HomeMy WebLinkAboutStaff Report 3.F 01/06/2020w��LU Agenda Item #3.F
X858
DATE: January 6, 2020
TO: Honorable Mayor and Members of the City Council through City Manager
FROM: Jim Carney, Interim Housing Administrator
SUBJECT: Adoption (Second Reading) of an Ordinance Authorizing the City
Manager to Execute all City Documents Relating to the Twenty-five
Affordable Units in the Brody Ranch Subdivision Including Grant Deeds
Transferring Land to the Housing Land Trust of Sonoma County and,
Affordable Housing Agreements with Option to Purchase with the
Housing Land Trust to Maintain the Properties in Petaluma's First Time
Homebuyer Program.
RECOMMENDATION
It is recommended that the City Council Adopt the Attached Ordinance Authorizing the
City Manager to Execute all Documents Relating to the Twenty-five Affordable Units in
the Brody Ranch Subdivision Including Grant Deeds Transferring Land to the Housing
Land Trust of Sonoma County and Affordable Housing Agreements with Option to
Purchase with the Housing Land Trust to Maintain the Properties in Petaluma's First
Time Homebuyer Program.
DISCUSSION
On December 16, 2019 the City Council unanimously approved the first reading of an
ordinance authorizing the City Manager to execute all documents relating to the twenty-
five affordable units in the Brody Ranch Subdivision including grant deeds transferring
land to the Housing Land Trust of Sonoma County and affordable housing agreements
with Option to Purchase with the Housing Land Trust to maintain the properties in
Petaluma's First Time Homebuyer Program.
This development fulfills the City Council's goal of A Safe Community that Thrives with
the objective to create diverse housing opportunities for all Petalumans. Providing
decent, affordable housing is important to families. Affordable homes support the local
workforce so they can live close to their jobs.
FINANCIAL IMPACTS
This project fulfills the City Council's goals and priorities of the 2015-2023 Housing
Element and the 2015-2020 Consolidated Plan in preserving affordable housing in
Petaluma and keeping housing affordable using resale controls. With the 99 -year
renewable Ground Lease for the single-family homes in place and the deed restriction for
a term of 90 years each time the condominium is sold, there should be no future funding
needed for the resale of future properties. The funding for administration of the First
Time Homebuyer program in partnership with the Housing Land Trust will be ongoing as
funds allow.
I1 W 1 M I ILII I WI11 R
1. Ordinance
2. Exhibit A to Ordinance
N
ATTACHMENT #1
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PETALUMA
AUTHORIZING THE CITY MANAGER TO EXECUTE ALL CITY
DOCUMENTS RELATING TO THE TWENTY-FIVE AFFORDABLE UNITS IN
THE BRODY RANCH SUBDIVISION INCLUDING GRANT DEEDS
TRANSFERRING LAND TO THE HOUSING LAND TRUST OF SONOMA
COUNTY AND, AFFORDABLE HOUSING AGREEMENTS WITH OPTION TO
PURCHASE WITH THE HOUSING LAND TRUST TO MAINTAIN THE
PROPERTIES IN PETALUMA'S FIRST TIME HOMEBUYER PROGRAM.
