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HomeMy WebLinkAbout97-15 EXHIBIT A RESOLUTION NO. 97-15 A RESOLUTION OF THE DANVILLE PLANNING COMMISSION RECOMMENDING THAT THE TOWN COUNCIL ADOPT A MITIGATED NEGATIVE DECLARATION OF ENVIRONMENTAL SIGNIFICANCE AND APPROVE PRELIMINARY DEVELOPMENT PLAN - REZONING REQUEST PUD 96-04 AND FINAL DEVELOPMENT PLAN - MAJOR SUBDIVISION REQUEST SD 8014 ALLOWING THE DEVELOPMENT OF A 48 UNIT APARTr/IENT PROJECT WHEREAS, Castle Construction Company, Inc. has requested approval of a Preliminary Development Plan - Rezoning request and Final Development Plan - Major Subdivision request to rezone a 2.3 +/- acre site from M-12; Multiple Family Residential District to P-l; Planned Unit Development District and to subdivide the property to allow fo- the development of a 48 unit apartment project on a 2.3 +/- acre site; and WHEREAS, the subject site is located on the northwest comer o~ San Ramon Valley Blvd. and Podva Lane and is further identified as Assessor's Parcel Numbers 207-011-004, 010; and WHEREAS, the Town of Danville P-l; Planned Unit Development District Ordinance requires approval of a Preliminary Development Plan - Rezoning and Final Development Plan - Major Subdivision request prior to development of the site; and WHEREAS, a draft Mitigated Negative Declaration of Environmental Significance has been prepared for this project indicating that, as amended through pro: ect revisions or recommended conditions of approval, no significant adverse environmental impacts are anticipated to be associated with this project; and WHEREAS, the Planning Commission did review the project at a noticed public hearing on May 13, 1997; and WHEREAS, the public notice of this action was given in all respects as required by law; and WHEREAS, a staff report was submitted recommending that Plar ning Commission approve the request; and WHEREAS, the Planning Commission did hear and consider all reports, recommendations, and testimony submitted in writing and presented at the hearing; now, therefore, be it PAGE 1 OF RESOLUTION NO. 97-15 RESOLVED that the Planning Commission of the Town of Danville recommends the adoption of a Mitigated Negative Declaration of Environmental Sigri~cance and approval of the Preliminary Development Plan - Rezoning request (PUD 96-04) and Final Development Plan - Major Subdivision request (SD 8014) per the conditions cot rained herein, and makes the following findings in support of this action: Preliminary Development Plan - Rezoning: 1. The proposed project is consistent with the Danville 2005 General Plan. The uses authorized or proposed in the land use district are compatible within the district and to uses existing or proposed in adjacent districts. 3. Community need has been demonstrated for the use proposed. o Based on the completion of the Initial Study of Environmer_tal Significance and comments received, there is no substantial evidence before the Town that the project will have a significant effect on the environment. Final Development Plan - Major Subdivision: The proposed subdivision is in substantial conformance wi-h the goals and policies of the General Plan. o The design of the proposed subdivision is in substantial conformance with the applicable zoning regulations. The design of the subdivision and the type of associatec improvements will not likely cause serious public health problems because water and sanitary facilities services will be available to the new parcels. o The density of the subdivision is physically suitable for the proposed density of development. The design of the proposed subdivision and improvements are not likely to cause substantial environmental damage or subsequently injure fish or wildlife or their habitat since this property is in an area where residential development has previously occurred. The design of the proposed subdivision and proposed improvements will not conflict with easements, acquired by the public at large, for access through or use of, property within the proposed subdivision. PAGE 2 OF RESOLUTION NO. 97-15 CONDITIONS OF APPROVAL Conditions of approval with an asterisk ("*") in the left-hand column are standard project conditions of approval. Optional additional language: Conditions of approval typed in italicized text are mitigation meast-res derived from the Mitigated Negative Declaration of Environmental Significance prepared for the project. Unless otherwise specified, the following conditions shall be complied with prior to the Town Council approval of the initial final map for the project. Each item is subject to review and approval by the Planning Division unless otherwise specified. A. GENERAL This approval is for a Preliminary Development Plan - Rezoning request (PUD 96- 04) and Final Development Plan - Major Subdivision request (SD 8014) rezoning a 2.33 acre property from M-12; Multiple Family Residential District to P-l; Planned Unit Development District allowing the development of 48 apartment units. The development is also known as Podva Road Apartments. Development shall be substantially as shown on the project drawings as follows, except as may be modified by conditions contained herein: a, Preliminary Landscape Plan labeled" ?odva Road Apartments", as prepared by Swanson & Swanson Landscape Architects, dated received by the Planning Division on May 7, 1997. b, Preliminary Architectural Plans and Floor Plans labeled "Podva Road Apartments", consisting of two sheets, as prepared by Hollman Bologna & Associates, dated received by the Planrang Division on May 7, 1997. Tentative