Supplemental — Simi Valley City Council, March 31, 2025

CityVenturesSupplCCmtg3-31-25(klk)

CITY OF SIMI VALLEY

MEMORANDUM
Marc
h 31, 2025
TO: City
Council
FRO
M: Department of Environmental Services
SUBJE
CT: A PUBLIC HEARING TO CONSIDER A PLANNED DEVELOPMENT
PERMIT (PD-S-2023-0010), TENTATIVE MAP (TT -2023-0003), AND AN AFFORDABLE HOUSING AGREEMENT (AHA -2023-0005) TO
CONSTRUCT A 26-UNIT, THREE-STORY MULTI-FAMILY RESIDENTIAL

CONDOMINIUM TOWNHOME DEVELOPMENT WITH THREE
AFFORDABLE UNITS, LOCATED AT 4868 COCHRAN STREET; A

DETERMINATION THAT THE PROJECT IS CATEGORICALLY EXEMPT
FROM THE CALIFORNIA ENVIRONMENTAL QUALITY ACT; AND

ADOPTION OF TWO RESOLUTIONS
Subse
quent to the preparation of this staff report, S taff identified the following typographical errors regarding the duration of the Affordable Housing Agreement. • Plann
ed Development Condition *A-17 and *A-18 (page 19) incorrectly state that the Permittee must execute an Affordable Housing Agreement with the City for a term of “55” or “fifty-five” years.
• The Aff
ordable Housing Agreement (page 73) states that the Restrictive Covenants shall remain in effect for “fifty-five” years.

The c
orrect duration in all instances is 45 years. Staff has prepared a revised resolution and Affordable Housing Agreement to reflect this correction. _________
___________________________
Stratis Perros
Environmental Services Director
Prepar
ed by: Alexandra Clingman, Associate Planner
Attac
hments:

Revi
sed Resolution No. 2025-06
Revised Exhibit A of the Resolution No. 2025-07

SUPPLEMENTAL
AGENDA ITEM NO.

CityVenturesCCmtg3-31-25(klk)
RESOLUTION NO. 2025-06
A

RESOLUTION OF THE CITY COUNCIL OF THE CITY OF

SIMI VALLEY APPROVING A PLANNED DEVELOPMENT
PERMIT (PD -S-2023-0010) AND TENTATIVE MAP (TT -
2023-0003) TO ALLOW CONSTRUCTION OF A NEW 26-

UNIT, THREE -STORY MULTI -FAMILY RESIDENTIAL

CONDOMINIUM TOWNHOME DEVELOPMENT WITH
THREE AFFORDABLE UNITS, LOCATED AT 4868
COCHRAN STREET; AND A DETERMINATION THE

PROJECT IS CATEGORICALLY EXEMPT FROM THE

CALIFORNIA ENVIRONMENTAL QUALITY ACT
W
HEREAS, the applicant, City Ventures Homebuilding, LLC, has requested approval of a Planned Development Permit (PD -S-2023-0010) and Tentative Map (TT - 2023-0003) to construct a new 26- unit, three-story multi-family residential condominium townhome development located at 4868 Cochran Street, known as Ventura County Assessor Parcel Number 644-0-080-845 and by legal description attached hereto as Exhibit A; and a determination that the project is Categorically Exempt from the California Environmental Quality Act.

W
HEREAS, on February 5, 2025, the Planning Commission of the City of Simi Valley reviewed the proposed project at a public hearing and recommended that the City Council approve PD-S-2023-0010 and TT-2023-0003; and W
HEREAS, the City reviewed the Project’s environmental impacts under the California Environmental Quality Act (Public Resources Code 21000, et seq., “CEQA”) and the regulations promulgated there under (14 California Code of Regulations 15000, et seq., the (CEQA Guidelines”); and
W
HEREAS, on March 31, 2025, the City Council conducted a public hearing to consider the evidence and public testimony on the project; and W
HEREAS, this Resolution, and its findings, are based on the entire administrative record considered during the March 31, 2025, public hearing including without limitation, the staff report and accompanying documents.

W, THEREFORE, THE CITY COUNCIL OF THE CITY OF SIMI VALLEY DOES HEREBY RESOLVE AS FOLLOWS:

SECTION 1. The findings for Planned Development Permit No. PD-S-2023- 0010 and Tentative Map No. TT -2023-0003 contained in the Planning Commission Resolution No. SVPC 05-2025 adopted on February 5, 2025, and incorporated herein by reference as Exhibit 1 of the City Council Staff Report, and hereby adopted. 2 CityVenturesCCmtg3-31-25(klk)
SECTION 2. Environmental Assessment. Because of the facts set forth in Section 1, the Director determined the project is Categorically Exempt from the California Environmental Quality Act (CEQA) pursuant to CEQA Guidelines § 15332 and the Director is authorized to file a Notice of Exemption (Attachment A) in accordance with CEQA Guidelines 15062 and any other applicable law.

SECTION 3. Planned Development Permit No. PD-S-2023-0010 is hereby approved, subject to compliance with all conditions contained in Exhibit B, attached hereto.

SECTION 4. Tentative Tract No. TT -2023-0003 is hereby approved, subject to compliance with all conditions contained in Exhibit C, attached hereto.

SECT ION 5. The time within which judicial review must be sought for administrative decisions is governed by California Code of Civil Procedure Section 1094.6.

SECTION 6. The City Clerk shall certify to the adoption of this resolution and shall cause a certified resolution to be filed in the Office of the City Clerk.

PASSED an
d ADOPTED this 31st day of March 2025
Attes
t:

Lucy Blanco, City Clerk Dee Dee Cavanaugh, Mayor of the City of Simi Valley, California
Approv
ed as to Form: Approved as to Content:

Algeria R. Ford, City Attorney Samantha C. Argabrite, City Manager Stratis Perros
Environmental Services Director
3 RES. NO. 2025-06

EXHIBIT A
CityVenturesCCmtg3-31-25(klk)

LEGAL DESCRIPTION
APN: 64
4-0-080-845
THE L

AND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF SIMI

VALLEY IN THE COUNTY OF VENTURA, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS:

PARCEL
1 OF PARCEL MAP LD-S-586, IN THE CITY OF SIMI VALLEY, COUNTY OF VENTURA, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 66, PAGES 9 AND 10 OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.

EXCEPT AL

L PIPE, PIPELINES, CONDUITS, WELLS, PUMPING PLANTS, GATES,

VALVES AND ANY AND ALL OTHER PROPERTY BELONGING TO OR COMPRISING

THE IRRIGATING OR WATER SYSTEM OF LA PLACENTIA MUTUAL WATER

COMPANY, A CORPORATION, OR SANTA SUSANA DEVELOPMENT COMPANY, A CORPORATION.

ALSO EXC

EPT ALL WATER IN EXCESS OF THE NEEDS OF SAID LAND FOR
IRRIGATING, DOMESTIC AND STOCK PURPOSES.

ALSO EXC

EPT ONE- FOURTH OF ALL OIL, MINERALS, OR HYDROCARBON

SUBSTANCES LOCATED IN AND UNDER SAID LAND, AS RESERVED BY MORRIS C. SCHRAGER AND LILLIAN H. SCHRAGER, HUSBAND AND WIFE, IN DEED RECORDED OCTOBER 19, 1949 IN BOOK 896, PAGE 63 OFFICIAL RECORDS 4 RES. NO. 2025-06

EXHIBIT B
CASE NO.: PD-S-2023-0010 (Ref: TT-2023-0003)
APPLICANT: City Ventures Homebuilding, LLC

CityVenturesCCmtg3-31-25(klk)

PROJECT PERMIT CONDITIONS
The conditions marked with an asterisk (*) are Special Conditions applicable specifically to this permit. In the event of a conflict between a Standard Condition and a Special Condition, the Special Condition will take precedence. These conditions of approval will supersede any conflicting notations, specifications, dimensions, and typical sections that may be shown on a development plan or exhibit. Permittee will assume all costs incurred in complying with the conditions contained herein. “Permittee” or “A pplicant” or “Developer” or “Owner” as used in these conditions means all Applicants, developers, permittees, and all owners of the subject property and all successor and assigns thereto.

These conditions are deemed to touch and concern the real property, which is the subject hereof, and will run with the land. Compliance with these conditions must be maintained for the life of the permit. Permittee must comply with all of the conditions prior to the issuance of a Zoning Clearance by the Environmental Servi ces Director, unless stated otherwise.

GENERAL CONDITIONS
GC.1 The effectiveness of this project will be suspended for the time period that any Condition of Approval is appealed whether administratively or as part of a legal action filed in a court of competent jurisdiction. If any Condition of Approval is invalidated by a court of law, the project must be reviewed by the City and substitute conditions may be imposed.

GC.2 Permittee is responsible for ascertaining and paying all City fees as required by the Simi Valley Municipal Code (“SVMC”). This condition serves as notice, pursuant to Government Code § 66020(d) that the City is imposing development impact fees (DIFs) upon the project in accordance with the Mitigation Fee Act (Government Code § 66000, et seq.) and the SVMC. The permittee is informed that it may protest DIFs in accordance with Government Code § 66020.

GC.3 Permittee must sign these Conditions of Approval, as set forth below, to acknowledge acceptance, within 30 days from the date of approval by the Planning Commission.

GC.4 The City will only issue permits for the development when the construction documents (e.g., building plans) substantially comply with the approved plans. Substantial conformity is determined by the Director.

GC.5 This decision is not effective until Permittee acknowledges acceptance of all project conditions and any appeal period has lapsed, or a waiver of right to appeal is filed or if there is an appeal, until a final decision has been made on the appeal. B y use of the entitlements granted by a development application, the Permittee acknowledges agreement with the Conditions of Approval.
5 RES. NO. 2025-06
CASE NO.: PD-S-2023-0010 (Ref: TT-2023-0003)
APPLICANT: City Ventures Homebuilding, LLC

CityVenturesCCmtg3-31-25(klk)
A. ENVIRONMENTAL SERVICES CONDITIONS:

Planning Division:

A-1 T his permit is granted for all of the buildings, roadways, parking areas, landscaping, lighting, colors and materials, and other features which must be as shown on the formal application and exhibits specifically labeled as Exhibit 1: Site Plan, Floor Plans 1- 3, Elevation Plans 1- 3, Colors and Materials, Conceptual Landscape Plan, and Tentative Tract Map Sheets 1 through 5; Exhibit 2: Traffic Study; and Exhibit 3: Tree Report dated December 6, 2024.

A-2 The approval of this project expires if the approved use is not commenced within three years from the date of this approval, unless it is extended in accordance with the Simi Valley Municipal Code (“SVMC”).

A-3 Permittee and its successors in interest must indemnify, protect, defend (with legal counsel reasonably acceptable to the City), and hold harmless , the City, its elected and appointed officials, officers, employees, and agents from and against any and all liabilities, claims, actions, causes of action, proceedings, suits, damages, judgments, liens, levies, costs, and expenses of whatever nature, including reasonable attorney’s fees and disbursements (collectively “Claims”) arising out of or in any way relating to this project, any discretionary approvals granted by the City related to the development of the project or the environmental review conducted under the California Environmental Quality Act, Public Resources Code § 21000, et seq., for the project. If the City Attorney is required to enforce any conditions of approval, all costs, including attorney’s fees, must be paid for by the Permittee in accordance with the SVMC.

A-4 During the lifetime of the permit, Permittee must comply with all applicable laws and regulations of every local, state, and federal entity; and all such requirements and enactments will be incorporated by reference as conditions of this permit. The duty of inquiry as to such requirements and any amendments thereto will be upon Permittee and his or her transferees or successor in interest.

A-5 Permittee agrees that if any of the conditions or limitations of this permit are held to be invalid by a court of competent jurisdiction, that holding will render this permit to be null and void.