WHEREAS, since 1985 the City Council has developed housing goals to
address the broad range of housing needs within the community, including the
City's initial General Plan Housing Element; and
WHEREAS, the City Council adopted the 2015-2023 General Plan
Housing Element on December 1, 2014 pursuant to Resolution No. 2014-190,
including several programs to promote the development of affordable housing; and
WHEREAS, since 1988, the City, in partnership with nonprofit developers,
has helped build 172 units of for -sale housing for first time homebuyers, and has
provided homeownership to 267 families, including initial sales and re -sales; and
WHEREAS, Policy 4.3 of the Housing Element in the City's General Plan calls
for helping facilitate the entry of low and moderate -income households into the housing
market by partnering with the Housing Land Trust; and
WHEREAS, in 2016, DeNova Homes Inc. filed an application for development
of approximately 15.9 acres in the City of Petaluma located at 360 Corona Road and
more commonly known as the "Brody Ranch Subdivision;" and
WHEREAS, DeNova Homes Inc. ("DeNova") and the Housing Land Trust of
Sonoma County ("HLT") entered into a Memorandum of Understanding on August 5,
2016 in order to facilitate the development of twenty-five affordable housing units in the
Brody Ranch Subdivision; and
WHEREAS, On January 9, 2017, the City Council adopted Resolution #2017-
013 N.C.S., approving the vesting Tentative Subdivision map for Brody Ranch and the
Conditions of Approval recommended by the Planning Commission; and
WHEREAS, Item # 15 of the Conditions of Approval required DeNova to
develop twenty-five on-site dwellings affordable in perpetuity to low -and moderate -
income household; and
WHEREAS, the City of Petaluma entered into an Inclusionary Housing
Agreement with Petaluma 199, a subsidiary of DeNova Homes and on July 10, 2018, and
WHEREAS, Section 46 of the Petaluma City Charter provides that certain
City Council actions must be taken by ordinance, including certain actions for
acquisition, sale or lease of real property;
NOW, THEREFORE, be it ordained by the council of the City of
Petaluma as follows:
SECTION 1: The City Manager is hereby authorized and directed to
execute on behalf of the City all City documents relating to the twenty-five
affordable units in the Brody Ranch Subdivision, including documents transferring
land to the Housing Land Trust of Sonoma County and affordability agreements
with the Housing Land Trust to maintain the units in Petaluma's First Time
Homebuyer Program.
SECTION 2: The City Manager is hereby authorized and directed to
execute on behalf of the City documents substantially in accordance with those
attached to and made a part of this ordinance as Exhibit A to this ordinance, and/or
revised versions of such documents and/or additional documents as may be
recommended and approved by the City Attorney to accomplish the purchase of the
affordable units in the Brody Ranch Subdivision to maintain their affordability as
part of the City's First Time Homebuyer program consistent with the purposes of
the City's General Plan Housing Element, the First Time Homebuyer Program and
this ordinance.
SECTION 3: If any part of this Ordinance is for any reason held to be
unconstitutional, unlawful or otherwise invalid by a court of competent jurisdiction,
such decision will not affect the validity of the remaining parts of this Ordinance.
The City Council of the City of Petaluma hereby declares that it would have passed
and adopted this Ordinance and each of its provisions irrespective of any part being
held invalid.
SECTION 4: On January 9, 2017, the City Council adopted Resolution
2017-011 N.C.S. approving a Mitigated Negative Declaration and Mitigation
Monitoring and Reporting Program for the Brody Ranch project, including the
affordable housing components of the project. The authority granted to the City
Manager to execute transactional documents on behalf of the City to implement the
on site affordable housing component of the Brody Ranch project involves no
environmental impacts not already addressed in the Mitigated Negative Declaration
and Mitigation Monitoring and Reporting Program already approved for the
project.
SECTION 5: This Ordinance will become effective thirty days after the
date of its adoption by the Petaluma City Council.
SECTION 6: The City Clerk is hereby directed to post and/or publish this
Ordinance or a synopsis for the period and in the manner required by the City
Charter.
E
EXHIBIT A
Recording requested by and when
recorded mail to:
City of Petaluma
11 English Street
Petaluma, CA 94952
Attn: City Clerk
EXEMPT FROM •'D
PERGOVERNMENT CODE
27383
ATTACHMENT #2
Space above this line for Recorder's use.
AFFORDABLE HOUSING AGREEMENT AND DECLARATION OF
RESTRICTIVE COVENANTS
("REGULATORY AGREEMENT")
This Affordable Housing Agreement and Declaration of Restrictive
Covenants (this "Agreement") is entered into effective as of ,
2019 ("Effective Date") by and between the City of Petaluma, a California
municipal corporation and charter city ("City") and the Housing Land Trust of
Sonoma County, a California nonprofit public benefit corporation ("HLT"). City
and HLT are hereafter referred to as the "Parties."
