HomeMy WebLinkAbout061824-06.8
ADMINISTRATIVE STAFF REPORT 6.8
TO: Mayor and Town Council June 18, 2024
SUBJECT: Resolution No. 40-2024, authorizing the Town Manager to execute a
Regulatory Agreement and Declaration of Restrictive Covenants for the
below-market rate units associated with the 600 Hartz Avenue development
BACKGROUND
On May 10, 2022, the Danville Planning Commission adopted Resolution No. 2022-09
adopting a Mitigated Negative Declaration of Environmental Significance and approving a
Condominium Subdivision Map, Development Plan, and Land Use Permit allowing the
construction of a new 51,290 square foot two-story mixed-use building at 600 Hartz Avenue.
The development includes 37 residential condominium units and 3,920 square feet of
commercial space (retail or restaurant) along the Hartz Avenue frontage. Pursuant to the
Town’s Inclusionary Housing Ordinance (Municipal Code Section 32-73), the development
approval required that 15 percent of the units (five units) be deed restricted to be sold to
qualifying households at a moderate income level. The Inclusionary Housing Ordinance
requires Town Council approval of a Regulatory Agreement and Declaration of
Reconstructive Covenants (Affordable Housing Agreement) specifying the terms of the
agreement. The agreement is then recorded to run with deeds of the subject lots.
DISCUSSION
The Affordable Housing Agreement (Attachment B) between the Town and 600 Ventures,
LLC, specifies the maximum allowable household income for buyers of the below market
rate (BMR) units. The restriction is for a term of 20 years.
The BMR units are required to be sold to qualifying moderate income households at specific
maximum sales prices. Moderate income is defined as households with an income of
between 80% and 120% of Contra Costa County’s median income, adjusted for household
size. The latest County income data was released on May 9, 2024. As an example, based on
the current income data, a unit with a three person household would have a maximum price
of $513,995.00 which results in a monthly mortgage payment of approximately $3,282.00.
PUBLIC CONTACT
Posting of the meeting agenda serves as notice to the general public.
Affordable Housing Agreement 2 June 18, 2024
FISCAL IMPACT
None.
RECOMMENDATION
Adopt Resolution No. 40-2024, authorizing the Town Manager to execute a Regulatory
Agreement and Declaration of Restrictive Covenants for the below-market rate units
associated with the 600 Hartz Avenue development.
Prepared by:
David Crompton
Chief of Planning
Reviewed by:
Diane J. Friedmann
Development Services Director
Attachments: A - Resolution No. 40-2024
B - Draft Regulatory Agreement and Declaration of Restrictive Covenants
for 600 Hartz Avenue
RESOLUTION NO. 40-2024
AUTHORIZING THE TOWN MANAGER TO EXECUTE A REGULATORY
AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS
FOR THE BELOW-MARKET RATE UNITS ASSOCIATED
WITH THE 600 HARTZ AVENUE DEVELOPMENT
WHEREAS, on May 10, 2022, the Danville Planning Commission adopted Resolution No.
2022-09 adopting a Mitigated Negative Declaration of Environmental Significance and
approving a Condominium Subdivision Map, Development Plan, and Land Use Permit
allowing the construction of a new 51,290 square foot two-story mixed-use building. The
development includes 37 residential condominium units and 3,920 square feet of
commercial space (retail or restaurant) along the Hartz Avenue frontage; and
WHEREAS, pursuant to the Town’s Inclusionary Housing Ordinance (Municipal Code
Section 32-73), the development approval required that 15 percent of the units (five units)
be deed restricted to be sold to qualifying households at a moderate income level; and
WHEREAS, 600 Ventures, LLC accepted the obligation to execute a Regulatory
Agreement and Declaration of Restrictive Covenants (Affordable Housing Agreement),
restricting the sales price of five below market rate units to be affordable to moderate
income households, adjusted for household size; and
WHEREAS, promoting the development of affordable housing within the Town of
Danville is a goal of the Danville 2023-2031 Housing Element; and
WHEREAS, the Town Council reviewed the draft Affordable Housing Agreement
prepared for the project that will provide for the regulation of the sales process and
household income requirements at their meeting of June 18, 2024; and
WHEREAS, a staff report was submitted recommending that the Town Council approve
the draft Affordable Housing Agreement between the Town of Danville and 600
Ventures, LLCs; now, therefore, be it
RESOLVED, that the Town Council authorizes the Town Manager to execute a
Regulatory Agreement and Declaration of Restrictive Covenants for the below-market
units associated with the 600 Hartz Avenue development.
