Affordable Housing Payment. The Affordable Housing Payment is due as of the sixtieth (60th) day after the Date of Agreement; provided that, at its election, Developer may make payments in two installments as follows: (i) an initial payment, which shall be in the amount of Seventeen Thousand Dollars ($17,000.00) shall be paid by Developer to City on or before the first to occur of: (a) the issuance of a precise grading permit as to all or any portion of the Property; (b) the commencement of grading activity on all or any portion of the Property; (c) the issuance of a building permit for construction on all or any portion of the Property; (d) the commencement of construction on the Property or any portion thereof; or (e) a Transfer of the Property or portion thereof; and (ii) a second payment, which shall be in the amount of Seventeen Thousand Dollars ($17,000.00) shall be paid by Developer to City on or before the first to occur of: (a) the issuance of any certificate of occupancy for improvements to the Property or any portion thereof; (b) the issuance by City, at its election, of a temporary certificate of occupancy for improvements to the Property or any portion thereof; or (c) a Transfer of the Property or any portion thereof. Execution and recording of this Agreement shall be deemed to create a lien in favor of City (as beneficiary), with rights to enforce collection, as to the Affordable Housing Payment. Upon receipt by City of the Affordable Housing Payment, City will cause such Affordable Housing Payment to be kept in the Housing Fund until used by the City for purposes consistent with City Resolution No. 2018-106; provided that the manner in which the City deploys moneys in the Housing Fund is not a matter of concern to the Developer.
Affordable Housing Payment. Disney shall pay in two installments a total of Thirty Million Dollars U.S. ($30,000,000) into a public trust established or specified by the City to be used to provide affordable housing residential units and housing affordability programs as determined by the City in its sole discretion (“Affordable Housing Payment”). Disney shall make the first payment of Fifteen Million Dollars U.S. ($15,000,000) to the City for payment into the designated public trust no later than one year after the Effective Date unless an Enforced Delay event as set forth in Section 6.4 causes a delay in the Effective Date. Disney shall make the second payment of Fifteen Million Dollars U.S.($15,000,000) to the City for payment into the designated public trust no later than five years after the Effective Date unless an Enforced Delay event as set forth in Section 6.4 causes a delay in the Effective Date. The City shall require that the designated public trust that receives funding from the Affordable Housing Payment, in exchange for receiving the Affordable Housing Payment funds, shall commit to using the funds to provide affordable housing_ residential units and housing affordability programs in the City, the details of which shall be determined by the City in its sole discretion within the legal constraints of the designated public trust. The City and Disney acknowledge that the Anaheim Housing Authority may ultimately manage, administer and/or expend the funds from the Affordable Housing Payment in accordance with the designated public trust’s purposes, and agree that such a role is not inconsistent with the Parties’ intent herein. • We respectfully request a public discussion of how the parties reached agreement on this amount for Affordable Housing
Affordable Housing Payment. Pursuant to City Ordinance No. 2615, the Developer is authorized to request, and City is obligated to accept, that, in lieu of providing certain affordable housing units within the Project, Developer may pay an affordable housing payment to the City’s Affordable Housing Program in an amount calculated in accordance with Ordinance No. 2615 (“Affordable Housing Payment”). The Affordable Housing Payment for the Project shall be $4,770 per residential unit, fixed for the Term of this Agreement, and payable at the time the first building permit(s) for the construction of the residential units within the Project is issued. In connection with acquiring building permits for residential dwelling units, Developer will pay the applicable Affordable Housing Payment as set forth herein without the benefit of any density bonus or other incentive.
Affordable Housing Payment. The Regents agrees to pay the Successor Agency Ten Million Two Hundred Thousand Dollars ($10,200,000) (the "Affordable Housing Payment") in immediately available funds at the time of the recordation of a deed from Current Owner conveying the Blocks 33/34 Expansion Property to the Regents. Such payment shall be made by wire transfer through the escrow used to transfer title of the Blocks 33-34 Expansion Property to the Regents or such other escrow account as may be established by the Parties.