A. Pursuant to the Petaluma Implementing Zoning Ordinance, Ordinance No.
2300 N.C.S., Section 3.040 (the "Ordinance"), residential developments of five
(5) or more units are required to contribute to the provision of below market -rate
housing as specified therein. In order to satisfy its obligation under the
Ordinance with respect to that certain development known as the Brody Ranch
Subdivision, consisting of One hundred and ninety-nine (199) residential units
(the "Development") in the City of Petaluma, County of Sonoma, and State of
California, Petaluma 199 LP, a Limited Partner ("Subdivider"), has agreed to
contribute a portion of the property in the Development, for the construction of
twenty-five (25) residential units to be restricted for occupancy to certain income
levels (the "Restricted Homes" or the "Project"), as set forth herein, and as
more particularly described in Exhibit B
D
B. As of the Effective Date, the land underlying Lot 9, 1432 Sylvia Way,
Petaluma, CA, and as more particularly described in Exhibit A, has been
conveyed to HLT by Subdivider pursuant to a Grant Deed recorded in the Official
Records of Sonoma County ("Official Records").
C. HLT has entered into, or shall enter into an agreement with Subdivider,
pursuant to which Subdivider will construct the Restricted Homes as part of the
larger Development, and sell the Restricted Homes constructed on the Property
to eligible homebuyers at an affordable price. Concurrently with the sale of each
of the Restricted Homes, HLT will enter into a Declaration of Affordability
Covenants, Buyer's Occupancy Resale Restriction and Option to Purchase
("Declaration") as well as a ground lease ("Ground Lease") for Restricted
Homes with each homebuyer in order to ensure long-term affordability of the
Restricted Homes.
D. This Agreement is entered into to provide assurance to City that the
Restricted Homes shall comply with the requirements of the Ordinance and the
conditions of approval for the Brody Ranch Subdivision.
NOW, THEREFORE, the Parties agree as follows:
1. Definitions. As used in this Agreement, the following terms shall
have the meanings set forth below. Additional terms are defined in the Recitals
and the text of this Agreement.
(a) "Affordable Purchase Price" means a home purchase price
resulting in an average monthly housing payment (including mortgage loan
principal and interest, mortgage insurance fees, property taxes and
assessments, a reasonable allowance for property maintenance and repairs,
homeowners insurance premiums, a reasonable utility allowance, and
homeowners association dues, if any) which is affordable to households of Low
to Moderate -Income, as determined using standard underwriting criteria in
common use by Fannie Mae or the California Housing Finance Agency.
(b) "Area Median Income" means the median household income,
adjusted for household size, applicable to Sonoma County, California as
published periodically by the State Department of Housing and Community
Development in the California Code of Regulations, Title 25, Section 6932
pursuant to California Health and Safety Code Section 50093(c) (or successor
provision).
(c) "Eligible Buyer" means a household of Low- to Moderate—
Income, as applicable, which the City has determined meets the eligibility
requirements for purchase of a Restricted Home.
(e) "Low -Income" means an annual income which does not exceed
eighty percent (80%) of the Area Median Income adjusted for household size.
(f) "Median -Income" means an annual income which does not exceed
one hundred percent (100%) of the Area Median Income, adjusted for household
size.
(g) "Moderate -Income" means an annual income which does not
exceed one hundred twenty percent (120%) of the Area Median Income,
adjusted for household size.
(h) "Maximum Initial Sales Price" means the initial Affordable
Purchase Price for a Home as determined by City.