A-6 All conditions of Tentative Tract Map (TT-2023-0003) and Conditional Use Permit Modification (CUP -S-2023-0015) are incorporated herein by reference and are part of this approval.
*A-7 Approval of this project requires certain legislative determinations by the City Council and Planning Commission. The approval of the Planned Development Permit is hereby expressly made contingent upon the approval of the Tentative Tract Map (TT -2023-0003), and Affordable Housing Agreement (AHA-2023-0005) by the City Council and approval of the Conditional Use Permit Modification (CUP-S-2023-0015) and Tentative Parcel Map (TP-S-2024-0002).
6 RES. NO. 2025-06
CASE NO.: PD-S-2023-0010 (Ref: TT-2023-0003)
APPLICANT: City Ventures Homebuilding, LLC

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A-8 Permittee must provide to the Deputy Environmental Services Director/City Planner a copy of all conditions of approval recorded with the Ventura County Recorder's Office.

A-9 Permittee must submit Building Plans to the Deputy Environmental Services Director/City Planner that include construction details for all gas meters.

These meters must be recessed in a "gas meter recess" and enclosed in a cabinet with open access for meter readings per the Southern Cali fornia Gas Company requirements.

A-10 Permittee must not attach signs, flags, pennants, streamers, or banners of any type to the light poles or landscaping.

A-11 Permittee must submit to the Deputy Environmental Services Director/City Planner for review and approval a trash and recycling enclosure plan. The Deputy Environmental Services Director/City Planner will review the enclosure plan for compliance with the following criteria:
a. The enclosure must incorporate the same architectural treatment and use the same approved exterior colors and the materials of the main building;
b. The enclosure must incorporate an opaque gate and include a solid roof, which will be designed to preclude trash from being blown out of the bins;
c. The height of the enclosure walls and gate must be the same or greater than the height of the bins within the enclosure; and d. Except when the bins are being accessed, the bins must be stored at all times within the enclosure with the gate closed.

A-12 Permittee must submit a utility plan to the Environmental Services Director for review and approval. The plan must include:
a. Size and location of all above- ground utility cabinets and underground utility vaults for electric, telephone, cable communications, backflow prevention devices, and fire sprinkler pressure detector check valves (utility equipment);
b. Screening design and location for all above-ground utility equipment by method of masonry walls, landscaping, or a combination of both; c. A minimum of three feet of clearance between all above-ground utility equipment and the screening;
d. Access panels oriented away from all public rights-of-way; e. Fire sprinkler pressure detector check valves located a minimum of 10 feet from all property lines adjacent to public rights-of-way, unless determined by the Deputy Environmental Services Director/City Planner to be not feasible;
f. Depiction of the Traffic Sight Safety Area (TSSA); and g. Location of all above-ground utility equipment outside of the TSSA. 7 RES. NO. 2025-06
CASE NO.: PD-S-2023-0010 (Ref: TT-2023-0003)
APPLICANT: City Ventures Homebuilding, LLC

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A-13 In the event of the encounter of subsurface materials suspected to be of an archaeological or paleontological nature, all grading or excavation must cease in the immediate area, and the find left untouched. Permittee must select and provide a qualified professional archaeologist certified by the Register of Professional Archaeologists or Paleontologist with a degree(s) in paleontology or geology to evaluate and make recommendations as to disposition, mitigation and/or salvage. The recommendation mus t be implemented before work may proceed. Permittee will be liable for all costs associated with the professional investigation and implementation.

A-14 Before the Building Official, or designee, conducts an occupancy inspection, Permittee must provide to the Environmental Services Director and the Building Official written certification from the project architect or engineer that the project has been constructed in accordance with the approved plans.

A-15 Permittee must continually maintain, repair and replace all structures, landscaping, irrigation equipment, sidewalks, parking lot surfacing, and all other improvements within the project described in the approved plans.

A-16 Permittee must submit Photometric and Luminaire Plans which comply with Simi Valley Municipal Code § 9- 30.040. All exterior light fixtures depicted on this plan must have fully recessed lenses and cut -off features that limit illumination at the property line to 0.5 footcandles. A note will be placed on the plan that states: "All downcast light fixtures will be installed and permanently maintained in a horizontal position."
*A-17 Throughout its forty-five year term, Permittee must abide by the provisions of the Affordable Housing Agreement approved concurrently herewith. A violation of the terms of the Affordable Housing Agreement, or any of its exhibits, constitutes a violation of this Planned Development Permit. In the event of a conflict between the Agreement and the PD conditions, the most restrictive will apply.
*A-18 Permittee must execute an Affordable Housing Agreement with the City for a term of 45 years that must reserve three one-bedroom condominium units for occupancy by qualified moderate- income households, as specified by the Affordable Housing Agreement (AHA -2023-0005) as approved by the City Council.

A- 19 THIS CONDITION HAS BEEN OMITTED BY STAFF.
*A-20 Permittee must submit to the Deputy Environmental Services Director/City Planner a Fence and Wall Plan that includes details on all existing and proposed fences, walls, and gates that include colors, materials, textures, heights, and style. Materials must be slumpstone, wrought iron, textured concrete block, or other similarly constructed walls. All property line walls and fences must not be placed more than one inch away from any property line.
*A-21 Permittee must submit to the Deputy Environmental Services Director/City Planner for review and approval, a Final Roof Plan that demonstrates that 8 RES. NO. 2025-06
CASE NO.: PD-S-2023-0010 (Ref: TT-2023-0003)
APPLICANT: City Ventures Homebuilding, LLC

CityVenturesCCmtg3-31-25(klk)
all proposed rooftop HVAC units will be fully screened by the proposed parapet and screen walls.
*A-22 Permittee must provide to the Deputy Environmental Services Director, a Floor plan showing that all units are provided with an enclosed, lockable, secure storage areas attached to the unit, garage or attached carport.

B. PUBLIC WORKS CONDITIONS:

General
B-1 Before the City Engineer issues a Grading Permit, Permittee must submit improvement plans on 24” x 36” sheets having the City’s standard signature blocks to the Public Works Director, or designee, for review and approval.

All lettering on the plans must be a minimum of .08 inch in size and the plans must be drawn to ensure reproduction and record keeping. All plans must be signed by a California State Registered Civil Engineer at the time of first submittal. Permittee must submit improvement plans for the entire project as one package. The plans must include all project improvements shown on the approved project exhibits and those to be designed per these Conditions. Piecemeal submittal of plans is not acceptable. The submittal package must include all supporting studies including the Drainage Study.

Plans and studies must be signed by a California State Registered Civil Engineer at the time of first submittal.

B-2 Permittee must obtain an encroachment permit for construction of public infrastructure. Before the Public Works Director, or designee, issues an encroachment permit, all improvement plans and submittals must be accepted by the City Engineer, all appl icable fees must be paid, all securities posted, forms signed, and insurance documentation provided.

B-3 Before construction, Permittee must provide to the Public Works Director, or designee, a digital file of the approved improvement plan documents in geodatabase or shapefile format compatible with the City’s GIS database.

The GIS data must be in Projected Coordinate System WKID 2229: NAD 1983 State Plane California V FIPS 0405 (US Feet). The data file(s) must contain layers for each type of public improvement.

B-4 Before the Building Official issues a final Certificate of Occ upancy, Permittee must construct all improvements per the accepted plans, approved studies, and approved conditions, and must obtain acceptance for the improvements from the City.

B-5 Before requesting a final inspection for release of securities, Permittee must submit record drawings, certifications, final soils report, and digital file(s) of record drawings in PDF format, along with files in geodatabase or shapefile format compatible with the City’s GIS database.

Grading and Drainage
B-6 Before the City Engineer issues a Grading Permit, Permittee must submit a site paving, drainage, and grading plan, subject to review and approval by the City Engineer.
9 RES. NO. 2025-06
CASE NO.: PD-S-2023-0010 (Ref: TT-2023-0003)
APPLICANT: City Ventures Homebuilding, LLC

CityVenturesCCmtg3-31-25(klk)
*B-7 The drainage design must substantially conform to the approved Preliminary Drainage Study and limit discharges up to and including the 100-year (one-hundred year) storm event to a volume no greater than the pre-development 10-year (ten year) storm event. Discharge onto adjacent properties must be limited to the location and volume of historical flows established in the approved Preliminary Drainage Study.

B-8 Before the City Engineer issues a Grading Permit, Permittee must submit a final, engineering-level Geotechnical Report, subject to review and approval by the City Engineer.

B-9 Upon acceptance of the Geotechnical Report by the City, Permittee must submit a digital file of the report and all comments, responses, references and supporting data.

B- 10 Before the City Engineer issues a Grading Permit, Permittee must post improvement securities for all grading, pay all applicable fees, and provide insurance documentation.
*B-11 Permittee must submit to the City Engineer for review, and must execute and record upon approval, a Deed Restriction Covenant and Agreement regarding Detention, Storm Drains, and Stormwater Treatment Device Maintenance (“Stormwater Agreement”) in a form approved by the City Attorney. Drainage improvements on private property must be continually maintained, repaired, and replaced by the property owner(s) or Homeowners Association.

B- 12 Permittee must obtain a Grading Permit, must complete the grading according to the approved plans, and provide certifications by the soils engineer and civil engineer.

B- 13 Before the City Engineer issues a Grading Permit for the entirety of the construction period, Permittee must implement and maintain all measures necessary to eliminate the discharge of pollutants from the project site to the public street and storm drain s ystem as outlined in the Storm Water Pollution Prevention Plan (SWPPP). For any work in progress, updated SWPPP and Erosion Control Plans must be submitted during the period from November 1 to April 1 of each year.

Storm Water Quality
B- 14 Permittee must identify pollutant sources and must include design and recommended construction, implementation, and maintenance measures in order to eliminate or reduce the discharges of pollutants from the project site to the public storm drain system during and after the construction period.

B- 15 Before the City Engineer issues a Grading Permit, Permittee must prepare a Storm Water Pollution Prevention Plan (SWPPP) and must incorporate permanent storm water quality treatment devices into the site improvements for review and approval by the City Engineer.

10 RES. NO. 2025-06
CASE NO.: PD-S-2023-0010 (Ref: TT-2023-0003)
APPLICANT: City Ventures Homebuilding, LLC

CityVenturesCCmtg3-31-25(klk)
Traffic
*B-16 Permittee must construct any landscaping to incorporate and provide for the minimum safe vehicle/driver sight distances at the project driveways, restricting the height of any planting material to 30 inches or less within the driver's sight distance area per City Standard SV 20- 130; in addition, no walls, berms, slopes, backflow prevention devices, on- site project monuments, signs, or other impediments to the driver's sight visibility will be allowed within that restricted area; all as directed by the City Engineer. Any proposed decorative pavement, on- site project monuments, or signs must be located outside of the public right -of-way, as directed by the City Engineer.
*B-17 Permittee must construct on- site traffic circulation elements and traffic control devices (e.g. pavement delineation, signage) in accordance with the California Manual on Uniform Traffic Control Devices, latest edition. *B-18 Permittee must construct all internal circulation roadways with a 25- foot width, as per plan.
*B-19 Permittee must pay the Traffic Impact Fee specified in the City of Simi Valley Schedule of Service Charges in effect at the time of payment, as stated in the current Traffic Impact Fee Resolution. The total fee is based on daily vehicle trip ends, with the project forecast to generate 175 daily trip ends.

Maintenance
B- 20 Prior to the issuance of a Grading Permit, Permittee must have received Public Works approval for the projects construction level Landscape and Irrigation Design Plans and must have paid all public works plan check and inspection fees.

B- 21 Prior to issuance of a Certificate of Occupancy, Permittee must have included a statement in any applicable Conditions, Covenants, and Restrictions (CC&R’s) for this project requiring that the Owner maintain all landscaping and irrigation adjacent the project and within the public rights - of-way. In lieu of establishment of a set of CC&R’s or a n Industrial or Commercial Management Agreement (CAM), it shall be the property owner’s responsibility under the planned development permit to maintain landscape and irrigation within the public rights-of-way for this development.

B- 22 Prior to the issuance of Certificate of Occupancy of the first building completed, Permittee must have completed installation of Right -of-Way landscape improvements as shown on the City Approved Landscape Plans.

Sanitation:

B- 23 Permittee must identify “Proposed SS Pump” as “Proposed Private SS Pump”, and “SS FM” as “Private SS FM”.