DocuSign Envelope ID: 1C4D65B0-7795-4363-ADE6-6E2C6DB90E0D
ATTACHMENT A
PAGE 2 OF RESOLUTION NO. 40-2024
APPROVED by the Danville Town Council at a regular meeting on June 18, 2024 by the
following vote:
AYES:
NOES:
ABSTAINED:
ABSENT:
______________________________
MAYOR
APPROVED AS TO FORM: ATTEST:
_______________________________ ______________________________
CITY ATTORNEY CITY CLERK
DocuSign Envelope ID: 1C4D65B0-7795-4363-ADE6-6E2C6DB90E0D
Regulatory Agreement and Declaration
of Restrictive Covenants – 600 Hartz Avenue 1
RECORDING REQUESTED BY:
Town Manager
Town of Danville
WHEN RECORDED, RETURN TO:
Town of Danville
500 La Gonda Way
Danville, CA 94526
Attention: City Clerk
__________________________________________________________________________
REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE
COVENANTS BETWEEN THE TOWN OF DANVILLE AND 600 VENTURES, LLC
PERTAINING TO THE DEVELOPMENT AT 600 HARTZ AVENUE INCLUDING
37 FOR-SALE CONDOMINIUM UNITS
This Regulatory Agreement and Declaration of Restrictive Covenants ("the
Agreement") is entered into as of _____________, by and between the Town of
Danville, a municipality ("Danville") and 600 Ventures, LLC ("Developer"), the
developer of certain real property in the Town of Danville, Contra Costa County
California.
RECITALS
1.Developer is constructing a 37-unit multiple family residential condominium
project in the Town of Danville at 600 Hartz Avenue DEV21-0013, and more
particularly described in Exhibit 1 attached hereto and incorporated herein (the
"Property"). The Property is a 1.19 acre site, located at 600 Hartz Avenue. The
Town approved the development of the Property pursuant to Planning
Commission Resolution No. 2022-09.
2.Project conditions of approval imposed through the adoption of Planning
Commission Resolution No. 2022-09 linked the property’s development to the
provision of a minimum of five for-sale affordable housing units. Specifically,
Project Condition of Approval #I.7 requires Developer to address the
inclusionary housing requirements applicable to the project pursuant to the
Town’s Inclusionary Housing Ordinance (Municipal Code Chapter 32-73).
Pursuant to these requirements, the developer will construct five for-sale below
market rate condominium units (BMRs) to be sold to moderate income
households.
ATTACHMENT B
Regulatory Agreement and Declaration
of Restrictive Covenants – 600 Hartz Avenue 2
4. The Town has made a commitment to comply with State law and to provide
safe and decent housing for all economic segments of the community and the
project will assist the Town in attaining this goal and, as such, both parties
desire to provide the for-sale BMRs for the residents of Danville under the
terms and conditions set forth herein.
5. The purpose of this Agreement is to implement the project conditions of
approval by providing suitable mechanisms for establishing and ensuring the
continued viability of the for-sale BMR program, as agreed between the parties.
6. This Agreement serves to implement, in part, the Housing Element of the Town
of Danville General Plan.
7. This is an integrated Agreement and it is intended that the entire Agreement
will be recorded to encumber the designated condominium units for the term
specified within. This Regulatory Agreement and Declaration of Restrictive
Covenants shall be recorded as an individual restriction against each of the five
designated for-sale BMRs identified in this Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and undertakings set
forth herein, and other good and valuable consideration, the receipt and sufficiency
of which hereby are acknowledged, Danville and Developer hereby agree as follows:
AGREEMENT
SECTION I DEFINITIONS AND INTERPRETATION
Underlined items used herein shall have the following meanings unless the
context in which they are used clearly requires otherwise.
1. Danville means the Town of Danville, a political subdivision of the State of
California.
2. Developer means 600 Ventures, LLC and their successors and assigns, and any
surviving, resulting or transferee entity.
3. Owner means the purchaser of the individual for-sale BMRs as they are first
sold and transferred and all subsequent purchasers or transferees of the
respective for-sale BMRs. During transition of BMR ownership, the term
Regulatory Agreement and Declaration
of Restrictive Covenants – 600 Hartz Avenue 3
Owner shall be differentiated into sub-terms of Owner and Purchaser Owner
for the respective parties selling the BMR and purchasing the BMR.