2. Satisfaction of Affordable Housinq Obliqation. Subdivider will
construct twenty-five (25) Restricted Homes on the Property and sell nine(_9_)
Restricted Homes at an Affordable Purchase Price to an Eligible Buyer of Low -
Income, sixteen (16) Restricted Homes at an Affordable Purchase Price to an
Eligible Buyer of of Moderate -Income, in accordance with income categories
specified in Exhibit B. Concurrently with the sale of each Restricted Home, HLT
shall require the homebuyer to execute a Declaration and related Deed of Trust
(the "Deed of Trust") substantially in the form attached hereto as Exhibit C or a
Ground Lease, substantially in for the attached hereto as Exhibit C -1. -Among
other provisions, the Declaration or Ground Lease, as applicable, will require
each Restricted Home (i) to be used solely for residential purposes (ii) to be
occupied as the homebuyer's principal residence, and (iii) to be permitted to be
transferred only to HLT, another Eligible Buyer, or upon the death of the
homebuyer, to the homebuyer's heirs who qualify as Low -Income, Median -
Income or Moderate -Income, as applicable. HLT agrees that the intent of this
Agreement, the Declaration and Ground Lease is that the Restricted Homes shall
be permanently affordable to Eligible Buyers of Low -Income to Moderate -Income,
as applicable, and HLT agrees that resale of the Restricted Homes shall be so
restricted pursuant to the Declaration or Ground Lease, as applicable.
3. Marketinq and Sale to Eliqible Buyers. HLT shall require
Subdivider to sell the Restricted Homes developed on the Property at an
Affordable Purchase Price as described in Section 4 to Eligible Buyers of Low -
Income, Median -Income or Moderate -Income, as applicable, and in accordance
with Exhibit B. Within the pool of eligible applicants, preference is to be given to
persons that either live or work in Petaluma. City shall cooperate with HLT to
identify Eligible Buyers; however, HLT will have primary responsibility for
marketing the Restricted Homes, finding qualified Eligible Buyers, and screening
and selecting applicants. City shall have no obligation to pay costs related to
marketing, sales efforts or real estate commissions. HLT agrees that it shall
comply, and shall require Subdivider to comply, with applicable fair housing laws
in the marketing and sale, as applicable, of the Restricted Homes.
4. Affordable Purchase Price. The Maximum Initial Sales Price for
the Homes is shown in Exhibit B attached hereto and incorporated herein.
5. City Review of Documents. Upon request, HLT agrees that it shall
provide the form of Ground Lease, Declaration and Deed of Trust to be executed
by the homebuyers.
6. Compliance Reports, Inspections, Monitoring. Upon completion of
construction of the Restricted Homes, and annually thereafter by no later than
each anniversary of the Effective Date, upon City's request HLT shall submit to
City a Compliance Report verifying HLT's compliance with this Agreement, and
certified as correct by HLT under penalty of perjury. The Compliance Report
shall be in such format as City may reasonably request and shall contain
certifications regarding the eligibility of homebuyers and evidence of the
homebuyer's and HLT's execution of the Ground Lease or Declaration, as
applicable.
HLT shall retain all records related to compliance with this Agreement, and
shall make such records available to City or its designee for inspection and
copying on five (5) business days' written notice. HLT shall permit City and its
designees to inspect the Property to monitor compliance with this Agreement
following two (2) business days' written notice.
7. Covenants Run with the Land. The covenants and conditions
herein contained shall apply to and bind, during their respective periods of fee
ownership, HLT and its heirs, executors, administrators, successors, transferees,
and assignees having or acquiring any right, title or interest in or to any part of
the Property and shall run with and burden such portions of the Property. This
Agreement shall remain in effect in perpetuity unless released by City pursuant to
an instrument recorded in the Official Records of Sonoma County.
8. Default and Remedies. Failure of HLT to cure any default in HLT's
obligations under this Agreement within thirty (30) days after the delivery of a
notice of default from the City will constitute an Event of Default under this
Agreement. In addition to remedies set forth in this Agreement, the City may
exercise any and all remedies available under law or in equity, instituting against
HLT or other applicable parties, a civil action for declaratory relief, injunction or
any other equitable relief, or relief at law, including without limitation an action to
rescind a transaction and/or to require repayment of any funds received in
connection with such a violation.
9. Option to Purchase, Enter and Possess or Assignment of Riqhts.
A. For those Restricted Homes that are subject to a Ground Lease the
following shall apply. City shall have the right at its option to purchase, enter
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and take possession of the Property or any portion thereof owned by HLT with all
improvements thereon (the "Option"), if, at or after the initial sale of the
Restricted Homes to Eligible Buyers, the Restricted Homes are sold to persons
who do not qualify as Eligible Buyers. In such event City shall have an option to
purchase any such Restricted Homes at the Affordable Purchase Price as
determined pursuant to this Agreement, or the City may pursue any remedies it
may have under this Agreement, the Deed of Trust or under law or in equity.