B- 24 Permittee must construct the new sewer lateral at minimum 2% slope per City of Simi Valley Standards. A manhole must be installed when an 8-inch sewer is connected to the sewer main.
11 RES. NO. 2025-06
CASE NO.: PD-S-2023-0010 (Ref: TT-2023-0003)
APPLICANT: City Ventures Homebuilding, LLC

CityVenturesCCmtg3-31-25(klk)
B- 25 Prior to obtaining a building permit, Permittee must apply for and obtain Sewer Will-Serve Letter from the Sanitation Services Division.

B- 26 Prior to issuance of the Sewer Will -Serve Letter, Permittee must pay the applicable review fees.

B- 27 Permittee must receive approval from Building and Safety Division for the construction of private, on- site sewer facilities. On -site private sewer lines must be designed with a minimum 2% slope per the latest California Plumbing Code.

C. LANDSCAPING CONDITIONS:

C-1 Permittee must submit final Landscape and Irrigation Plans, and supporting materials, to the Deputy Environmental Services Director/City Planner for review and approval. The final plans/materials must:
a. Comply with the City of Simi Valley Landscape Design Guidelines; b. Comply with the conceptual Landscape P lan as approved by the Planning Commission;
c. Comply with the recommendations of the City’s Consulting Landscape Architect, to ensure plans conform to the Planning Commission approval, the City’s Landscape Design Guidelines, and the latest adopted version of the California State Model Water Efficient Landscape Ordinance;
d. Comply with the approved site plan and Public Works G rading and Improvement Plans;
e. Include an agronomic soils report as specified in the latest adopted version of the California State Model Water Efficient Landscape Ordinance. The soils report must be based on soil conditions after the establishment of final grades, and final L andscape Plans must incorporate the report recommendations;
f. Include a Water Efficient Landscape Worksheet with each submittal of Landscape and Irrigation Plans;
g. Show all protected trees pursuant to § 9-38.050 of the SVMC; h. Provide root barriers for all trees planted in parking lot, perimeter, and foundation planting areas, per Simi Valley Standard Plans 51-20 and 51-60;
i. Include planting and irrigation with native compatible, fire- resistant plants in areas adjacent to existing native vegetation. All plant materials must be low -water use and must not include any live turf areas. The plant palette must not include invasive plants as listed in the California Invasive Plant Council (Cal -IPC) Invasive Plant Inventory; and
12 RES. NO. 2025-06
CASE NO.: PD-S-2023-0010 (Ref: TT-2023-0003)
APPLICANT: City Ventures Homebuilding, LLC

CityVenturesCCmtg3-31-25(klk)
j. Clearly identify required temporary landscape-related improvements and irrigation (e.g., for erosion control), separately from permanent systems.

C-2 Before the issuance of a Zoning Clearance or a Grading Permit, whichever comes first, Permittee must obtain a Tree Removal Permit in accordance with SVMC § 9- 38.070 et. seq. for any protected trees designated for removal on the plan. Unless otherwise approved by the Deputy Environmental Services Director/City Planner, Permittee must not remove any of the mature trees prior to the commencement of any grading.

C-3 Permittee must protect and preserve all protected trees on the site from the date of this approval until final inspection or Certificate of Occupancy for the last building to be constructed, unless the Environmental Services Director grants a Tree Removal Permit authorizing the removal of the trees.

Permittee must mitigate the loss of all protected trees, relocated trees, and trees identified on the Final Landscape Plan for the lifetime of the permit in compliance with SVMC Chapter 9- 38 and the City’s Landscape Design Guidelines.

C-4 From the date of this approval until final inspection or C ertificate of Occupancy for the last building to be built pursuant to this permit, Permittee must protect and preserve existing protected trees identified in Exhibit 3, dated July 4, 2024 (tree report), pursuant to SVMC Chapter 9-38 and City’s Landscape Design Guidelines, unless a Tree Removal Permit authorizing their removal has been issued by the Department of Environmental Services.

C-5 For the lifetime of the permit, Permittee must mitigate the loss of all protected trees, relocated trees, and trees identified on the Final Landscape Plan, pursuant to SVMC Chapter 9- 38 and the City’s Landscape Design Guidelines.

C-6 Before the Environmental Services Director, or designee, issues a Zoning Clearance for model homes, Permittee must submit to the Deputy Environmental Services Director/City Planner a Landscape Plan that conforms to the City’s Landscape Design G uidelines, and the 2015 State Model Water Efficient Landscape Ordinance as adopted by the City of Simi Valley.

C-7 Before the Building Official issues a Certificate of Occupancy or a Final Inspection request, whichever comes first, Permittee must:
a. Install all landscaping consistent with the approved Landscape Plans referred to in Condition C-1;
b. Require that the L andscape Architect be present during the final landscape inspection by the City and certify that the installation of landscape materials and irrigation systems are in compliance with the approved Landscape Plan; and
13 RES. NO. 2025-06
CASE NO.: PD-S-2023-0010 (Ref: TT-2023-0003)
APPLICANT: City Ventures Homebuilding, LLC

CityVenturesCCmtg3-31-25(klk)
c. Provide the Deputy Environmental Services Director/City Planner with a completed Final Landscape Checklist to the satisfaction of the Deputy Environmental Services Director/City Planner following completion of the landscape installation.

C-8 For the lifetime of this permit, Permittee must maintain landscaping in compliance with the following standards:
a. All tree pruning must conform to the current arboricultural pruning guidelines including, without limitation, Tree Care Industry Association, ANSI A300 Standards;
b. Branches must be removed as needed and determined by the Environmental Services Director, Director of Public Works, or designee to allow for a 14-foot vehicular path clearance and an eight- foot pedestrian path clearance; and
c. Replace all dead or missing plants so as to comply with the approved Landscape Plan. The minimum replacement size will be at least a 24” boxed tree or five- gallon shrub/vine, or a one- gallon groundcover.

D. VENTURA COUNTY FIRE PROTECTION DISTRICT:

D- 1 Permittee must comply with all current Ventura County Fire Protection District Ordinances, Codes, and Standards as detailed in the Fire Protection District Memorandum dated January 9, 202 5 (Exhibit D), which is incorporated by reference.

E. RANCHO SIMI RECREATION AND PARK DISTRICT:

E- 1 Permittee must provide the Rancho Simi Recreation and Park District (RSRPD) with the equivalent Park Land Dedication/In-Lieu Fees for the 26 townhome units before issuance of a Zoning Clearance for the project. If the number of dwelling units changes before approval of the Zoning Clearance, the Park Dedication fees will be modified to reflect the actual development accurately. Under authorization by the RSRPD Board of Directors, it is anticipated that cash- in-lieu fees received from this project will be committed to the RSRPD’s Rancho Santa Susana Community Park.

END OF CONDITIONS
14 RES. NO. 2025-06

EXHIBIT C
CASE NO. TT-2023-0003 (REF: PD-S-2023-0010)
APPLICANT: City Ventures Homebuilding, LLC

CityVenturesCCmtg3-31-25(klk)

TENTATIVE MAP CONDITIONS
The conditions marked with an asterisk (*) are Special Conditions applicable specifically to this map. In the event of a conflict between the provision of a Standard Condition and a Special Condition, the provision of the Special Condition will take precedence. These conditions of approval supersede any conflicting notations, specifications, dimensions and typical sections that may be shown on a development plan or exhibit. No map will be approved for recordation until all of the conditions have been met and any fees have been paid unless the condition states otherwise. The Final Map for any phase of the Tentative Map will not be recommended for approval by the City Council until all the following conditions applicable to that phase, including payment of all applicable miscellaneous fees, have been satisfied. Permittee assumes all costs incurred in complying with the conditions contained herein. Any construction, installation, modification, or alteration of any lot configuration, grading or any onsite or offsite design feature depicted on the approved map or as depicted or described in any submittals, exhibits, plans, and project conditions, which is not expressly authorized by this Map approval are deemed prohibited and constitute a violation of this Map. "Applicant" or "Developer" or "Owner" as used in these conditions means all Permittee s, developers, permittees, and all owners of the subject property and all successors and assigns thereto.

Permittee must comply with all of the conditions prior to the issuance of a Zoning Clearance by the Environmental Services Director, unless stated otherwise.

GC.3 Permittee must sign these Conditions of Approval, as set forth below, to acknowledge acceptance, within 30 days from the date of approval by the Planning Commission.

GC.4 The City will only issue permits for the development when the construction documents (e.g., B uilding Plans) substantially comply with the approved plans. Substantial conformity is determined by the Director.

GC.5 This decision is not effective until Permittee acknowledges acceptance of all project conditions and any appeal period has lapsed, or a waiver of right to appeal is filed or if there is an appeal, until a final decision has been made 15 RES. NO. 2025-06
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CityVenturesCCmtg3-31-25(klk)
on the appeal. By use of the entitlements granted by a development application, the Permittee acknowledges agreement with the Conditions of Approval.

A. ENVIRONMENTAL SERVICES CONDITIONS:

A-1 This tentative map is approved for all boundary lines, easements, rights-of- way, and construction of off-site improvements as shown on the application plans and exhibits specifically labeled as Exhibit 1: Tentative Tract Map Sheets 1 through 5 dated December 6, 2024.

A-2 Approval of this project requires certain legislative determinations by the City Council. The approval of the tentative map is hereby expressly made contingent upon the approval of the Planned Development Permit and Affordable Housing Agreement by the City Council.

A-3 Within thirty-six (36) months after approval or conditional approval of the Tentative Map, Permittee must cause a Final Map to be prepared and recorded.

A-4 Permittee must prepare a Declaration of Covenants, Conditions, and Restrictions (CC&Rs) and submit them to the City Attorney, Deputy Environmental Services Director/City Planner, and the City Engineer for review and approval. Permittee must have the approved CC&Rs recorded with the Ventura County Recorder's Office concurrent with the final map.

Any future revision of the CC&Rs, as they pertain to the requirements set forth below, requires the approval of the City.
a. The formation of a homeowners association (HOA), which includes all owners of property within the project boundary and their successors; b. By-laws for the operation of the HOA;
c. A statement that the HOA will be responsible, jointly and severally for the life of the CC&Rs, for the maintenance, repair, and replacement of:

i. All common area improvements, landscaping, irrigation equipment and debris-detention basins, utilities; and
ii. All landscaping and irrigation equipment within the public right-of- way and enriched parkways;

d. A statement that in the event these areas are not properly maintained, repaired and replaced according to the City approved l Landscape and Drainage Plans, each homeowner will be responsible to the extent of his/her proportionate obligation to the HOA for the maintenance, repair and replacement of those areas. This responsibility will be secured by a lien on the homeowner’s property in favor of the City, in conformance with City procedures;
e. Notwithstanding the fact that the CC&Rs may duplicate City ordinances or regulations, a statement that the HOA will be responsible for providing written notice to association homeowners of any violation of the CC&Rs 16 RES. NO. 2025-06
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CityVenturesCCmtg3-31-25(klk)
on the homeowners property, and for enforcing the CC&Rs and taking appropriate legal action; and
f. Permittee must submit with the CC&Rs , a memorandum identifying where the statements required per subsections a- e, above, are located within the document.

A-5 Permittee must defend, indemnify and hold harmless the City, its agents, officials, and employees from any claim, action, or proceeding against the City or its agents, officials, or employees in any action to attack, set aside, void or annul, the approval of this Map. Pursuant to Government Code § 66474.9 the City will promptly notify Permittee of any claim, action, or proceeding and the City will cooperate fully in the defense. The City must also have the right to consult and participate with Permittee in the development of litigation strategy. Further, Permittee must select an attorney, acceptable to the City, who will defend such proceeding. Such approval of an attorney will not be unreasonably withheld.

A-6 During the lifetime of the map, Permittee must comply with all applicable laws and regulations of every local, state, and federal entity, and all such requirements and enactments will be incorporated by reference as conditions of this map. The duty of inquiry as to such requirements and any amendments thereto will be upon Permittee and his or her transferees or successor in interest.

A-7 Permittee agrees that if any of the conditions or limitations of this map are held to be invalid by a court of competent jurisdiction, that holding will render this map to be null and void.

A-8 Permittee must provide to the Deputy Environmental Services Director/City Planner a copy of all conditions of approval recorded with the Ventura County Recorder's Office.