4. For-sale BMRs means the five for-sale moderate income units to be developed
in the project, as identified in Exhibit 2 to the Agreement, as required by the
Project conditions of approval for Development Plan DEV2021-0013, with such
units to be designated for conditional purchase by Qualified Moderate Income
Households for the term of this Agreement.
5. Area Median Income means the median family income, as adjusted for family
size and as annually revised, for the Contra Costa County area of the State of
California, as published at Title 25, California Code of Regulations, Section
6932. (Note: In the event the foregoing determinations of area median income
are discontinued, the Area Median Income shall be as alternately established
and published by the U.S. Department of Housing and Urban Development
("HUD")).
6. Property means the parcel of real property described in Exhibit “1”.
7. Project means the 37 residential condominium units total 46,680 square feet,
3,920 square feet of commercial retail space along the Hartz Avenue frontage,
and a 31,360 square foot subterranean parking garage containing 79 parking
spaces.
8. Qualified Moderate Income Household means a household whose income is
at, or below, 120% of the Area Median Income, adjusted for household size.
9. First Closing Date means the date of the first close of escrow on a BMR in the
sale by Developer of a completed dwelling unit thereon to the initial Owner.
10. Agreement means this Regulatory Agreement and Declaration of Restrictive
Covenants.
The parties agree as follows:
1. TWENTY YEAR TERM: The term for which the BMRs shall be held for and
restricted as Moderate Income Housing shall be twenty years. The term for
each respective BMR shall commence upon the date of the first close of escrow
on that BMR in the sale by Developer of a completed dwelling unit. The close
of escrow is when the deed conveying title to the respective BMR is recorded
Regulatory Agreement and Declaration
of Restrictive Covenants – 600 Hartz Avenue 4
in the Official Record of the County.
a. TERMINATION: This agreement shall expire and all restrictions will
terminate as to the respective BMRs upon any of the following:
(i) The date that is twenty years after the First Closing Date on the
particular BMR; or
(ii) A permanent waiver or release of these restrictions on the BMR is
executed by Danville and recorded in the Official Records of the
County.
2. INITIAL SALES PRICE: The sales price upon the initial transfer by Developer
to a Purchaser Owner on the First Closing Date will be based on the following
formula:
2024 Moderate Income in Contra Costa County, adjusted for household size,
based on 35% of income applied toward mortgage, less current estimates for
the following housing costs (as specifically identified in the Sale Price
Calculation Worksheet):
● Property Tax
● Utilities
● HOA Dues
● HO6 Homeowner Insurance
● PMI (private mortgage insurance)
The final calculation of the Initial Sales Prices for the one bedroom and two bedroom
BMR units are shown in the attached Exhibit 3. BMR Sale Price Calculation
Worksheet.
The resale price for each BMR on a subsequent transfer is limited pursuant to
Paragraph 3.d of this Agreement. The initial sales price shall include the cost
of any optional items or upgrades purchased by Purchaser Owner, up to a
maximum value of $15,000.00, who close escrow on the First Closing Date, and
any financial incentive that Developer may grant to the Purchaser Owner,
including, but not limited to, payment of non -recurring closing costs, loan
points or buy-downs. The initial sales price is the maximum actual base sales
price determined as of the date of this Agreement, and the maximum actual
base sales price will be increased by an amount equal to the Initial Sales Price
multiplied by a fraction whose numerator is equal to the difference between
Regulatory Agreement and Declaration
of Restrictive Covenants – 600 Hartz Avenue 5
the Index (defined below) last published immediately before the date of this
Agreement and the Index last published immediately before the date on which
such Developer closes escrow in the initial Purchaser Owner ‘s purchase of the
BMR (the "Initial Index"), and whose denominator is the Previous Index.
3. PURCHASER OWNER ELIGIBILITY; PERMITTED USES OF THE BMR;
RESALE RESTRICTIONS:
a. PRINCIPAL RESIDENCE / PURCHASER OWNER INCOME
LIMITATIONS: The BMR may be sold and transferred only to a
Purchaser Owner, who agrees in writing to personally occupy the BMR
as the principal residence of such Purchaser Owner and whose annual
gross household income, for the calendar year of the prospective
purchase and for the two most recently completed calendar years, does
not exceed 120% of the applicable moderate household incomes for a
family of three (3) (for a one-bedroom unit) and a family of five (5) (for
a two bedroom unit), as published by the California Department of
Housing and Community Development, U.S. Department of Housing
and Urban Development for the Oakland Primary Metropolitan
Statistical Area, most recently before the date of such sale. Purchaser
Owner must, within thirty days after the close of escrow, apply for,
execute and file a Homeowner's Property Tax Exemption with the
Assessor of the County and, within fifteen days after such form is so
filed, to provide a copy of such completed, signed form to Danville with
written confirmation of such filing with the Assessor.
