HomeMy WebLinkAboutAgreement with Respect to Purchase of Home 0-44(0 : .
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c �a� OJT JULIE RODEWALD SK
��`"'�� / n - San Luis Obispo County— Clerk/Recorder 2118/2005
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AGREEMENT WITH RESPECT TO PURCHASE OF HOME
AFFORDABLE HOUSING AGREEMENT
Buyer: Department of Veterans Affairs of the State of California
Qualified Buyers: Andrew and Cheri Jennings
Address of Home: 253 Courtland Street, Arroyo Grande, California 93420
Development: Jasmine Place
Income Category of Home: Moderate
Number of Bedrooms in Home: Three
Sales Price at Original Purchase: $315,255.00
This Agreement with s ct�to Purchase of Home (the "Agreement ") is entered into as
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of this ^ ° day of F Ia u &2605, by and between the City of Arroyo Grande (the "City ")
and S & S Homes of the Central Coast, Inc., a California Corporation, and Jasmine Place LLC, a
Limited Liability Company, the principal offices of which are located at 1350 East Grand
Avenue, Arroyo Grande, California (collectively the "Developer ").
RECITALS
A. Pursuant to the City of Arroyo Grande's Affordable Housing Ordinance, Chapter
16.80 of the Arroyo Grande Municipal Code, a portion of all new housing constructed in the City
of Arroyo Grande is required to be affordable to median to above moderate - income households.
B. The Developer is the owner and developer of approximately 5.23 acres of real
property that is described in the attached Exhibit "A" (the "Property "). The Developer is in the
process of developing and constructing forty-seven (47) residential units and associated
improvements on the Property (the "Project ").
C. The Developer and the City entered into an Affordable Housing Agreement dated
8/10/04 (the "Affordable Housing Agreement ") with respect to the Project. Pursuant to the
Affordable Housing Agreement, the Developer agreed to sell seventeen (17) of the residential
units (the "Affordable Units ") to moderate income households as defined in Health and Safety
Code §50093.
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