A-9 Permittee must submit a utility plan to the Environmental Services Director for review and approval. The plan must include:
a. Size and location of all above- ground utility cabinets and underground utility vaults for electric, telephone, cable communications, backflow prevention devices, and fire sprinkler pressure detector check valves (utility equipment);
b. Screening design and location for all above-ground utility equipment by method of masonry walls, landscaping, or a combination of both; c. A minimum of three feet of clearance between all above-ground utility equipment and the screening;
d. Access panels oriented away from all public rights-of-way; e. Fire sprinkler pressure detector check valves located a minimum of 10 feet from all property lines adjacent to public rights-of-way, unless determined by the Deputy Environmental Services Director/City Planner to be not feasible;
17 RES. NO. 2025-06
CASE NO. TT-2023-0003 (REF: PD-S-2023-0010)
APPLICANT: City Ventures Homebuilding, LLC

CityVenturesCCmtg3-31-25(klk)
f. Depiction of the Traffic Sight Safety Area (TSSA); and g. Location of all above-ground utility equipment outside of the TSSA.

B. PUBLIC WORKS TENTATIVE TRACT MAP CONDITIONS:

General

B-1 Permittee must submit the Final Map to the City Engineer with a title report, reference documentation, calculations, and applicable fees.

B-2 Permittee must provide to the Department of Public Works a digital file of the Final Map in a format compatible with the City GIS database B-3 Permittee must submit project improvement plans on 24" x 36" sheets having the City's standard signature blocks. All lettering on the plans must be a minimum of 0.08 inch in size, and the plans must be drawn to ensure reproduction and record keeping. All plans must be signed by a California State Registered Civil Engineer at the time of first submittal. Permittee must submit improvement plans as one package and must include all improvements shown on the approved project exhibits and those to be designed per these Conditions. Piecemeal submittal of plans is not acceptable. The submittal package must also include all supporting studies.

Plans and studies must be signed by a California State Registered Civil Engineer at the time of the first submittal.

B-4 Permittee must enter into an agreement with the City for construction of the improvements shown on the tentative map and all improvements to be designed per these Conditions.

B-5 Permittee must offer to dedicate all necessary rights-of-way and easements as shown on the approved tentative map exhibit and as required by these conditions.

Grading and Drainage

B-6 Permittee must design and submit a site paving, grading, and drainage plan, subject to review and approval by the City Engineer. Each grading plan must be accompanied by a soils report, prepared to comply with the City of Simi Valley Guidelines for Geotechnical and Geological Reports.

B-7 Permittee must provide a final drainage study, prepared by a California State Registered Civil Engineer. This study must include supporting hydrology and hydraulic calculations complying with the City of Simi Valley Drainage Study Guidelines, Goal VII I-3 of the General Plan, the Ventura County Hydrology Manual and Hydraulic Design Manual of the Los Angeles County and Ventura County Watershed Protection Districts.

B-8 Permittee must incorporate storm water detention into the improvement plans. Detention design must conform to the City of Simi Valley Drainage Study Guidelines. Site runoff up to the 100- year storm event must not 18 RES. NO. 2025-06
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CityVenturesCCmtg3-31-25(klk)
exceed the 10-year pre-developed storm runoff. The detention design must use either the hydrograph flood routing method or unit volume method based on the drainage basin area.

B-9 Permittee must incorporate permanent post -construction storm water quality treatment devices into the site improvements for review and approval by the City Engineer. Stormwater treatment must comply with the State Water Resources Order No. R4- 2021-0105, NPDES Permit No.

CAS004004.

B- 10 Permittee must prepare a Storm Water Pollution Prevention Plan (SWPPP) to comply with the State Water Resources Control Board Construction Stormwater General Permit, Order 2022- 0057-DWQ. A Notice of Intent (NOI) must be submitted to the Los Angeles R egional State Water Resources Control Board to comply with the General Permit.

Traffic
*B-11 Permittee must design any landscaping to incorporate and provide for the minimum safe vehicle/driver sight distances at the project driveways, restricting the height of any planting material to 30 inches or less within the driver's sight distance area per City Standard SV 20- 130; in addition, no walls, berms, slopes, backflow prevention dev ices, on -site project monuments, signs, or other impediments to the driver's sight visibility will be allowed within that restricted area; all as directed by the City Engineer. Any proposed decorative pavement, on- site project monuments, or signs must be located outside of the public right -of-way, as directed by the City Engineer.
*B-12 Permittee must design and construct all on- site traffic circulation elements and traffic control devices (e.g. pavement delineation, signage) in accordance with the California Manual on Uniform Traffic Control Devices, latest edition.
*B-13 Permittee must design all internal circulation roadways with a 25-foot width, as per plan.

D. VENTURA COUNTY FIRE PROTECTION DISTRICT:

D-1 Permittee must comply with all current Ventura County Fire Protection District Ordinances, Codes and Standards, and conditions of PD -S-2023- 0010 (Exhibit D).

END OF CONDITIONS
19 RES. NO. 2025-06
CASE NO. TT-2023-0003 (REF: PD-S-2023-0010)
APPLICANT: City Ventures Homebuilding, LLC

CityVenturesCCmtg3-31-25(klk)

AFFIDAVIT

I, ________________, do hereby declare under penalty of perjury that I have Power of attorney on behalf of all property owners of the subject application and that all property owners accept all conditions imposed by the Environmental Services Director or designee in its approval of PD -S-2023-0010 and TT -2023-0003. Permittee and property owners agree to comply with these conditions and all other applicable laws and regulations that affect this project.

Signature___________________________ ________________ Date

Printed Name________________________
20 RES. NO. 2025-06
CASE NO. PD-S-2023-0010 and TT-2023-0003
APPLICANT: City Ventures Homebuilding, LLC

CityVenturesCCmtg3-31-25(klk)

Ventura County Fire Protection District

MEMORANDUM

DATE: January 9, 2025

TO: Alexandra Clingman, Associate Planner

FROM: Alan Dearden, Senior Fire Inspector

PROJECT NUMBER: PD-S-2023-0010

FIRE DEPT. RECORD FPLN23-00460

APPLICANT: Eric Miller

LOCATION: 4868 Cochran St.

DESCRIPTION: 26-Unit townhome development

Complete - This project has been reviewed by the Ventura County Fire Protection District and is found to be complete.

Access Point(s) on Roads - Roads shall be provided such that any portion of the exterior walls, at grade level, of a building or structure, is not more than 250- feet from a road as measured by an approved route around the exterior of the building.

Ground Ladder Access - Access around the building shall be provided to allow for laddering the building, at a maximum 75-degree angle, to reach emergency escape and rescue openings below the fourth story above the grade plane. A 3- foot clear working space shall be provided around the ladder at ground level.

Walkway and Pedestrian Gates - If gates are to be locked, a Knox system shall be installed. The method of gate control, including operation during power failure (battery back-up), shall be subject to review by the Fire Prevention Division. Gate plan details shall be submitted to the Fire District for approval prior to installation. A final acceptance inspection by the Fire District is required prior to placing any gate into service.

Apparatus Access Roads – Fire apparatus access roads shall comply with Public Road Standards, Ventura County Fire Apparatus Access Code: Ordinance 29, and Ventura County Fire Department Standard 501.
21 RES. NO. 2025-06
CASE NO. TT-2023-0003 (REF: PD-S-2023-0010)
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CityVenturesCCmtg3-31-25(klk)
Access Road and Private Roads Width - Private roads shall comply with Public Road Standards. A minimum access road width of 24- feet shall be provided with no on- street parking permitted.

Turning Radius - The access road shall be of sufficient width to allow for a 40- foot centerline turning radius at all turns in the road. 90- degree turns shall meet VCFD Standard 501 requirements.

Vertical Clearance - All access roads/driveways shall have a minimum vertical clearance of 13-feet 6-inches. Clear of building to sky.

Turnarounds - Approved turnaround areas for fire apparatus shall be provided when dead-end Fire Department access roads exceed 150- feet. Turnaround areas shall not exceed a 5% cross slope in any direction and shall be located within 150- feet of the end of the access road/driveway. Turnaround areas shall not be used for parking and shall be kept free of obstructions at all times. Turnaround areas shall be posted as Fire Lanes in accordance with Fire District Fire Lane Standards.

Fire Lanes - Prior to construction the applicant shall submit two site plans to the Fire District for approval of the location of fire lanes. P rior to occupancy, all fire lanes shall be posted “NO PARKING-FIRE LANE-TOW AWAY” in accordance with California Vehicle Code, the California Fire Code and current VCFPD Fire Lane Standards. All signs and or Fire Lane markings shall be within recorded access easements.

Access Road Gates - Any gates to control vehicle access are to be located to allow a vehicle waiting for entrance to be completely off the intersecting roadway. A minimum clear open width of 15-feet in each direction shall be provided for separate entry/exit gates and a minimum 20- feet for combined entry/exit gates. If gates are to be locked, a Knox system shall be installed. The method of gate control, including operation during power failure (battery back-up), shall be subject to review by the Fire Prevention Division. Gate plan details shall be submitted to the Fire District for approval prior to installation. A final acceptance inspection by the Fire District is required prior to placing any gate into service.

Access Road Certification - The access roads shall be certified by a registered civil engineer as having an all-weather surface in conformance with Public Works and/or Fire District standards. This certification shall be submitted to the Fire District for review and approval prior to occupancy.

Water System Plans - Plans for water systems supplying fire hydrants and/or fire sprinkler systems and not located within a water purveyor’s easement, shall be submitted to the Fire District for review and approval prior to issuance of grading and/or building permits or signing of grading plans, whichever is first. Plans shall reflect only dedicated private fire service lines and associated appurtenances.

Construction Access Utilities - Prior to combustible construction, all utilities located within the access road and the first lift of the access road pavement shall be installed. A 22 RES. NO. 2025-06
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CityVenturesCCmtg3-31-25(klk)
minimum 20 -foot clear width shall remain free of obstruction during any construction activities within the development once combustible construction starts.

Fire Hydrant(s) Required - Fire hydrant(s) shall be provided in accordance with the current adopted edition of the California Fire Code, Appendix C and adopted amendments.

Fire Hydrant Installation - Prior to combustible construction on any parcel, a fire hydrant capable of providing the required fire flow and duration shall be installed and in service along the access road at a location approved by the Fire District, but no further than 250 feet from the building site.

Fire Sprinklers - All structures shall be provided with an automatic fire sprinkler system in accordance with California Building Code and California Fire Code requirements, and current Ventura County Fire Ordinance at time of building permit application.

Fire Alarm System - A fire alarm system shall be installed in all buildings in accordance with the California Building Code and California Fire Code requirements.

Building Plan Review - Building plans of all A, E, I, H, R-1, R-2, or R-4 occupancies shall be submitted, with payment for plan check, to the Fire District for review and approval prior to obtaining a building permit.

Fire Extinguishers - Fire extinguishers shall be installed in accordance with the California Building Code and California Fire Code requirements. The placement of extinguishers shall be subject to review by the Fire District.

Trash Dumpster Locations - Commercial trash dumpsters and containers with an individual capacity of 1.5 cubic yards or greater shall not be stored or placed within 5 feet of openings, combustible walls, or combustible roof eave lines unless protected by approved automatic fire sprinklers.

Address Numbers (Commercial, Industrial, Multi-family buildings) - Building address numbers, a minimum of 10-inches high, shall be installed prior to occupancy, shall be of contrasting color to the background, and shall be readily visible at night. Brass or gold- plated numbers shall not be used. Where structures are set back more than 150-feet from the street, larger numbers will be required so that they are distinguishable from the street.

In the event a structure(s) is not visible from the street, the address number(s) shall be posted adjacent to the driveway entrance on an elevated post. Individual unit numbers shall be a minimum of 4-inches in height and shall be posted at the front and rear entrance to each unit. Additional address directional signs may be required at common building entrances and stairways.

Fire-Flow (Commercial, Industrial, Multi -family buildings) - The minimum fire -flow required shall be determined as specified by the current adopted edition of the California Fire Code Appendix B with adopted Amendments and the applicable Water Works Manual for the jurisdiction (whichever is more restrictive). The applicant shall verify that 23 RES. NO. 2025-06
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CityVenturesCCmtg3-31-25(klk)
the water purveyor can provide the required volume and duration for the project prior to obtaining a building permit by having them fill out VCFD Form #625, Fire- Flow Verification.