In order to exercise the Option, the City shall give HLT notice of such
exercise, and HLT shall, within thirty (30) days after receipt of such notice,
provide the City with a summary of all of HLT's costs incurred as described in this
Section. Within thirty (30) days of the City's receipt of such summary, the City
shall pay into an escrow established for such purpose cash in the amount of all
sums owing pursuant to this Section 9, and HLT shall execute and deposit into
such escrow a grant deed transferring to the City all of HLT's interest in the
Property, or portion thereof, as applicable and the improvements located thereon.
B. For those Restricted Homes that are subject to a Declaration, the
following shall apply: If, at or after the initial sale of the Restricted Homes to
Eligible Buyers, the Restricted Homes are sold to persons who do not qualify as
Eligible Buyers, the City shall have the option to assume HLT's rights under each
Declaration and Deed of Trust. Upon notice from the City of a violation under this
Section 9B and the exercise of the option under this Section 9B by the City, HLT
shall assign its interest in the applicable Declaration(s) and Deed(s) of Trust to
the City. In such event City shall assume the rights and obligations of HLT under
the applicable Declaration(s) and Deed(s) of Trust.
In order to exercise the option to assume described in 9B above, the City
shall give HLT notice of assignment, and HLT shall, within thirty (30) days after
receipt of such notice to assign its rights and obligations under the applicable
Declaration and Deed of Trust to the City.
10. Mortqaqee Protection. The City's rights pursuant to Section 9 shall
not defeat, limit or render invalid any mortgage or deed of trust recorded against
the Property or any portion thereof, including without limitation, any Restricted
Home. Any conveyance of the Property to the City pursuant to Section 9 shall
be subject to mortgages and deeds of trust permitted by this Agreement.
Notwithstanding any other provision in this Agreement to the contrary, this
Agreement shall not diminish or affect the rights of the California Housing
Finance Agency ("CaIHFA"), HUD, the Federal National Mortgage Association
("FNMA"), or the Veterans Administration ("VA") under any mortgage recorded
against the Property in compliance with the Declaration.
11. Remedies Cumulative. No right, power, or remedy specified in this
Agreement is intended to be exclusive of any other right, power, or remedy, and
each and every such right, power, or remedy shall be cumulative and in addition
to every other right, power, or remedy available to the City under law or in equity.
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Neither the failure nor any delay on the part of the City to exercise any such
rights, powers or remedies shall operate as a waiver thereof, nor shall any single
or partial exercise by the City of any such right, power or remedy preclude any
other or further exercise of such right, power or remedy, or any other right, power
or remedy.
12. Attorneys' Fees and Costs. The City shall be entitled to receive
from HLT or any person violating the requirements of this Agreement, in addition
to any remedy otherwise available under this Agreement or at law or equity,
whether or not litigation is instituted, the costs of enforcing this Agreement,
including without limitation reasonable attorneys' fees and the costs of City staff
time. In any dispute arising in connection with this Agreement, the prevailing
party shall be entitled to recover reasonable attorneys' fees.
13. Appointment of Other Agencies. In its sole discretion, the City may
designate, appoint or contract with any other person, public agency or public or
private entity to perform some or all of the City's obligations under this
Agreement.
14. Hold Harmless. HLT agrees to indemnify, defend (with counsel
approved by the City) and hold harmless City and its elected and appointed
officials, officers, employees, representatives and agents (all of the foregoing,
collectively the "Indemnitees") from and against all liability, loss, cost, claim,
demand, action, suit, legal or administrative proceeding, penalty, deficiency, fine,
damage and expense (including, without limitation, reasonable attorney's fees
and costs of litigation) (all of the foregoing, collectively hereinafter "Claims")
arising or allegedly arising out of or relating in any manner to the Project, the
Property, or HLT's performance or nonperformance under this Agreement,
except to the extent arising from the gross negligence or willful misconduct of the
City. The provisions of this section shall survive the expiration or other
termination of this Agreement or any release of part or all of the Property from
the burdens of this Agreement.