Subdivision Map labeled "Subdivision 8014 -- Podva Road Apartments", as prepared by DeBolt Civil ]Engineering, dated received by the Planning Division on May 7, 1997. d, Existing Tree Preservation Plan labeled "Podva Road Apartments", as prepared by Swanson & Swanson Landscape Architects, dated received by the Planning Division on May 7, 1997. PAGE 3 OF RESOLUTION NO. 97-15 The applicant shall pay or be subject to any and all Town and other related fees that the property may be subject to. These fees shall be based on the current fee schedule in effect at the time the relevant permits are secured, and shall be paid prior to issuance of said permit and prior to any Town Council final approval action. Notice should be taken specifically of the Town's Residential Transportation Improvement Program (RTIP), Southern Contra Costa Regional Fees for Road Improvements, Park Land In-lieu, Child Care Facilities, Contra Costa County Flood Control & Water Conservation District (Drainage Areas and Mitigation), Plan Checking, and Inspection fees. Prior to the issuance of grading or building permits, the applicant shall submit written documentation that all requirements of the San Ramon Valley Fire Protection District and the San Ramon Valley Uni:Sied School District have been, or will be, met to the satisfaction of these respect' ve agencies. The applicant shall submit to the Town of Danvii e fees required to file a Notice of Determination for this project as required by AB 3185. The fee shall be $25.00. In the event that subsurface archeological remains are discovered during any construction or pre-construction activities on the site, all land alteration work within 100 feet of the find shall be halted, the Town Planning Division notified, and a professional archeologist, certified by the Society of California Archeology and/or the Society of professional Archeology, shall be notified. Site work in this area shall not occur until the archeologist has had an opportunity to evaluate the significance of the find and to outline appropriate mitigation measures, if they are deemed necessary. If prehistoric archaeological deposits are discovered during development of the site, local Native American organizations shall be consulted and involved in making resource management decisions. Construction activity shall be restricted to the period between the weekday hours of 7:30 a.m. to 5:30 p.m. (Mondays through Fridays), unless otherwise approved in writing by the City Engineer for general cons:ruction activity and the Chief Building Official for building construction activity. The applicant shall provide security fencing, to the satisfaction of the City Engineer and/or the Chief Building Official, around the site during construction of the project. The applicant shall require their contractors and subcontractors to fit all internal combustion engines with mufflers which are in good condition, and to locate stationary noise-generating equipment as far away from existing residences as PAGE 4 OF RESOLUTION NO. 97-15 feasible. Warming of construction equipment and/or servicing such equipment shall occur only within the authorized work periods (see Condition of Approval a.6.). A watering program which incorporates the use ot:a dust suppressant, and which complies with Regulation 2 of the Bay Area Ai- Quality Management District shall be established and implemented for all on and off-site construction activities. Equipment and human resources for watering all exposed or disturbed soil surfaces shall be supplied on weekends and holidays as well as work days. Dust- producing activities shall be discontinued during high wind periods. 10. All physical improvements shall be in place prior to occupancy of any structure in the project. If occupancy within the project is requested to occur in phases, all physical improvements shall be required to be in place prior to occupancy except for items specifically excluded in a construction-pkases occupancy plan approved by the Planning Division. No structure shall be occupied until construction activity in the adjoining area is complete and the area is safe, accessible, provided with all reasonably expected services and amenities, and appropriately separated from remaining additional construction activity. A ~emporary vehicular turnaround shall be provided at the end of the completed section of roadway to allow separation of resident traffic and construction traffic. 11. Allowable uses within this zoning district shall be as specified under the Town's M-19; Multiple Family Residential District. SITE PLANNING All lighting shall be installed in such a manner that lighting is generally down- directed and glare is directed away from surrounding properties and rights-of-way. The location of any pad mounted electrical transformers shall be subject to review and approval by the Planning Division prior to the issuance of a building permit. To the extent feasible, such transformers shall no: be located between any street and the front of a building. Any on-site wells and septic systems shall be destroyed in accordance with Contra Costa County Health Services Department - E'~vironmental Health Division regulations. Environmental Health Division permit and inspections for this work shall be obtained. PAGE 5 OF RESOLUTION NO. 97-15 C. LANDSCAPING Final landscape and irrigation plans (with planting shown at 1 "=20' scale) shall be submitted for review and approval by the Planning Division. The plan shall include common names of all plant materials end shall indicate the size that various plant materials will