Fire Department Clearance - Applicant shall submit VCFD Form #610, Fire Permit Application, prior to obtaining a building permit for any new structures. 24 RES. NO. 2025-06

EXHIBIT A

RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO:

City of Simi Valley
Attn. City Clerk
2929 Tapo Canyon Road
Simi Valley, CA 93063

[Space above for recorder's use.]

This document is recorded for the benefit
of the City of Simi Valley and therefore is
exempt from the payment of a recording
fee pursuant to Government Code
Sections 6103 and 27383.

APN: 644-0-080-845
_____________________________________________________________________

AFFORDABLE HOUSING AGREEMENT BETWEEN

THE CITY OF SIMI VALLEY AND CITY VENTURES HOMEBUILDING, LLC
(4868 Cochran Street Townhomes)

This Affordable Housing Agreement provides rights to the City of Simi Valley in regulating the sale and occupancy of three (3) one-bedroom units for moderate-income households for a period of 45 years from the initial sale date of each Affordable Housing Unit.

25 RES. NO. 2025-06

AFFORDABLE HOUSING AGREEMENT
4868 COCHRAN STREET TOWNHOMES

PREAMBLE

THIS AFFORDABLE HOUSING AGREEMENT is entered into between the City of Simi Valley, a municipal corporation and general law city ( “CITY”) and City Ventures Homebuilding, a limited liability corporation ( “DEVELOPER”). CITY and DEVELOPER may be referred to as “Party” and collectively referred to as the “Parties.” The Parties agree as follows:

ARTICLE I

RECITALS
CITY and DEVELOPER agree as follows:

1) DEVELOPER is the owner of the real property consisting of 1.2 acres located in the City of Simi Valley, California, located at 4868 Cochran Street , known as Ventura County Assess or’s Parcel No . 644-0-080-845, and more particularly described in Exhibit “A,” attached hereto and incorporated herein by this reference (the “Property”). 2) DEVELOPER intends to construct a twenty -six (26 ) unit residential townhome development (the “Project” or “4868 Cochran Street Townhomes”) on the Property, and in order to qualify for six (6) waivers for the Project, three (3) one bedroom units are to be reserved for qualified Moderate- Income households at restricted prices , comprising approximately 11.5% of the total units in the Project. 3) CITY desires to provide stabilized community of owner -occupied units for Moderate-Income Households.
4) It is the Parties’ intent that this Agreement will place sales price restrictions on the AHUs and maximum income restrictions on potential transferees of the AHUs. 5) City provided Owner density bonus and waivers toward the development of the Project pursuant to Government Code § 65915 (the "Density Bonus Law"). ln return, Owner is restricting occupancy of three (3) one- bedroom units for moderate- income households for a period of 45 years from the initial sale date of each Affordable Housing Unit.

ARTICLE II

DEFINITIONS
SECTION 2.01. Unless the contrary is stated or clearly appears from the context, the following definitions govern the construction of the words and phrases used in this Agreement. Words and phrases not given a meaning by this Agreement have the meaning set forth in applicable law including, without limitation, the Simi Valley Municipal Code (“SVMC”):
1) " Adjustable Rate Mortgage" mean s a mortgage where the interest rate is not fixed, but changes during the life of the loan in line with movements in an index rate. 26 RES. NO. 2025-06

2) “ Affordable Housing Unit (AHU) ” mean s each of the t hree one-bedroom units reserved for sale and occupancy by Eligible Buyers. 3) “ Affordable Housing Cost” means a monthly obligation to pay mortgage payments (principal and interest), property taxes, property insurance, mortgage insurance, utilities, and homeowners’ association dues (if applicable) in an aggregate amount not exceeding the ratios established under California Health & Safety Code § 50052.5.
4) “ Affordable Sales Price” means the maximum sales price for a Restricted Unit as determined by the City pursuant to Article VII and IX , below that will result in an Affordable Housing Cost for the homebuyer.
5) " Area Median Income (AMI)" means the median yearly income adjusted by household size in Ventura County, California as determined from time to time by: (1) The United States Department of Housing and Urban Development ("HUD"); or (2) The California Department of Housing and Community Development ("HCD"); or (3) CITY, in the event HUD or HCD does not publish this information for 18 months. 6) “ Area Median Income Index (AMI)” means the annual percentage increase in the Area Median Income for Ventura County for a family of four persons. 7) “ Base Price ” mean s the Purchase Price paid for an AHU by an Eligible Buyer.
8) " Days" means calendar days.
9) " DEVELOPER" means all applicants, developers, permittees, and all owners of the 4868 Cochran Street Townhomes and all successors and assigns thereto (but excluding any Owner).
10) “ Eligible Buyer” means a buyer who meets the following qualifications: (a) is a Moderate- Income Household; (b) the combined gross income for all buyer's household members does not exceed the Moderate-Income Limit for Ventura County, as published by the U.S. Department of Housing and Urban Development, adjusted by household size; (c) can provide a minimum 10% of the Purchase Price as down payment toward the purchase of the AHU; and (d) was approved by the CITY Loan Review Committee to purchase the AHU.
11) " Exempt Unit" means each of the 23 market rate units in the 4868 Cochran Street Townhomes not subject to the price restrictions of this Affordable Housing Agreement.
12) " Household Income" means the total gross income earned by Owner's adult household members that is anticipated to be received during the coming 12-month period in accordance with the provisions of 25 California Code of Regulations § 6914. 13) " Household Size" mean s the total number of people residing in the Affordable Housing Unit as their Principal Place of Residence or two persons, whichever is greater.
27 RES. NO. 2025-06

14) " Intent to Reside” means a statement in the Application for Eligibility stating that the potential transferee intends to occupy the AHU in compliance with the Owner occupancy requirement upon becoming the Owner of the AHU. 15) “ Maximum Sales Price” shall be calculated pursuant to the Resale Restriction Agreement.
16) " Moderate-Income" means the Moderate-Income Limit figure adjusted by household size in Ventura County, California as determined from time to time by: (1) HUD; or (2) HCD; or (3) CITY, in the event HUD or HCD ceases publication or fails to publish such amounts for a period of eighteen months.
17) “ Option to Purchase” means CITY’s right of first refusal to buy the AHUs. 18) " Owner" means any purchaser, beneficiary, devisee, grantee or holder of fee title of an AHU, regardless of how such title or interest was acquired. 19) " Principal Place of Residence" mean s the residence where the Owner resides at least ten months out of each calendar year.
20) “ Project” or “4868 Cochran Street Townhomes ” means the 26 townhomes to be developed on the 1.2-acre site, including approvals of; as well as the conditions of approval, construction and all related improvements located therein. 21) “ Property” has the meaning set forth in Recital No. 1, above. 22) " Public Report" means the document issued by the California Department of Real Estate for the sales of subdivision units.
23) " Purchase Price" has the meaning set forth in Article VII. 24) “ Resale Restriction Agreement ” or “Restrictive Covenants ” means the Affordable Housing Resale Restriction Agreement and Option to Purchase, attached hereto as Exhibit “B,” and incorporated herein by this reference, that each purchaser of a Affordable Housing Unit will be required to execute at the closing for the purchase of the Affordable Housing Unit.
25) " Transfer" means any voluntary or involuntary sale, assignment or transfer of ownership of or any interest in the Project including, without limitation, a fee simple interest, tenancy in common, joint tenancy, community property, tenancy by the entireties, life estate, or other limited estate, leasehold interest or any rental of the Project, or any interest evidenced by a land contract, a trustee's sale, judicial foreclosure sale, or deed in lieu of foreclosure.

ARTICLE III

DESIGNATION OF AFFORDABLE HOUSING UNITS
SECTION 3.01. Designation of Affordable Housing Units . CITY and DEVELOPER agree that in exchange for density bonus and waivers under the Density Bonus Law, each of the t hree one-bedroom units to be reserved for and occupied by 28 RES. NO. 2025-06

qualified Moderate-I ncome Households is the primary considerations provided by DEVELOPER to cause CITY to enter into this Agreement. The parties agree that any failure to sell the three one-bedroom units to qualified Moderate-Income Households, or breach the Indemnification and Hold Harmless provisions, constitutes a material breach of this Agreement.

ARTICLE IV

CITY INCENTIVES
SECTION 4.01. Waivers. Owner acknowledges receipt of a five percent density bonus and related waivers under the Density Bonus Law in exchange for Owner’s agreement to restrict t hree one- bedroom units to be reserved for and occupied by qualified Moderate-Income Households. CITY agreed to provide the following waivers , which are:
1) A waiver to building setbacks from property line shown in (SVMC 9-24.050 (A)(B)(C)(D) Table 2-3).
• Interior side yard setback from 43’ to 3.5’ (along the North PL). 2) A waiver to building setbacks from property line shown in (SVMC 9-24.050 (A)(B)(C)(D) Table 2-3).
• Interior side yard setback from 15’ to 9.8’ (along the East PL). 3) A waiver to setback between buildings shown in SVMC 9-30.080 (B)(2) • Between building setback from 20’ to 14’ (between building 1 & 2). 4) A waiver to the garage width standards shown in SVMC 9-34.080 (D) • Garage dimensions from 12’x20’ to 10’ -10”x20’ for the 1BR units (ADA compliance required on applicable units).
5) A waiver to the building height limitation called out in the Southeast Kadota Fig Specific Plan.
• There shall be no structures exceeding 1- story in height within 150’ of the Southern PL. The maximum setback that can be maintained from the Southern PL is 20’.
6) A waiver to the buffer area called out in the Southeast Kadota Fig Specific Plan.
• There shall include a 50’ buffer area along the south property boundary, with a minimum 25’ landscaped area immediately adjacent to the south property line which includes at least (1) specimen tree for each two hundred (200) square feet of landscaped area. The maximum setback that can be maintained from the southern property line is 20’.
29 RES. NO. 2025-06

ARTICLE V
TERM
SECTION 5.01. Term of Agreement. Pursuant to Density Bonus Law, the term of this Agreement is for 45 years. This Agreement is binding upon and enforceable against the Owners of the AHUs for the benefit of and enforceable by City until 45 years from the date of the last Transfer of an AHU to an Owner. Notwithstanding the foregoing, t his Agreement shall be effective until all of the AHUs have been constructed and sold by the Developer to either: (1) Eligible Buyers and the Resale Restriction Agreements have been recorded against each AHU consistent with Sections 6.04-6.10, and/or (2) to the City or as a Released Unit under Section 6.11. Upon satisfaction of these requirements, Developer shall have no further obligations under this Agreement and this Agreement shall terminate. T his Agreement shall terminate as to each individual AHU as provided in Section 6.08 or 6.11. Further, upon creation of the AHUs and Exempt Units through recordation of a final map or condominium map or maps, (i) this Agreement shall terminate as to the Exempt Units and any common area created with that instrument, and (ii) the Exempt Units shall thereafter be, without further notice to, consent by or action of any party hereto, deemed to be free and clear of any burden or encumbrance created by or resulting from this Agreement and may be sold free and clear of any such burden or encumbrance. For avoidance of doubt, any units which do not constitute AHUs shall not be subject to any price restrictions and may be sold by DEVELOPER at market without notice to or the consent of CITY. Upon request by Developer, City agrees to promptly provide documentation, in a form subject to City’s reasonable approval, terminating this Agreement as to the Exempt Units and any common area, however such documentation shall not be necessary to termination under the circumstances described in this provision.

ARTICLE VI

DEVELOPER PROMISES
SECTION 6.01. Development of Project . DEVELOPER agrees to promptly begin and diligently pursue to completion the development of the 26 townhomes units as required by the conditions of approval for PD -S-2023-0010 and Tentative Parcel Map (TP-S-2024-0002) and; Tentative Tract Map (TT -2023-0003) . DEVELOPER agrees to ensure that each initial Eligible Buyer executes a Resale Restriction Agreement subject to the terms of this Agreement, attached as Exhibit B, before the close of escrow.