15. Insurance Requirements. HLT shall obtain and maintain at HLT's
expense, Commercial General Liability, naming Indemnitees as additional
insureds with aggregate limits of not less than Two Million Dollars ($2,000,000)
for bodily injury and death or property damage including coverage for contractual
liability and premises operations, purchased from an insurance company duly
licensed to issue such insurance in the State of California with a current Best's
Key Rating of not less than A-V, such insurance shall be evidenced by an
endorsement which so provides and delivered to the City prior to the Effective
Date.
16. Notices. All notices required pursuant to this Agreement shall be in
writing and may be given by personal delivery or by registered or certified mail,
return receipt requested, to the party to receive such notice at the addresses set
forth below:
City:
HLT:
City of Petaluma
11 English Street
Petaluma, CA 94952
Attn: City Clerk
Housing Land Trust of Sonoma County
P.O. Box 5431
Petaluma, CA 94955-5431
Attn: Executive Director
Any party may change the address to which notices are to be sent by notifying
the other parties of the new address, in the manner set forth above.
17. Inteqrated Aqreement; Amendments. This Agreement, together
with the exhibits hereto constitutes the entire Agreement between the Parties
with respect to the subject matter hereof. No modification of or amendment to
this Agreement shall be binding unless reduced to writing and signed by the
Parties. The City Manager or his or her designee shall have authority to
approve or disapprove minor or technical amendments to this Agreement on
behalf of the City.
18. Subordination; Execution of Riders for the Benefit of Mortqaqe
Lenders. City agrees that if required in order to assist Eligible Buyers to secure
purchase money financing for the acquisition of a Home, the City will enter into a
subordination agreement with a purchase money lender to subordinate this
Agreement under such terms as the City and the purchase money lender shall
negotiate provided that City is granted reasonable notice and cure rights under
the first mortgage. The City further agrees that if City succeeds to the interest of
HLT under the Ground Lease applicable to any one or more Restricted Homes
pursuant to the exercise of City's remedies under this Agreement or the Deed of
Trust, the City agrees that it shall recognize the Lessee under the Ground Lease
and shall comply with the requirements of Fannie Mae Form 2100 (3/06) and
Fannie Mae Announcement 06-03 or similar successor policy, as such
documents may be modified or amended. Notwithstanding any other provision
hereof, the provisions of this Agreement shall be subordinate to the lien of the
First Lender Loan (as defined in the Declaration) and shall not impair the rights of
the First Lender, or the First Lender's successor or assign, to exercise its
remedies under the First Lender Deed of Trust in the event of default under the
First Lender Deed of Trust by the Owner. Such remedies under the First Lender
Deed of Trust include the right of foreclosure or acceptance of a deed or
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assignment in lieu of foreclosure. After such foreclosure or acceptance of a deed
or assignment in lieu of foreclosure, this Agreement shall be forever terminated
and shall have no further effect as to the Unit or any transferee thereafter;
provided, however, if the holder of such First Lender Deed of Trust acquired title
to the Home pursuant to a deed or assignment in lieu of foreclosure and no
notice of default was recorded against the Home by such holder in connection
therewith, this Agreement shall automatically terminate upon such acquisition of
title, only if (i) the City has been given written notice of default under such First
Lender Deed of Trust with a sixty (60) -day cure period (which requirement shall
be satisfied by recordation of a notice of default under California Civil Code
Section 2924), and (ii) the City shall not have cured the default within the sixty
(60) -day period. Owner agrees to record any necessary documents to affect
such termination, if applicable
19. Parties Not Co -Venturers. Nothing in this Agreement is intended to
or shall establish the Parties as partners, co -venturers, or principal and agent
with one another.