b. ASSET LIMITATIONS: In addition to the above described income limits,
the maximum amount of assets under ownership of the Purchase Owner
(including bank accounts, brokerage accounts, stocks and bonds, real
estate, and other valuable assets) shall be $200,000 for a one (1) bedroom
unit and $300,000 for a two (2) bedroom unit.
c. OWNER OCCUPIED: The BMR shall be used as a single family, owner
occupied residence only and for no other purpose. No portion of the
BMR may be rented or leased or used in any trade or business or for any
commercial purpose whatsoever. This restriction is not, however,
intended to preclude the use of the BMR as provided by the Danville
Municipal Code for home occupation uses.
d. OWNER RESALE PRICE RESTRICTION: Owners may sell their BMR
Regulatory Agreement and Declaration
of Restrictive Covenants – 600 Hartz Avenue 6
without being in violation of this Agreement only if:
(i) Owner gives Danville written notice of intent to sell the BMR.
(Upon receipt of notice of the Owner’s intent to sell, Danville will
provide written confirmation of the maximum allowable resale
price for the BMR base on then-applicable published income
levels).
(ii) The sales price received by Owner shall not exceed Owner’s
original purchase price, adjusted as follows:
(1) Owner’s selling price may be equal to the Owner’s original
purchase price multiplied by a fraction whose numerator is
equal to the difference between the Index (defined below)
last published immediately before the date of the formation
of the Purchase Contract and the Index last published
immediately before the date on which such Owner closed
escrow in Owner’s purchase of the BMR (the "Previous
Index"), and whose denominator is the Previous Index. The
"Index" is the median household income published by the
California Department of Housing and Community
Development, U.S. Department of Housing and Urban
Development (HUD) for the Oakland Primary
Metropolitan Statistical Area, Median Family Income for a
family of four. If HUD no longer publishes the Index at the
time of the formation of the Purchase Contract, Danville
may use any other recognized method of computing the
Median Family Income for a family of four in place of the
Index.
(2) Owner’s selling price may, in addition, be Owner’s original
purchase price increased by an amount equal to the fair
market value added to the BMR, as determined by an
appraisal approved by Danville, for any capital
improvements to the BMR made since the Owner
acquisition of the BMR, which: (i) have a useful life of
greater than five years after the date of the sale by such
Owner pursuant to the purchase contract; and (ii) have
been constructed with all required building permits and
other governmental approvals.
Regulatory Agreement and Declaration
of Restrictive Covenants – 600 Hartz Avenue 7
(3) Owner’s selling price shall reflect a price decrease equal to
the amount spent, or reasonably estimated to need to be
spent, to repair any damage (excepting normal wear and
tear) to the BMR, or to put the BMR in sellable condition, as
reasonably determined by Danville or a State-Certified
Inspector, excluding general painting, cleaning or
replacing floor coverings and window coverings, but
including reasonably necessary structural, mechanical,
electrical, plumbing and fixed appliance repairs.
(iii) The purchaser under the purchase contract qualifies as a
Purchaser Owner under Paragraph 3.a (Principal Residence /
Purchaser Owner Income Limitations) and 3.b. (Owner
Occupied).
(iv) Upon opening an escrow, the Owner shall give Danville written
notice of the name, address, phone number and escrow number
of any escrow agent involved in the sale of BMR.
(v) Upon opening of an escrow, the Owner shall instruct the escrow
agent to disclose to Danville the terms of sale in the escrow and
the proposed closing date, as the same may be amended from
time to time.
(vi) The Owner shall, within ten days after the close of escrow, give
Danville a true copy of such Owner’s escrow final closing
statement, certified by the escrow agent, and the address or
addresses of the residence or residences of Owner after such close
of escrow.
(vii) The closing costs and title insurance shall be paid pursuant to the
custom and practice in Contra Costa County. The Purchaser
Owner shall bear the expense of providing a current, written
report of any inspection by a licensed structural pest control
operator. All work recommended in said report to repair damage
caused by infestation or infection of wood-destroying pests or
organisms found and all work to correct conditions that caused
such infestation or infection shall be done of the expense of the
Owner.