SECTION 6.02. Failure to Develop Project in Timely Manner. If DEVELOPER fails to adhere to the timing of development outlined in this Agreement , CITY may, after notice to DEVELOPER and opportunity to cure not exceeding thirty (30) days , withhold zoning clearances for the Project until such delay has been cured.

SECTION 6.03. Approvals. DEVELOPER agrees to obtain all required approvals, permits, allocation grants, licenses, waivers or variances (collectively , the "Approvals") from all governmental agencies having jurisdiction over the Project.

DEVELOPER agrees to diligently pursue applications associated with the Project working in close conjunction with CITY. CITY retains complete discretion to review plans and applications submitted by DEVELOPER and to approve, disapprove, condition or make recommendations with regard to those plans in their discretion. Nothing contained in this Agreement is intended to restrict CITY in its planning and building permit process or in its 30 RES. NO. 2025-06

authority to review applications in accordance with all federal, state, and local laws, nor is CITY’s failure to approve or grant a conditioned approval a breach of this Agreement nor is it a basis for any claim or cause of action against the CITY.

SECTION 6.04. DEVELOPER’S Affordable Sale Price. DEVELOPER agrees to sell each of the AHUs at a price not to exceed the Affordable Sales Price to ensure that the AHUs are affordable to Eligible Buyers.

SECTION 6.05. Compliance with Use and Occupancy Laws . DEVELOPER agrees that for each sale, the DEVELOPER must comply with all applicable State and local laws, statutes, ordinances, rules and regulations, as well as this Agreement, restricting the use and occupancy and sale of each AHU in the Project.

SECTION 6.06. Marketing and Sale of Affordable Units. DEVELOPER agrees to market and sell the three one-bedroom AHUs, which are the subject of this Agreement only to Eligible Buyers.

SECTION 6.07. Resale Restriction Agreement . Upon the first sale by DEVELOPER of an AHU to an Eligible Buyer, the DEVELOPER must cause the buyer of the AHU to enter into a Resale Restriction Agreement, in the form attached hereto as Exhibit B where the Buyer agrees to abide by the restrictive covenants, resale provisions, owner occupancy requirement and option to purchase attached to each AHU. A Resale Restriction Agreement, executed by each Eligible Buyer, shall be recorded with the Ventura County Recorder’s office prior to the recording the Grant Deed transferring title of each AHU to an Eligible Buyer. Notwithstanding anything to the contrary herein, in the event an executed Resale Restriction Agreement is not recorded prior to the recordation of the Grant Deed for an AHU, this Agreement shall remain in full force and effect as to such AHU for a period 45 years following the recording of the Grant Deed.

SECTION 6.08. No Conveyance Without Resale Restriction Agreement . No AHU may be conveyed without the Resale Restriction Agreement executed by an Eligible Buyer being recorded with the Ventura County Recorder’s office pursuant to this Agreement. DEVELOPER agrees that all Resale Restriction Agreements must clearly state that these restrictions run with the land and are enforceable by CITY or its designee against any buyer or seller for the term of the control. Upon: (i) the closing of the sale of an AHU by DEVELOPER to an Eligible Buyer in accordance with this Agreement, and (ii) the execution and recordation of the Resale Restriction Agreement by the Eligible Buyer as described in Section 6.07, this Agreement shall cease to be a burden on or encumbrance against that AHU. DEVELOPER shall have no further obligations or liabilities with respect to compliance with this Agreement or the Resale Restriction Agreement for such AHU, including but not limited to, monitoring the compliance with the Resale Restriction Agreement entered into by the Eligible Buyer.

SECTION 6.09. Preparation of Closing Documents . DEVELOPER agrees to provide all appropriate closing documents to the escrow for the sale of each AHU.

SECTION 6.10. Effect and Duration of Covenants . The Resale Restriction Agreement as to each AHU shall include affordability covenants consistent with those contained in this Agreement that shall run with the land and remain in effect for a period of not less than 45 years from the initial sale date of each Affordable Housing Unit. 31 RES. NO. 2025-06

SECTION 6.11. CITY’s Purchase Option. DEVELOPER agrees that CITY may purchase the AHUs at the Affordable Sales Price, or assign its rights, duties or obligations under the option to purchase the AHUs, to any Eligible Buyer under the terms of this Section 6.11, or in accordance with the Resale Restriction Agreement as applicable. If, for the initial sale of an AH U, an Eligible Buyer has not been identified by DEVELOPER for certification by CITY within 90 days after the AHU receives a certificate of occupancy, DEVELOPER shall provide CITY with written notice that an Eligible Buyer has not been identified for that AHU despite implementing the process outlined Article VIII; the notice shall include a description of additional plans to market the AHU subject to C ITY’s reasonable review and approval. If DEVELOPER is still unable to identify an Eligible Buyer and open escrow within an additional 90 days following the implementation of the additional marketing plan approved by the CITY , and CITY does not wish to exercise its option to purchase the AHU , both Parties will work together in good faith to find an alternative means of compliance for that AHU that would facilitate the purpose and intent of this Agreement. The failure of CITY to exercise its right to purchase an AHU under this Section 6.11 in any one case, does not affect CITY's right to exercise its rights in other cases thereafter arising during the term of this Agreement.

SECTION 6.12. Subordination. DEVELOPER hereby represents, warrants and covenants that with the exception of easements of record, absent the written consent of C ITY which CITY may grant or withhold in the exercise of its sole and absolute discretion, this Agreement shall not be subordinated in priority to any lien (other than those pertaining to taxes or assessments), encumbrance, or other interest in the Property or the Project. If at the time this Agreement is recorded, any interest, lien, or encumbrance has been recorded against the Project in position superior to this Agreement, upon the written request of C ITY, D EVELOPER hereby covenants and agrees to, using a commercially reasonable means, promptly undertake all action necessary to clear such matter from title or to subordinate such interest to this Agreement consistent with the intent of and in accordance with this Section 6.12, and to provide such evidence thereof as CITY may reasonably request.

SECTION 6.13. Policies to Ensure Qualified Household Status of Community.

DEVELOPER agrees that in formulating the homeowner’s association (HOA), it will ensure that the covenants, conditions, and restrictions (CCRs) for the community include a disclosure that the community will have residences that are subject to affordable housing restrictions, including income restrictions for Moderate Income Households. The DEVELOPER will not include provisions in the CCRs that discriminate against Moderate Income Households.

ARTICLE VII

DETERMINATION OF PURCHASE PRICE
SECTION 7.01. Purchase Price. Affordable Sales Price, initial and subsequent, will be calculated in conformance with, this Article VII, Section 9.01 and the Resale Restriction Agreement, as applicable. The Affordable Sales Prices for an AHU will be calculated at the commencement of the marketing period for that AHU as described in Article VIII. The Affordable Sales Price for an AHU will be recalculated at (1) the annual publication of new Area Median Income levels by Department of Housing and Community Development, and (2) at the time of marketing each AHU for the purpose of determining 32 RES. NO. 2025-06

the applicable mortgage interest rate pursuant to Section 7.02, or (3) if the Eligible Buyer is approved for a Federal Housing Administration (“FHA”) loan, then to use the applicable FHA rate at that time.

SECTION 7.02. Maximum Loan Amount must be calculated based on the following assumptions:
• Ten percent (10%) down payment.
• The mortgage interest rate used in the calculation shall be the higher of:
(A) The fifteen (15) year rolling average of interest rates, as calculated by the City based on data provided by Fannie Mae, Freddie Mac, or an equivalent, nationally recognized mortgage lending institution; or (B) The current, commercially reasonable rate available through City Ventures three (3) top lenders..
• A loan to income ratio not to exceed 35%.
• A utility allowance factor of $50 for a one or two-bedroom unit, a $60 utility allowance for a t hree-bedroom unit; or utility allowance as published by HUD at the time of the sale.
• A homeowners’ insurance rate factor of 0.25% of the sales price, if homeowners’ insurance coverage is required by the primary lender. • The monthly homeowner’s association (HOA) fee.
• Property tax payments calculated at a rate of 1. 2% of the Purchase Price, or the rate established by the County of Vent ura Assessor at the time of the sale.
• The Maximum Monthly Loan Payment as calculated in Section 7.03.

SECTION 7.03. Maximum Housing Cost Ratio must be calculated using the following formula:

Maximum Monthly = 35% of 1/12th of 110% of Area Median Income* - Monthly amount of: Property Tax Payment , Principal and Interest ,Utility Allowance , Homeowners’ Ins. , and HOA fee. For households making between 110% and 120% of Area Median Income,* the Maximum Monthly shall be 35% of 1/12th of the gross income of the household.

*Adjusted according to unit size within the meaning provided in Health and Safety Code § 50052.5(h), i.e. two persons for one-bedroom units.

SECTION 7.04. Other Assumptions . The Maximum Housing Cost Ratio , as determined by this Agreement, must be used to establish the Maximum Loan Amount by 33 RES. NO. 2025-06

utilizing a financial calculator , which will also include the following assumptions: a 360- month loan term and the interest rate as determined by this Agreement.

ARTICLE VIII

PROJECT MARKETING
SECTION 8.01. Presentment of Outreach Program . DEVELOPER agrees that, at least 90 days before the anticipated date for the offer for sale of the first AHU, it will present to CITY for review and approval, a targeted Outreach and Affordable/Affirmative Marketing Program (the “Outreach Program”) which is designed to build awareness of the availabilit y of the AHUs, to encourage participation in sales by local qualified buyers living or working in the local area and to ensure a fair and effective buyer selection process. At the commencement of the Outreach Program, DEVELOPER must market the AHUs exclusively within the City of Simi Valley for a period of 60 consecutive calendar days, or upon the receipt of 50 applications, whichever occurs first.

DEVELOPER and CITY agree that the Outreach Program must include, without limitation, to:

A marketing brochure and sales staff training manual for AHU sales staff describing pertinent data about the Project, the AHUs, sales price, method of buyer selection, required financial qualifications of buyers, use restrictions, and details regarding available financing and typical costs;
1) A list of lending institutions offering low -interest rate financing under available State or Federal programs known to DEVELOPER and CITY; 2) A print media and local cable broadcast schedule, the latter being optional at the discretion of the Environmental Services Director; 3) A display of the fair housing logo in sales brochures and in advertisements; 4) A dvertising in both English and Spanish-speaking media, if locally available; 5) A display of fair housing information at the sales office; 6) Advertisements indicating the availability of any handicapped accessible AHU;
7) A marketing program designed to attract prospective buyers of all majority and minority groups in the housing market area regardless of race, creed, color, religion, sex, national, origin, marital status, status with regard to receipt of public assistance, disability or familial status (the “Affirmative Marketing Program”). The Affirmative Marketing Program should assure that any persons normally not likely to apply for the purchase of the AHUs without special outreach efforts, know about the housing, feel welcome to apply and have the opportunity to buy an AHU. 8) A disclosure notice, in large type, prominently displayed regarding the Resale Restrictions of the AHUs.
9) Any other measure that CITY and DEVELOPER agree to be necessary and reasonable.
34 RES. NO. 2025-06

SECTION 8.02. Sales Staff Training Manual . DEVELOPER must prepare a training manual for its sales staff and ensure that its staff is informed about the restrictions and regulations associated with the sale and resale of the AHUs, and the appropriate representations and disclosures to be made to each potential buyer. DEVELOPER agrees to include in the training manual procedures for the acceptance of applications and referral of qualified applicants to lenders. DEVELOPER must provide CITY with a written copy of the training manual in conjunction with the Outreach Program at least 90 days before marketing the AHUs.

SECTION 8.03. First Time Homebuyer Seminar . DEVELOPER must provide to, and require that Eligible Buyers , who are purchasing their first home, attend a seminar/workshop designed to provide information about purchasing a home, and the responsibilities associated with becoming a homeowner.

SECTION 8.04. Screening, Deposits and Waiting Lists. DEVELOPER agrees to date and time stamp, screen and pre- qualify all applications for any AHU in the order received, and to make these applications available to CITY upon request. CITY agrees to review the applications received to provide a preliminary determination of applicant’s eligibility and forward a response to DEVELOPER within five business days.

