory Agreement for for-sale Restricted Affordable Units shall include the equity sharing provisions specified in Section 65915(c)(1)(C), unless it conflicts with the requirements of another public funding source or law. 6. A schedule for completion and occupancy of the Restricted Affordable Units and Density Bonus Units; 7. A description of any incentive, waiver or modification of Development Standards, if any, being provided by the City; 8. A description of remedies for breach of the Regulatory Agreement, including at the City's option, the identification of tenants or qualified purchasers as third party beneficiaries under the Regulatory Agreement; 9. A termination provision stating that any granted Density Bonus and Incentive(s) shall terminate with the demolition, destruction or other removal of the structure receiving the Density Bonus and/or Incentive(s); 10. A provision stating that the Regulatory Agreement shall be binding to all future owners and successors in interest; and 11. Other provisions to ensure implementation and compliance with this Chapter. D. Recordation. Following execution of the Regulatory Agreement, the Regulatory Agreement shall be recorded on the property subject to the Regulatory Agreement. (Ord. 31298 .)