20. Further Assurances; Action by the Citv. The Parties shall execute,
acknowledge and deliver to the other such other documents and instruments,
and take such other actions, as either shall reasonably request as may be
necessary to carry out the intent of this Agreement. Except as may be otherwise
specifically provided herein, whenever any approval, notice, direction, consent or
request by the City is required or permitted under this Agreement, such action
shall be in writing, and such action may be given, made or taken by the City
Manager or by any person who shall have been designated by the City Manager,
without further approval by the City Council unless the City Manager determines
in his or her discretion that such action requires such approval.
21. Governinq Law; Venue. This Agreement shall be construed and
enforced in accordance with the laws of the State of California without regard to
principles of conflicts of law. The Parties consent to the jurisdiction of any federal
or state court in the jurisdiction in which the Property is located (the "Property
Jurisdiction"). Borrower agrees that any controversy arising under or in relation
to this Agreement shall be litigated exclusively in courts having jurisdiction in the
Property Jurisdiction. Borrower irrevocably consents to service, jurisdiction, and
venue of such courts for any such litigation and waives any other venue to which
it might be entitled by virtue of domicile, habitual residence or otherwise.
22. No Waiver. Any waiver by the City of any obligation or condition in
this Agreement must be in writing. No waiver will be implied from any delay or
failure by the City to take action on any breach or default of HLT or to pursue any
remedy allowed under this Agreement or applicable law. Any extension of time
granted to HLT to perform any obligation under this Agreement shall not operate
as a waiver or release from any of its obligations under this Agreement. Consent
by the City to any act or omission by HLT shall not be construed to be a consent
13
to any other or subsequent act or omission or to waive the requirement for the
City's written consent to future waivers.
23. Headinqs. The titles of the sections and subsections of this Agreement
are inserted for convenience of reference only and shall be disregarded in
interpreting any part of the Agreement's provisions.
24. Counterparts. This Agreement may be executed in counterparts, each of
which shall be an original and all of which taken together shall constitute one and
the same instrument.
25. Severability. If any provision contained in this Agreement is to be held by a
court of competent jurisdiction to be void or unenforceable the remaining portions
of this Agreement shall remain in full force and effect.
26. Exhibits. The following exhibits attached to this Agreement are hereby
incorporated herein by reference:
Exhibit A Legal Description of the Property
Exhibit B Maximum Homebuyer Income Level; Unit Size and Bedroom
Count; Maximum Initial Sales Price
Exhibit C Form of Declaration and Deed of Trust
Exhibit C-1 Form of Ground Lease
(SIGNATURES ON FOLLOWING PAGE; SIGNATURES MUST BE
NOTARIZED]
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IN WITNESS WHEREOF, the Parties have executed this Agreement as of
the date first written above.
HLT:
Housing Land Trust of Sonoma County,
A nonprofit public benefit corporation
Its:
CITY:
City of Petaluma,
a California municipal corporation
Peggy Flynn, City Manager
ATTEST:
91
City Clerk
Eric W. Danly, City Attorney
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Exhibit A
Real property in the City of Petaluma, County of Sonoma, State of California, described
as follows:
Records.
APN:
, as shown upon the map entitled filed
.200 in Book of Maps Pages Sonoma County
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I*A:I1=i1r-j
Brody Ranch
Workforce housing maximum sales price sheet
21 CONDOS:
Low Income Households: 80% area medium income:
1 Bedroom 2 Bedroom 3 Bedroom
Sales Price $144,000 $170,000 $195,100
Medium Income Household: 100% area medium income:
1 Bedroom 2 Bedroom 3 Bedroom
Sales Price $215,000 $250,000 $285,000
Moderate Income Households: 120% area medium income:
1 Bedroom
Sale Price $270,000
DUETS: Lots 9 & 10
Moderate Income Household:
4 Bedroom
Sale Price $370,000
SFH: Lots 21 & 22
Moderate Income Household:
4 Bedroom
Sale Price $393,000
Unit Income Classification
Moderate Income
Moderate Income
2 Bedroom 3 Bedroom
$315,000 $355,000
Lot Nos. Address
9 1432 Sylvia Way, Petaluma
10 1428 Sylvia Way, Petaluma
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