DEVELOPER agrees to accept a deposit not to exceed 3% of the Base Price for the number of units available from the ap plicants selected above, provided, however, that any such applicant who, for any reason, fails to ultimately qualify as an Eligible Buyer will receive a full refund of any amounts deposited toward the purchase of an AHU except for their share of administrative costs associated with processing the Application (not to exceed $500.00) and escrow termination charges, if any. DEVELOPER agrees that all applicants who qualify in accordance with the criteria set forth hereinabove will be placed on a waiting list. DEVELOPER must forward the waiting list to CITY on a monthly basis from the time it is created until the last AHU is sold.

SECTION 8.05. Prioritization and Selection of Potential Home Buyers .

DEVELOPER agrees to begin advertising the AHU s at least four months before the projected date of completion of construction of the AHU s, and to begin accepting applications for the AHU s at the same time. All AHU applications will be date and time stamped in the order received. AHU applications will be accepted up to 60 days after the commencement of advertising, or upon receipt of 50 applications, whichever comes first.

DEVELOPER agrees that the AHU applications will be prioritized as follows:

First Priority: Applicants who live or work in Simi Valley; Second Priority: All other applicants.

SECTION 8.06. Extension of Marketing Period . If the first 60 days of marketing, or the first 50 applications, whichever occurs first, do not produce a sufficient pool of qualified applicants, the DEVELOPER agrees to extend the marketing period as necessary without consideration to priorities. DEVELOPER also agrees to continue the marketing process in the event that the list of pre-qualified applicants is exhausted before the sale of both AHUs.

SECTION 8.07. Failure to Implement an Outreach Program . If DEVELOPER fails to submit for approval and implement an Outreach and Affordable/Affirmative 35 RES. NO. 2025-06

Marketing Program, CITY may implement a marketing program, at DEVELOPER’s expense, for the purpose of soliciting Eligible Buyers for the AHUs.

ARTICLE IX

ELIGIBILITY STANDARDS AND HOMEBUYER SELECTION
SECTION 9.01. T o determine if an applicant is a prospective Eligible Buyer, all applicants are required to submit an application to the DEVELOPER and to CITY in accordance with the procedures established by the DEVELOPER and by the CITY, respectively. An applicant must disclose in the application that they meet the following qualifications to purchase an AHU:
1) Eligible Buyers. The AHUs are available exclusively to Moderate- Income homebuyers. An Eligible Buyer must be a Moderate-Income household. 2) Household Maximum Income. A pplicant’s gross household income must not exceed the Moderate-Income Limit for Ventura County adjusted by household size, as established annually by HUD. A household’s maximum income is determined in accordance with Title 25 California Code of Regulations § 6914, and will take into account the current income of all adult applicant’s household members as well as their projected income for the subsequent twelve-month period, including income from assets not to be used for the down payment, with the exception of homebuyers receiving financial assistance from the HOME Program.
3) Buyer’s Down Payment. Buyers must provide a minimum of ten percent of the Purchase Price as down payment toward the purchase of the AHU. 4) Buyer’s Maximum Housing Expense. The housing expense of a potential home buyer cannot exceed the ratios established under Health & Safety Code § 50052.5 for Moderate-Income homebuyers. Calculation of an applicant’s monthly income is based on income information submitted with the application. S uch information, however, must be subsequently verified by DEVELOPER and CITY based on review of the applicant’s primary loan application and supporting documentation. Housing expense must include principal and interest, property taxes and insurance, and homeowner association dues, and a reasonable utility allowance.

SECTION 9.02. Pre-qualification of Applicants . DEVELOPER agrees to evaluate all applications submitted by potential homebuyers and pre- qualify each applicant with respect to Program and loan eligibility in accordance with the provisions listed above. After DEVELOPER’s pre-qualification, but before opening escrow on any AHU, prospective Eligible Buyers must be referred to CITY for review of preliminary eligibility determination, in accordance with this Agreement.

SECTION 9.03. Owner-Occupancy. DEVELOPER agrees to offer and sell the AHU only to Eligible Buyers who certify that the AHU unit will be owner-occupied as their principal place of residence, and used for residential purposes only, throughout the term of the Restrictive Covenants, which shall provide as follows:

The Owners must occupy the AHU(s) as his/her/their Principal Place of Residence.

During the time the AHU is vacant while being actively offered for Transfer by the 36 RES. NO. 2025-06

Owner(s), this Owner -occupancy requirement does not apply. The Owner(s), however, must not lease or rent the AHU during such period. The AHU must not be leased or rented, in whole or in part. The Owners must not lease or rent out bedrooms or other parts of the AHU, even if the Owner(s) continues to occupy the AHU. If CITY becomes the Owner of a AHU, CITY or its designee must not rent or lease the AHU sooner than ten years after the date of the issuance of a certificate of occupancy for the Unit.

SECTION 9.04. Modifying Owner -Occupancy Requirement. The Restrictive Covenants may provide that an Owner may request and CITY may approve modifications to the Owner occupancy requirement if the Owner demonstrates to the satisfaction of CITY the need for modifications due to long- term illness or injury requiring medical attention to or of the Owner or a member of the Owner’s immediate family, the Owner’s temporary employment relocation or loss of employment, sabbatical by the Owner, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Owner as determined by City, which will result in an economic hardship to the Owner (i.e. the retention of the AHU would result in a substantial and irrevocable loss of the Owner’s investment in the AHU).

A request from the Owner must be submitted to CITY in writing stating the reason(s) for the request. The Owner must submit to C ITY any and all information and/or documentation requested by C ITY demonstrating the stated reasons for the need of modifications to the Owner occupancy requirement. C ITY reserves the right to collect a reasonable fee to cover the CITY’s costs of verifying information and other necessary actions to process the request. CITY must either approve or deny the request in writing within 30 days of receiving the request. Modifications to the Owner occupancy requirement must not be made, if the need for the modifications can be relieved by either liquidation of the Owner’s assets, to the extent the liquidation of such assets would not cause severe economic hardship, or reimbursement or compensation by insurance or otherwise.

Each year on or before October 15
th, or on such other date as specified by CITY in writing, the Owners must submit an annual certification, signed by the Owner under penalty of perjury, which includes the Owner’s statement that the Owner has occupied the AHU or complied with any C ITY-approved modifications to the Owner occupancy requirement and complied with all provisions of this Agreement, and/or includes the Owner’s explanation of any financing, occupancy or other violation of any provision of this Agreement.

ARTICLE X

PROJECT SALES
SECTION 10.01. Qualification of Buyers. DEVELOPER agrees to obtain and be responsible for properly determining the qualifications and eligibility of each initial buyer to purchase the AHU in accordance with the terms of this Agreement and the Restrictive Covenants. DEVELOPER agrees upon completion of the qualification, but before entering into a Purchase Contract, to refer such qualified buyers to CI TY for final certification of income eligibility to purchase an AHU. DEVELOPER agrees that escrow for the purchase of an A HU must not be opened until CITY has provided written approval of buyer's eligibility under this Agreement . DEVELOPER agrees that proof of eligibility as a 37 RES. NO. 2025-06

Moderate-Income Household must be verified through review of buyer's driver's license or other document identifying buyer's age eligibility, income tax returns, pay stubs, a credit report, a final typed and signed loan application (if available), and an executed buyer income certificat ion form. DEVELOPER must request each buyer's authorization to release the signed loan application to the CITY. Determination of allowable income must be established in accordance with the provisions of Title 25, California Code of Regulations, Section 6914. DEVELOPER may rely in good faith on CITY’s verification of Eligible Buyers for an AHU; DEVELOPER shall not incur liability, under this Agreement or otherwise, as a result of fraud, mistake, or misrepresentation (intentional or unintentional) by the applicant or CITY in determining that an applicant is a Moderate Income Household and/or an Eligible Buyer.

SECTION 10.02. Escrow Instructions . DEVELOPER must ensure that the Escrow Instructions for each AHU include the following:
1) A statement that Buyer's purchase of this AHU is contingent upon CITY’s prior written approval of each buyer's qualification as an Eligible Buyer. 2) Buyer must execute an acknowledgement that they must occupy the AHU at all times as their Principal Place of Residence.
3) Buyer must execute the Restrictive Covenants, substantially in the form presented as Exhibit B, hereto, and an escrow officer must record the document against each AHU at close of escrow and prior to the recordation of the Grant Deed. 4) Escrow must record a Request for Notice of Default on behalf of CITY to notify CITY of a pending default on any loan secured by the AHUs. 5) Buyer must execute authorizations (i) to allow CITY to obtain and review Buyer’s credit report, and (ii) to allow CITY to verify the status of Buyer’s primary mortgage.

SECTION 10.03. Submittal of Purchase Contract . DEVELOPER agrees to submit each purchase contract for an AHU to the CITY for review a minimum of 30 days before the close of escrow.

SECTION 10.04. AHU Buyer Application Review by CITY . DEVELOPER must refer each prospective Eligible Buyer to CITY for a review with such buyer of the terms of the Restrictive Covenants.

SECTION 10.05. AHU Buyer Mortgage Financing. DEVELOPER must make reasonable efforts to identify a package of financial enhancement s to each AHU buyer which will give them an option to obtain below market interest rate financing.

DEVELOPER agrees that Eligible Buyers must secure only fixed rate mortgage financing to purchase an AHU. DEVELOPER agrees that no mortgage offered will have the potential to result in negative amortization financing.

SECTION 10.06. Use of Pre- Approved Documents for AHU Buyers .

DEVELOPER agrees to inform each Eligible Buyer at the time of AHU purchase that all future transfers of any AHU can be accomplished only with documents prepared or approved by CITY, as noted in the Restrictive Covenants. 38 RES. NO. 2025-06

ARTICLE XI

DISCLOSURE OF AHU DOCUMENTS
SECTION 11.01. Review of Agreements and Disclosures . DEVELOPER agrees to disclose and review the provisions of the Restrictive Covenants with each potential buyer and their legal counsel, if requested. DEVELOPER agrees to make each sale of an AHU a condition precedent to each buyer's review, understanding of the Restrictive Covenants, and execution of the Buyer Agreement.

SECTION 11.02. Copies Provided. DEVELOPER agrees to provide each potential buyer with a copy of this Agreement, the Restrictive Covenants, and the Buyer Agreement, at the DEVELOPER’s expense, and agrees to require that each B uyer sign a statement in typeface of not less than twelve point type acknowledging that they have received, read and understood the documents before receipt of a deposit for the purchase of an AHU. DEVELOPER agrees that copies of the receipt statement, and age and income verification documents must be provided to CITY at least five working days before the opening of escrow.

ARTICLE XII

FEATURES OF AFFORDABLE HOUSING UNITS
SECTION 12.01. Warranties and Representations . Any and all warranties or representations, express or implied, made as to the condition of the Exempt Units must be warranted with each AHU.

SECTION 12.02. Dispersal of AHUs. The AHUs are to be distributed throughout the Project without any apparent differentiation as to location or appearance with the exception that each of the AHUs will be a one bedroom unit. Dispersal of the AHUs must be carefully planned as to not unduly concentrate the AHUs in any one area or within any one structure and the AHUs must be distributed in a proportionate manner to the market rate units on the project site. At the time of filing of an application for a Planned Development Permit for the construction of the 26 townhomes, DEVELOPER must also present a site plan identifying the location of each of the three AHUs.

SECTION 12.03. Standard Quality Interior/Exterior Appointments .

DEVELOPER agrees to provide the same interior and exterior appointments for the AHU as are to be provided within the Exempt Units.

ARTICLE XIII

NON-DISCRIMINATION
SECTION 13.01. DEVELOPER covenants and agrees, by and for itself, its executors, administrators and assigns and all persons claiming under or through DEVELOPER that there must be no discrimination against, or segregation of any person or group of persons on account of race, color, creed, religion, sex, sexual orientation, marital status, physical disability, mental condition, national origin or ancestry in the sale, transfer, use, occupancy, tenure or enjoyment of the Project, or any part thereof. 39 RES. NO. 2025-06

ARTICLE XIV

REPORTING AND AUDIT REQUIREMENTS
SECTION 14.01. Status Reports. From the time of certification of the building pads by CITY until the last AHU has closed escrow, DEVELOPER agrees to provide, in such details as may reasonably be required by CITY, a Unit Summary Report at least once every month, which must completely describe the actual progress of construction and the marketing and sale of the AHUs. The Report must identify the status of each AHU using the format attached as Exhibit D to this Agreement, incorporated herein by reference. DEVELOPER agrees to permit the sales office records to be inspected by CITY to verify compliance with the terms of this Agreement.