achieve within a five year period of time. All plant material shall be served by an automatic underground irrigation system and maintained in a healthy growing condition. Irrigation shall comply with Town of Danville Landscape Ordinance #91-14 and lar dscape guidelines and shall be designed to avoid runoff and overspray. Proposed common maintenance lawn areas within the project shall not exceed a maximum of 25 percent of proposed common landscaped areas. All trees shall be a minimum of 15 gallon cot tainer size. All trees shall be properly staked. All remaining shrubs used in the project, which are not used as ground cover, shall be a minimum of five gallons in size. All landscaped areas not covered by shrubs and :rees shall be planted with live ground cover. All proposed ground cover shall be placed so that they fill in within two years. Existing trees on the site shall be preserved to the extent practical. In addition to several Walnut trees and Pine trees, this permit autb_orizes the removal of one Oak tree and three Redwood trees, as indicated on the Existing Tree Preservation Plan prepared for the project. The tree preservation plan shall be updated to provide tree-specific preservation measures for those existing trees to be retained within the project. The recommendations of this supplemental report shah be incorporated into the final design and construction of the project. For site construction activity which will occurs in direct vicinity of the on-site and ofycsite protected trees (see project tree survey), a security deposit in the amount of $5, 000. O0 shall be posted with the Town in compliance with the Town's Tree Protection Ordinance to assure the preservation of the trees. The security deposit shall be returned upon verification of the health of the trees following two full growing seasons after project completion. Project interior fencing shall be installed by the developer and shall be of solid wood design and shall utilize minimum 4"x 4" pressure treated Douglas Fir fence PAGE 6 OF RESOLUTION NO. 97-15 D, posts and 2"x 8" (minimum width and height) kickboards, unless otherwise approved by the Planning Division o This project shall be responsible for the replacemer.t of existing perimeter fencing between the site and the property on the north side of the site and between the site and the two properties on the southwest side of the site. The fence on the north property line shall be six foot high with a 1.5 foot high trellis top. All fencing shall be constructed as required by the above condition. ARCHITECTURE , , All ducts, meters, air conditioning and/or any other mechanical equipment whether on the structure or on the ground shall be effectively screened from view with landscaping or materials architecturally compatible with the main structures. Proposed locations of air conditioning units or ar.y other mechanical equipment shall included on the final architectural plans and shall be subject to review and approval by the Planning Division and the Desigr Review Board. The street numbers for each structure in the project shall be posted so as to be easily seen from the street at all times, day and night. Samples of final materials and the proposed color pallet shall be submitted for review and approval by the Design Review Board prior to the issuance of building permits for the project. Final architectural elevations, details and revisions shall be submitted for review and approval by the Design Review Board prior to issuance of building permits for the project. If a project identification sign for the developmet t is desired, the proposed sign shall be submitted for review by the Town under a separate Sign Review application. The project covenants, conditions and restrictions (CC&Rs) shall provide a review and approval process for any proposed repainting or reroofing of exteriors of the units in this project. Any future architectural modifications to the units requires separate review and approval under a subsequent Final Development ?lan application. PAGE 7 OF RESOLUTION NO. 97-15 o Colors and materials for the apartment buildings developed for this project shall be as shown on the colors and materials board on file with the Planning Division and presented at the public hearings for this project, unless otherwise authorized by the Town. Roof vents which are visible from the street elevation shall be minimized. All roof vents shall be painted a color to blend with the roof and shall be painted with a flat finish. 10. The built-up stucco molding around unit windows shall be painted to match the adjacent body color. 11. A minimum of two different roof materials shall '~e used in this project. 12. Through the preparation of the final working drawings, efforts shall be made to maximize the storage areas available to all units, including the closet storage on the patio/balcony areas and the development of overhead areas within garages. PARKING All parking spaces shall be striped and provided with wheel stops unless they are fronted by concrete curbs, in which case sufficient areas shall be provided beyond the ends of all parking spaces to accommodate the overhang of automobiles. Where authorized, compact car spaces shall be clea:ly designated with appropriate pavement marking or signage. Compact spaces sk all be no less than 8 feet by 16 feet in size, including allowable overhang. Regulatory signage/curb painting for the non-parking side of the interior loop roadway shall be provided, if deemed necessary by the Town (in advisement with the San Ramon Valley Fire Protection District). All