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