Regulatory Agreement and Declaration
of Restrictive Covenants – 600 Hartz Avenue 8
d. EXCESS SALES PRICE: If, at the close of escrow, Owner’s sales price
exceeds the amount determined by Paragraph 3.c, Danville shall have
the right anytime within one year after being advised such close of
escrow to commence an action to recover from such Purchaser Owner
an amount equal to 125% of the difference between the actual selling
price and the maximum allowable selling price determined by
Paragraph 3.c.
e. EXECUTION OF STATEMENT AGREEING TO COMPLY: All
Purchaser Owners who acquire title to the BMR shall at their close of
escrow execute a statement under penalty of perjury and deliver the
same to Danville, certifying such Purchaser Owner’s intent to comply
with the provisions of Paragraphs 3.a, 3.b, 3.c and 3.d.
f. DEFAULT: If Danville learns of any default under this Agreement,
Danville may declare the defaulting party in default by giving such
party and any known escrow agent involved in the sale of the BMR,
written notice, specifying the nature of the default, including, but not
limited to, any transfer or proposed transfer that is or will be in violation
of this Agreement. If the default is not cured to the reasonable
satisfaction of Danville within thirty days after such notice (or as may be
extended by Danville to reasonably cure such default) or two days
before the date set for the close of escrow on the BMR by the defaulting
party, whichever occurs first, Danville may apply to a court of
competent jurisdiction for a restraining order or injunction to enjoin the
transfer of the BMR that would be in violation of this Agreement, or for
such other relief as may be appropriate. Nothing contained in this
Agreement shall defeat the estate or title acquired in an BMR by a bona
fide purchaser for value without notice of such default.
g. This Agreement shall be subordinate to the mortgage on the unit estate,
and the priority of the mortgage holder’s rights to any hazard insurance
settlement or condemnation award shall be preserved.
4. RELIEF FROM RESTRICTIONS: Waiver, relaxation or amendment of the
restrictions contained in this Agreement may be granted by the Town Council
upon a showing of diligent efforts by Owner to comply with the provisions of
this Agreement and undue hardship. Re quests to waive, relax and/or
amended these restrictions shall be placed on a regularly scheduled Town
Regulatory Agreement and Declaration
of Restrictive Covenants – 600 Hartz Avenue 9
Council meeting within 60 days of receipt of such request.
5. FIRST RIGHT TO PURCHASE PROPERTY WHERE OWNER DEFAULTS ON
MORTGAGE: In the event that Owner fails to meet the requirements set forth
by their mortgage on the Property, putting them in active default with the
lending institution holding the mortgage and resulting in the initiation of
foreclosure proceedings, Danville shall be notified of the initiation of such
proceedings. In the event of foreclosure, Danville shall have first right to
purchase Property. Danville shall have the right to assign its right of first
refusal to any other governmental agency or nonprofit organization. After the
exercise of said right by Danville or its assignee, Danville or its assignee may
assign said right to purchase to any substitute individual private party who
meets this Agreement’s eligibility requirements as a Purchaser Owner (refer to
Paragraph 3.a - Principal Residence / Purchaser Owner Income Limitations
and Paragraph 3.c. - Owner Occupied). Danville shall not, in any way, be liable
to the defaulting Owner, nor become obligated in any manner by reason of the
assignment of its right to purchase, nor shall Danville be in any way obligated
or liable to the defaulting Owner for any failure of Danville’s assignee to
consummate a purchase of the Property or to comply w ith the terms of
purchase and sale agreement. Until such time as Danville’s right to purchase
Property is exercised, waived, or expired, the Property, and any interest in title
thereto, shall not be sold, leased, rented, assigned, or otherwise transferred to
any person or entity without the express written consent of Danville or its
assignee, which consent shall be consistent with Danville’s goal of creating,
preserving, maintaining, and protecting housing in Danville for persons of low
and moderate income. This provision shall not prohibit the encumbering of
title for the sole purpose of securing financing. If Danville or its assignee
exercises its right to purchase the Property, close of escrow of said purchase
shall be within ninety days of the opening of such escrow by either party.
Escrow may be extended an additional thirty days at the request of either party
or for additional periods upon mutual agreement. Said escrow shall be opened
upon delivery to Owner or, as appropriate, to the financial inst itution holding
the mortgage for the Property, of written notice of the exercise of the option or
as soon thereafter as possible. In the event Danville decides to assign the right
of purchase provided herein, Danville may postpone opening of escrow until
selection of such assignee, or as soon thereafter as possible, provided the
opening of the escrow shall not be postponed longer than ninety days after the
defaulting Owner or, as appropriate, the financial institution holding the
mortgage for the Property is notified of Danville’s exercise of its right to
purchase.