common parking spaces shall be established, and maintained, with labeling indicating "guest parking only". Residents of the project shall not be allowed to park in the guest parking spaces. The project CC&Rs and/or rental agreements shall include language which states this restriction. Language shall also include a provision to enable the project's homeowners' association to assess a $25 daily fine for violations of this restriction. PAGE 8 OF RESOLUTION NO. 97-15 Fo GRADING o o Any grading on adjacent properties will require prior written approval of those property owners affected. At least one week prior to commencement of grad:ng, the applicant shall post the site and mail to the owners of property within 300 ~eet of the exterior boundary of the project site, to the homeowner associations of nearby residential projects and to the Town of Danville Development Services Department, a notice that construction work will commence. The notice shall include a list of contact persons with name, title, phone number and area of responsibility. The person responsible for maintaining the list shall be included. The list shall be kept current at all times and shall consist of persons with authority to initiate corrective action in their area of responsibility. The names of individ.~als responsible for dust, noise and litter control shall be expressly identified in f~e notice. Development shall be completed in compliance with a detailed soils report and the construction grading plans prepared for this project. The engineering recommendations outlined in the project specific soils report shall be incorporated into the design of this project. The report shall include specific recommendations for foundation design of the proposed buildings anC shall be subject to review and approval by the Town's Engineering and Planning Divisions. Where soils or geologic conditions encountered in grading operations are different from that anticipated in the soil report, a revised soils report shall be submitted for review and approval by the City Engineer. It shall be accompanied by an engineering and geological opinion as to the safety of the site from settlement and seismic activity. All development shall take place in compliance with the Town Erosion Control Ordinance (Ord. 91-25). Restrictions include lirriting construction primarily to the dry months of the year (May through October) and, if construction does occur during the rainy season, the developer shall submit an Erosion Control Plan to the City Engineer for review and approval. This plan shall incorporate erosion control devices such as, the use of sediment traps, silt fencing, pad berming and other techniques to minimize erosion. All new development shall be consistent with modern design for resistance to seismic forces. All new development shall be in accordance with the Uniform Building Code and Town of Danville Ordinances. PAGE 9 OF RESOLUTION NO. 97-15 All cut and fill areas shall be appropriately designed to minimize the effects of ground shaking and settlement. Stockpiles of debris, soil, sand or other materials that can be blown by the wind shall be covered. o If toxic or contaminated soil is encountered during construction, all construction activity in that area shall cease until the approp-iate action is determined and implemented. The concentrations, extent of the contamination and mitigation shall be determined by the Contra Costa County Health Department. Suitable disposal and/or treatment of any contaminated soil shall meet all federal state and local regulations. If deemed appropriate by the Health Department, the applicant shall make provisions for immediate containment of the materials. Runoff from any contaminated soil shall not be allowed to enter any drainage facility, inlet or creek. 10. All grading activity shall address National Pollutant Discharge Elimination System (NPDES) concerns. Specific measures to control sediment runoff, construction pollution and other potential construction contamination shall be addressed through the Erosion Control Plan (ECP) and Storm Water Pollution Prevention Plan (SWPPP). A NPDES construction permit may be required, as determined by the City Engineer. STREETS The applicant shall obtain an encroachment permit from the Engineering Division prior to commencing any construction activities within any public right-of-way or easement. Street signing shall be installed by the applicant as may be required by the City Engineer. Traffic signs and parking restriction signs which may be required to be installed shall be subject to review and approval by the Transportation Division and the Police Department. All mud or dirt carried off the construction site onto adjacent streets shall be swept each day. Water flushing of site debris or sediment or concrete washing is expressly prohibited. Any damage to street improvements now existing or done during construction on or adjacent to the subject property shall be repaired to the satisfaction of the City Engineer, at full expense to the applicant. This skall include slurry seal, overlay PAGE 10 OF RESOLUTION NO. 97-15 or street reconstruction if deemed warranted by tke City Engineer. All improvements within the public right-of-way, including curb, gutter, sidewalks, driveways, paving and utilities, shall be constructed in accordance with approved standards and/or plans and shall comply with the standard plans and specifications of the Development Services Department and Chapters XII and XXXI of the Town Code. At the time project improvement plans are submitted, the applicant