HomeMy WebLinkAboutExhibit B affordable housing agreement1 ppdadm/agt/affordable housing agreement-building permit.doc
Exhibit B
Prepared by: _, Neighborhood Services, 410 E. Washington, Iowa City, IA 52240 (319) 356-5230
AFFORDABLE HOUSING AGREEMENT
FOR [INSERT ADDRESS OF PROPERTY AND NAME OF DEVELOPMENT]
THIS AGREEMENT is made between the City of Iowa City, Iowa, a municipal corporation
(hereinafter "City"), (hereinafter "Owner").
WHEREAS, Owner is the legal title holder of [INSERT LEGAL AND STREET ADDRESS],
within the Riverfront Crossings District; and
WHEREAS, the Riverfront Crossings District has an affordable housing requirement in
order to further the goals of increasing opportunities for people of all income levels to work and
live near key employment centers, to promote the construction of housing that is affordable to the
community’s workforce, to promote a balanced community that provides housing for people with
diverse income levels, and other goals as enumerated in City Code Article 14-2G; and
WHEREAS, said property is currently zoned [INSERT NAME OF RIVERFRONT
CROSSINGS ZONING DESIGNATION] ( ), pursuant to Ordinance and subject to
a conditional zoning agreement, recorded in Book , Page , requiring that Owner
satisfy the affordable housing requirement by the method; and
WHEREAS, the Riverfront Crossings District is well-situated to support a mix of housing
due to its close proximity to downtown Iowa City and the University of Iowa campus, its existing
and planned mix of uses, convenient access to public transit and municipal parking facilities, and
it is ripe for higher density development under the Form Based Code; and
WHEREAS, City Code Section 14-2G-8, the Riverfront Crossings Affordable Housing
Requirement, requires that the property owner enter into this Affordable Housing Agreement with
the City detailing how it will satisfy the affordable housing requirements; and
WHEREAS, the Owner desires to obtain a building permit for development of said property
with ten or more dwelling units, and therefore wishes to satisfy its obligations set forth in Iowa City
Code of Ordinances Article 14-2G and the above-referenced conditional zoning agreement, in
accordance with this Agreement.
NOW, THEREFORE, in consideration of the mutual promises contained herein, the parties
agree as follows:
1. Owner is the legal title holder of the property legally described as (insert legal
description).
2. Pursuant to Iowa City Code of Ordinances, Article 14-2G, Owner is required to provide
(insert number) affordable housing dwelling units, as that term is defined in
said Article.
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3. Pursuant to Article 14-2G and the above-described Conditional Zoning Agreement, Owner
hereby agrees satisfy this obligation through the following programming and development
details:
a. (See 14-2G-8 for each method’s development and programming requirements)
4. The parties acknowledge that this Agreement shall be deemed to be a covenant running
with the land and with title to the land, and shall remain in full force and effect as a covenant
with title to the land, unless or until released of record by the City of Iowa City.
5. The parties further acknowledge that this agreement shall inure to the benefit of and bind
all successors, representatives, and assigns of the parties. The Owner agrees that in the
event the subject property is transferred, sold, redeveloped, or subdivided, all
redevelopment will conform with the terms of this Agreement.
6. The Owner acknowledge(s) that nothing in this Agreement shall be construed to relieve
the Owner from complying with all other applicable local, state, and federal regulations.
7. This agreement shall be recorded in the Johnson County Recorder’s Office at Owner’s
expense.
Dated this day of , 20 .
CITY OF IOWA CITY
By:
, City Manager
INSERT OWNER
By:
,
Approved by:
City Attorney’s Office
CITY OF IOWA CITY ACKNOWLEDGEMENT:
STATE OF IOWA )
) ss:
JOHNSON COUNTY )
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This instrument was acknowledged before me on , 20 by
as City Manager of the City of Iowa City.
Notary Public in and for the State of Iowa
(Stamp or Seal)
Title (and Rank)
CORPORATE ACKNOWLEDGEMENT:
STATE OF IOWA )
) ss:
JOHNSON COUNTY )
This instrument was acknowledged before me on , 20 by
as of .
Notary Public in and for said County and State
(Stamp or Seal)
Title (and Rank)