Regulatory Agreement and Declaration
of Restrictive Covenants – 600 Hartz Avenue 10
The following transfers of title or any interest therein are not subject to the right of
first refusal provisions of this Agreement: transfer to Owner’s spouse or issue
by gift, devise, or inheritance; taking of title by surviving joint tenant; transfer
of title to spouse as part of divorce or dissolution proceedings; acquisition of
title or interest therein in conjunction with marriage; provided, however, that
these covenants shall continue to run with the title to said Property following
said transfers.
6. NOTICES: All notices sent pursuant to this Agreement shall be sent by certified
mail return receipt requested to the following addresses:
Danville: Town of Danville
510 La Gonda Way
Danville, CA 94526
Attention: Town Manager
Developer: 600 Ventures, LLC
3160 Crow Canyon Road, Suite 270
San Ramon, CA 94583
Attention: Eric Chevalier
Owner: 600 Ventures, LLC
3160 Crow Canyon Road, Suite 270
San Ramon, CA 94583
Attention: Eric Chevalier
7. MISCELLANEOUS:
a. RECITALS INCORPORATED: The recitals are expressly incorporated in
and made part of this Agreement.
b. BINDING EFFECT: This Agreement shall run with the land (the BMR)
and be binding on and inure to the benefit of all heirs, administrators,
executors, successors, assigns, transferees, designees or agent of the
parties for the term of the Agreement.
c. ATTORNEYS' FEES AND COSTS: If any action is brought to enforce or
interpret the terms of this Agreement, the prevailing party shall be
Regulatory Agreement and Declaration
of Restrictive Covenants – 600 Hartz Avenue 11
entitled to reasonable attorneys' fees and costs.
d. CONTROLLING AGREEMENT: Developer represents that Developer
has not and will not execute any other agreement with provisions
contradictory to or in opposition to the provisions of this Agreement,
and that, in any event, this Agreement is controlling as to the rights and
obligations between and among Danville, Developer and their
respective successors.
e. LIMITS ON LIABILITY: Danville shall not be liable to any Owner or
become obligated in any manner to any Owner because of such Owner’s
failure to comply with the terms of any agreement or escrow for the sale
of the BMR.
f. INTENT AND VALIDITY: The intent of this Agreement is to preserve
the affordability of the BMR for persons of moderate incomes, while
leaving ownership for federal income tax purposes with Owner. To that
end, if and for so long as the BMR is subject to this Agreement, any
portion of this Agreement determined to deprive the Owners of
ownership of the BMR for federal income tax purposes shall be invalid
and have no force or effect with respect to the BMR or the Owners.
g. INDEPENDENT AND SEVERAL PROVISIONS: If any one or more of
the provisions contained in this Agreement shall for any reason is held
to be invalid, illegal or unenforceable in any respects, then such
provision or provisions shall be deemed severable from the remaining
provisions contained in this Agreement, and this Agreement shall be
construed as if such invalid, illegal or unenforceable provision had never
been contained herein.
h. CAPTIONS AND PARAGRAPH HEADINGS: Captions and paragraph
headings used in this Agreement are for convenience only and shall not
be used to interpret any of its provisions.
i. STATE LAW: The terms of this Agreement shall be interpreted and
enforced under the laws of the State of California.
Regulatory Agreement and Declaration
of Restrictive Covenants – 600 Hartz Avenue 12
The parties have executed this Agreement on the date first written above.
Danville: Developer:
The Town of Danville 600 Ventures, LLC, a Delaware limited
liability company
By: ___________________________ By: ___________________________
Joseph A. Calabrigo - Town Manager Eric Chevalier – Managing Member
Dated: ___________, 2024 Dated___________, 2024
Approved as to form:
By: ___________________________
Rob Ewing - Town Attorney
Regulatory Agreement and Declaration
of Restrictive Covenants – 600 Hartz Avenue 13
EXHIBIT "1"
LEGAL DESCRIPTION OF THE PROJECT SITE:
Regulatory Agreement and Declaration
of Restrictive Covenants – 600 Hartz Avenue 14
EXHIBIT "2"
LEGAL DESCRIPTION OF THE BELOW MARKET RATE UNITS
Regulatory Agreement and Declaration
of Restrictive Covenants – 600 Hartz Avenue 15
EXHIBIT "3"
BMR INITIAL SALES PRICE CALCULATION WORKSHEET