shall supply to the City Engineer an up-to-date title report for the subject property. Handicapped ramps shall be provided and located as required by the City Engineer. Public streets shall be improved to the standards :_n #G.5. above. Private streets shall be improved to public street structural standards. Private street improvements, and their dimensions, shall be as shown on the project plans identified in//A. 1. above and shall conform to Standard Plan 104 a & b. The developer shall be responsible for the insta'lation of street improvements along San Ramon Valley Blvd. and both sections of Podva Road. The improvements required to be built include: a, b, c, San Ramon Valley Blvd. I. Widen the street paving to match the widening occurring on both sides of this project. ii. Install curb and gutter. iii. Install sidewalk to match the existing abutting sidewalk. iv. Install one new street light. Podva Road (both sections) I. Widen the street paving to matck the existing improved street section (40' curb to curb). ii. Install curb and gutter. iii. Install sidewalk. Curb, gutter and sidewalk shall be extend along the frontage (approximately 60 feet) of the property to the west of the main project entry to connect w~th the existing sidewalk to the west. drainage facilities to conform to the new Modify the existing improvements The developer shall be required to dedicate lot frontage to the Town of Danville to accommodate the roadway improvements required by the above condition. PAGE 11 OF RESOLUTION NO. 97-15 10. The developer shall be responsible for the under grounding of the existing power poles along the east/west section of Podva lane alor. g the frontage of this property. 11. The developer shah be responsible for the installation of a new three-way traffic signal at the south intersection of Podva Lane and ,San Ramon Valley Blvd. If authorized by the Town Council, the Town's Residential Traffic Impact Program fees collected fi'om this project may be waived in exchange for the developers installation of the signal in association with this project. The amount of the fee waiver shall not exceed the cost of the traffic signal. 12. The access points into the project, on the westem st-etch of Podva Lane and on the southern stretch of Podva Lane, designated on the project plans as Emergency Vehicle Access (EVA),shall be modified to allow unlimited vehicular access. Unlimited access to the driveway designated as a'~ EVA on the southern stretch of Podva Lane shall be subject to review and approval by the City Engineer to assure that ingress and egress can occur in a safe manner at this location. INFRASTRUCTURE Domestic water supply shall be from an existing public water system. Water supply service shall be from the East Bay Municipal Utility District (EBMUD) water system in accordance with the requirements of EBMUD. All wastewater shall be disposed into an existing sewer system. Sewer disposal service shall be from the Central Contra Costa Sanitary District (CCCSD) sewer system in accordance with the requirements of CCCSD. Drainage facilities and easements shall be provided to the satisfaction of the City Engineer and/or the Chief Engineer of the Contra Costa County Flood Control & Water Conservation District (CCCFC & WCD). All runoff from impervious surfaces shall be intercepted at the project boundary and shall be collected and conducted via an approved drainage method through the project to an approved storm drainage facility, as determined by the City Engineer. Development which proposes to contribute additional water to existing drainage system shall be required to complete a hydraulic study and make improvements to the system as required to handle the expected ukimate peak water flow and to stabilize erosive banks that could be impacted by additional storm water flow. Roof drainage from structures shall be collected via a closed pipe and conveyed to an approved storm drainage facility in the street c'.trb. No concentrated drainage PAGE 12 OF RESOLUTION NO. 97-15 shall be permitted to surface flow across private or public sidewalks or interior roadways or parking areas. Any portion of the drainage system that conveys -unoff from public streets shall be installed within a dedicated drainage easemen:, or public street. Ifa storm drain must cross a lot, or be in an easement between lots, the easement shall be equal to or at least double the depth of the storm drain. o The applicant shall furnish proof to the City Engineer of the acquisition of all necessary rights of entry, permits and/or easements for the construction of off-site temporary or permanent road and drainage improvements. Electrical, gas, telephone, and Cable TV services, shall be provided underground in accordance with the Town policies and existing ordinances. All utilities shall be located and provided within public utility easements, sited to meet utility company standards, or in public streets. 10. All new utilities required to serve the development shall be installed underground. 11. All street, drainage or grading improvement plans shall be prepared by a licensed civil engineer. 