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Letter of Technical Corrections, dated 10-11-2018CITY OF CUPERTINO October 11, 2018 CITY MANAGER'S OFFICE CITY HALL 10300 TORRE AVENUE • CUPERTINO, CA 95014-3255 TELEPHONE: (408) 777-3223 • FAX: (408) 777-3366 CUPERTINO.ORG Via Electronic and Regular Mail Reed Moulds, Managing Director Vallco Property Owner LLC 965 Page Mill Road Palo Alto, CA 94304 SUBJECT: VALLCO TOWN CENTER SB 35 PROJECT APPLICATION — TECHINCAL CORRECTIONS This letter serves to reflect minor technical corrections to the Standard Project Requirements and Project Implementation Requirements (Attachment C to the Ministerial Approval Letter — Vallco Town Center SB 35 Project Application dated September 21, 2018). 4. AFFORDABLE UNITS The Applicant shall provide 50% of the project (1,201 units) as affordable, of which 361 units shall be affordable to households making 50% below the area median income and 840 units shall be affordable to units making 80% below the area median income. Of the 1,201 units, 217 Very Low Income units and 144 Low Income units, for a total of 361 units shall be subject to the City's Below Market Rate Housing Procedural Manual ("Procedural Manual") and shall be affordable for a period of not less than 99 years. The remaining 840 units (3M 144 Very Low Income units and K8 696 Low Income units) shall be subject to an Applicant -prepared manual similar to the City's BMR Housing Procedural Manual which will be subject to review and approval by the City. The units shall be subject to the same preference program outlined in the Procedural Manual. Such units shall be affordable for a minimum of 55 years for units that are rented and for a minimum of 45 years for units that are owned \ . Pursuant to Municipal Code Section 19.56.050 (F), affordable units in the Project, and for each phase of the Project, shall be constructed concurrent with, or prior to, the construction of the. market rate units. The Applicant shall prepare a covenant or Regulatory Agreement, which shall be subject to review by the City Attorney and which shall be recorded prior to the issuance of the first building permit. 30. TREE REMOVALS The removal of up to -3-34 467 trees on site is approved. A tree removal permit must be obtained in the event additional on-site protected trees are proposed for removal. All other Standard Project Requirements and Project Implementation Requirements remain unaltered by the Errata reflected above. Sincerely, Uvi Amy C 1 aQk Interim Vity Manager cc: Aarti Shrivastava, Assistant City Manager Rocio Fierro, Acting City Attorney Timm Borden, Director of Public Works Chad Mosley, City Engineer Piu Ghosh, Principal Planner 2