12. If a common carwash area is created to serve the project, the waste water created by washing cars shall be directed to the sewer collection system rather than the storm water collection system, unless otherwise a.tthorized by the SWPPP. MISCELLANEOUS Conditions of this approval may require the applicant to install public improvements on land neither the applicant, nor the Town, has easement rights to allow for the installation of the improvements. The applicant shall be responsible for acquisition of said easement rights through private negotiations. If the applicant is unsuccessful in negotiations, t~e applicant shall apply to the Town for use of eminent domain powers in accordance with Town Resolution No. 78-85. All easement rights shall be secured prior to Town Council final approval of any subdivision map. All costs associated with such acquisition shall be borne by the applicant. PAGE 13 OF RESOLUTION NO. 97-15 , Pursuant to Government Code section 66474.9, the applicant (including the applicant or any agent thereof) shall defend, indemnify, and hold harmless the Town of Danville and its agents, officers, and employees from any claim, action, or proceeding against the Town or its agents, officers, or employees to attack, set aside, void, or annul, the Town's approval concerning this Preliminary and Final Development Plan application, which action is brought within the time period provided for in Section 66499.37. The Town wif l promptly notify the applicant of any such claim, action, or proceeding and cooperate fully in the defense. In the case that the project is converted to individually owned condominium units, a homeowners' association shall be formed for this development. The project homeowners' association, through project-specific covenants, conditions and restrictions (CC&Rs), shall be responsible for maintenance of all on-site roads, pedestrian ways, common landscape areas, common fencing, the project recreation areas, intemal roads and parking areas, common drainage facilities and any project installed off-site landscaping, and the maintenance and upkeep of the exterior of all structures in the project. Draft project CC&Rs shall be submitted to the Town of Danville for review and approval a minimum of 30 days prior to the individual sale of any of the units. Use of a private gated entrance is expressly prohi3ited. The final location and design of the gang mailbox structures serving the project shall be subject to review and approval by the P arming Division and the local Postmaster. The structure shall be designed to be compatible, or integrated into, the architecture of the adjacent building. A deed notification (or rental notification as appropriate) shall be recorded to run with the title to all lots within this developmen: advising occupants or future owners of the possible occurrence of vibrations anC high noise levels within these units related to the site's proximity to Highway 680. Prior to issuance of building permits for the construction of homes within this project, the applicant shah submit to the Town an acoustical study, prepared by a qualified acoustical engineer, which evaluates the current andprojected future noise levels on the site and makes recommendations regarding methods of construction necessary to mitigate identified noise impacts. The recommended construction methods shah be incorporated into, and reflected on, the construction plans submitted for building permit approval. PAGE 14 OF RESOLUTION NO. 97-15 Seven units in this project shall be made available to households with incomes not exceeding the current "moderate" income limits, as established by the State Department of Housing and Community Development (HCD) and the United States Department of Housing and Community Development (HUD). For the period that the project is operated as an apartment complex, rental prices for these units shall not exceed the maximum price affordable to households earning 110% of the medium income established for Contra Costa and Alameda Counties, adjusted to reflect household size. The maximum rental price shall not exceed 30% of gross monthly household income after a t~tility allowance. If the project is converted to a for-sale condominium project, f~e sales price of the units shall not exceed the maximum price affordable to ho'.tseholds earning 110% of the median income established for Contra Costa and Alameda Counties (providing for two-person households for the one-bedroom units and three-person households for the two bedroom units). In the case of sales, the maximum sale price shall be based on the following assumed variables: 8.0% ir.terest rate; maximum monthly assignment of housing costs of 33 % of gross mont ~ly household income; taxes at 1.25% of the purchase price of the home; homeowner's association dues of $125.00/month; and 30-year fixed rate mortgage. The initial maximum rental and sales prices of affordable units may be adjusted based on annual upward adjustments to the area rr~edian income, as published by HCD and HUD. In the case of sales of the affordable units, the sales price may also be adjusted upwards to reflect any downwa-d adjustment to the mortgage interest rate at the time the final map is approved for the project. The developer shall enter into a formal agreement with the Town which specifies the maximum income of renters and buyers, regMates the terms of occupancy, resale or any other restriction deemed necessary to assure the long term affordability of the units to moderate income households. This agreement shall be subject to approval by the Town Council prior to recordation of the initial Final Map for the project or issuance of building permi:s, whichever occurs first. PAGE 15 OF RESOLUTION NO. 97-15 APPROVED by the Danville Planning Commission at a Regular Meeting on March 13, 1997, by the following vote: AYES: Combs, Hunt, Jameson, Osborn, Rapp, Bowlby NOES: ABSTAINED: ABSENT: Moran Chai'man APPROVED AS TO FORM: City Attorney ~ Ch~f~/P~ f Planning pdcz 128 PAGE 16 OF RESOLUTION NO. 97-15