SECTION 14.02. Notification of Public Report. DEVELOPER agrees that within 15 days after receipt of the issuance of the final Department of Real Estate Public Report regarding the 4868 Cochran Street Townhomes, and of any subsequent Public Report, it will notify and provide CITY with a copy of that Report.

SECTION 14.03. DEVELOPER must notify CITY at least 30 days in advance of the date on which the first AHU will become available for sale.

SECTION 14.04. Audit. DEVELOPER must permit CITY, with reasonable notice and during normal business hours, to inspect the Project to verify DEVELOPER’s compliance with this Agreement. DEVELOPER must make available to CITY, during business hours, such records as the CITY may reasonably request to verify such compliance. Should DEVELOPER fail to submit timely reports as required by this Agreement, CITY may, at DEVELOPER’s expense, audit the DEVELOPER , in addition to any other available legal remedies. DEVELOPER must cooperate with any audit and agrees to make available to CITY all documents relative to the sale of the AHUs to verify compliance with the terms of this Agreement.

ARTICLE XV

MISCELLANEOUS
SECTION 15.01. Notice Requirement Upon Default . If either party defaults or breaches any of the terms or conditions of this Agreement, such party has 30 days after service upon it of written notice of such default or breach in which to cure such default or breach, or commence to cure such default or breach if it cannot be cured within such 30 day period, by rendering a performance satisfactory to the other party unless such a delay would be futile. DEVELOPER and CITY may mutually and reasonably agree to an extension of this time, provided that such Agreement is in writing.

SECTION 15.02. CITY’s Remedies. In the event of default or breach of any of the terms or conditions of this Agreement by DEVELOPER , which is not cured within a reasonable time after written demand therefore by the CITY to DEVELOPER CITY may pursue the remedy thereof by any and all means of enforcement, both in equity and at law, as provided by the laws of the State of California, including, but not limited to, injunctive relief and/or specific performance. In addition to, and not to the exclusion of, those remedies set forth above; in the event of such uncured default or breach by DEVELOPER, after giving notice and the opportunity to cure as set forth above, CITY shall have the right (a) to purchase any or all of the three AHUs (so long as not previously 40 RES. NO. 2025-06

sold to an Owner in accordance herewith), t he amount to be paid to DEVELOPER by CITY for each such AHU to be the Affordable Purchase Price and (b) to institute an action in eminent domain to acquire those AHUs at such Affordable Purchase Price, with this Agreement then constituting a stipulation on the part of DEVELOPER that the Affordable Purchase Price is the fair market value of each such AHU to be acquired in the action in eminent domain.

SECTION 15.03. Indemnification and Hold Harmless.
1) DEVELOPER will hold CITY harmless and free from any and all liability arising out of this Agreement, or its performance, except for such loss or damage arising from CITY’s sole negligence or willful misconduct. Should CITY be named in any suit, or should any claim be against it, by suit or otherwise, whether the same be groundless or not, arising out of this Agreement, or its performance, pursuant to this Agreement, DEVELOPER will defend CITY (at CITY’s request and with counsel satisfactory to CITY) and will indemnify it for any judgment rendered against it or any sums paid out in settlement or otherwise.
2) For purposes of this section “CITY” includes CITY’s officers, officials, employees, agents, representatives, and volunteers.
3) DEVELOPER expressly agrees that this release, waiver, and indemnity agreement is intended to be as broad and inclusive as is permitted by the law of the State of California and that if any portion is held invalid, it is agreed that the balance will, notwithstanding, continue in full legal force and effect. 4) It is expressly understood and agreed that the foregoing provisions will survive termination of this Agreement.
5) The requirements as to the types and limits of insurance coverage to be maintained by DEVELOPER and any approval of said insurance by CITY, are not intended to and will not in any manner limit or qualify the liabilities and obligations otherwise assumed by DEVELOPER pursuant to this Agreement, including but not limited to the provisions concerning indemnification.

SECTION 15.04. Not for Benefit of Third Parties . This Agreement does not create any enforceable right, cause of action, or claim in any third party. DEVELOPER, CITY or their successors in interest are the sole parties who have standing to enforce the terms or obligations or to bring suit for damages arising out of a breach of this Agreement.

SECTION 15.05. Violation of Conditions of Approval . Any material violation of the conditions of any of the Project Approvals to provide affordable housing constitutes a violation of this Agreement and is enforceable as a breach hereof, as well as any other remedies.

SECTION 15.06. 14.06 Enforcement. If DEVELOPER defaults in the performance or observation of any covenant or obligation of the D EVELOPER set forth in this Agreement, and if such default remains uncured for a period of 60 days after written notice was given by CITY to the DEVELOPER, then CITY may declare an "Event of Default" and, in its sole discretion, may take any one or more of the following steps:
41 RES. NO. 2025-06

1) By mandamus or other suit, action or proceeding at law or in equity, require DEVELOPER to perform its obligations and covenants under the Agreement or enjoin any acts or things which may be unlawful or in violation of the rights of CITY under the Agreement;
2) Have access to and inspect, examine and make copies of all of the books and records of DEVELOPER pertaining to the Project;
3) Take such other action at law or in equity as may appear necessary or desirable to enforce the obligations, covenants and Agreements of DEVELOPER.

SECTION 15.07. Assignment of Agreement . This Agreement is binding upon DEVELOPER its executors, administrators and assigns. DEVELOPER cannot assign or transfer any of its rights or obligations under this Agreement without the prior written consent of CITY and any purported assignment made without its consent is null and void for all purposes; provided, however, that CITY's consent can not be unreasonably withheld.

SECTION 15.08. Recordation. DEVELOPER agrees to record this Agreement in the official records of Ventura County promptly following its execution by all Parties, and as a condition precedent to the recordation of the Map. This Agreement shall remain effective and fully binding regardless of any sale, assignment, transfer, or conveyance of the Property or the Project or any part thereof or interest therein, and shall remain in effect until terminated pursuant to Section 5.01.

SECTION 15.09. Covenants Run with the Land. Except as provided in Section

5.01, all of the provisions, Agreements, rights, powers, standards, terms, covenants and obligations contained in this Agreement are binding upon the parties and their respective heirs, successors (by merger, consolidation, reorganization or otherwise), and assigns, devisees, administrators, representatives, lessees, and all other persons acquiring the Project, or any portion thereof, or any interest therein, whether by operation of law or in any manner whatsoever, and must inure to the benefit of the parties and their respective heirs, successors and assigns. All of the provisions of this Agreement constitute covenants running with the land.

SECTION 15.10. Notices. Written notice, demands and communications between CITY and DEVELOPER are deemed sufficient if dispatched by registered or certified mail, postage prepaid, return receipt requested to the principal offices of CITY and DEVELOPER, the addresses of which are hereinafter set forth. Such written notices, demands and communications may be sent in the manner prescribed to each other's addresses as either party may, from time to time, designate by mail, or the same may be delivered in person to representatives of either party upon such premises. The addresses are as follows:
1) If to CITY:

City of Simi Valley
Attn: Environmental Services Director
2929 Tapo Canyon Road
Simi Valley, CA 93063
42 RES. NO. 2025-06

2) If to DEVELOPER:

City Ventures Homebuilding, LLC
Attn: Phil Kerr
3121 Michelson Drive, Suite 150
Irvine, CA 92612

Notices are deemed given as of the date of personal service or three consecutive calendar days after deposit of the same in the custody of the United States Postal Service.

SECTION 15.11. Waiver. Failure by a party to insist upon the strict performance of any of the provisions of this Agreement by the other party or the failure by the party to exercise its rights hereunder or upon a default by the other party herein do not constitute a waiver of such party's right to demand strict compliance from such other party in the future.

SECTION 15.12. Severability. If any one or more of the provisions contained in this Agreement are for any reason be held to be invalid, illegal or unenforceable in any respect, then such provision or provisions are deemed severable from the remaining provisions contained in this Agreement, and this Agreement must be construed as if such invalid, illegal or unenforceable provision(s) had never been contained herein.

SECTION 15.13. Caption and Pronouns . The captions and headings of the various Sections of this Agreement are for convenience only, and are not be construed as confining or limiting in any way the scope or intent of the provisions hereof. Whenever the context requires or permits, the singular includes the plural, the plural includes the singular, and masculine, feminine and neuter are freely interchangeable.

SECTION 15.14. Modification of Agreement. This Agreement may be modified or amended by mutual consent of all of the parties, provided that all amendments are in writing and recorded with the County of Ventura, Recorder’s Office.

SECTION 15.15. Expenses. DEVELOPER must pay CITY immediately upon demand all reasonable costs and expenses incurred by CITY in connection with the enforcement or satisfaction by CITY of any of DEVELOPER's obligations under this Agreement.

SECTION 15.16. Further Assurances . DEVELOPER must execute, acknowledge and deliver any other instruments and perform any other acts necessary, desirable or proper to carry out the purposes of this Agreement.

SECTION 15.17. Time. Time is of the essence of each term of this Agreement.

SECTION 15.18. Governing Law . This Agreement is governed by, and constructed in accordance with the laws of the State of California. DEVELOPER and all persons and entities in any manner obligated to CITY under this Agreement consent to the venue in Ventura County and also consent to service of process by any means authorized by California law.
43 RES. NO. 2025-06

SECTION 15.19. Mortgagee Protections. Notwithstanding anything to the contrary set forth elsewhere herein, (a) DEVELOPER may obtain financing for the development and construction of the Project, which financing may be secured by a lien or charge of a mortgage, deed of trust, or other security interest then of record made in good faith and for value (a “Mortgage”) without the CITY’s consent; provided that, upon the CITY’s request therefore, DEVELOPER shall deliver to the CITY a copy of the Mortgage, (b) upon the written request therefore by any holder of a Mortgage (a “Mortgagee”), the CITY shall provide such Mortgagee copies of any notice of default or demand to perform provided to DEVELOPER under this Agreement substantially concurrently with its delivery to DEVELOPER and agrees that such Mortgagee shall have the same rights as DEVELOPER (but without any obligation to do so) to cure any such default; provided that Mortgagee shall have such additional time as reasonably necessary to effect such cure so long as it is diligently pursuing such cure, including by the exercise of its rights and remedies under the Mortgage, (c) any exercise of any rights and remedies of the CITY hereunder shall not defeat, limit or render invalid any Mortgage recorded against the Project or any portion thereof; provided that, the CITY shall have the right to purchase or otherwise acquire the AHUs in accordance with Section 15.02 notwithstanding, (d) in the event a Mortgage exists for which CITY has received notice from the Mortgagee pursuant to this Section, this Agreement shall not be amended, supplemented, restated or otherwise modified in any manner without the prior written but reasonable consent of such Mortgagee, (e) the CITY further agrees to execute and deliver to Mortgagee such further and other documents as Mortgagee may reasonably require to effect the purpose and intent of this Section and (f) the CITY shall have the right, with concurrent notice to DEVELOPER but without any requirement for the consent of DEVELOPER, to request from any Mortgagee the current status of its Mortgage, including the amount of the Mortgage, the maturity date (including any extension options) of such Mortgage and whether such Mortgage is current or in default.

SECTION 15.20. Conflicts of Interest . No member, official or employee of the CITY may have any personal interest, direct or indirect, in this Agreement, nor may any such member, official or employee participate in any decision relating to this Agreement which affects his or her personal interest or interests of any corporation, partnership or association in which he or she is directly or indirectly interested. The DEVELOPER warrants that it has not paid or given, and will not pay or give, any third party any money or other consideration for obtaining this Agreement.

SECTION 15.21. Non-liability of CITY Officials and Employees . No member, elected official, officer or employee of the CITY can be personally liable to the DEVELOPER in the event of any default or breach by the CITY or for any amount which may become due to the DEVELOPER or on any obligations under the terms of this Agreement.

SECTION 15.22. Sole and Only Agreement . This Agreement and all attachments hereto contains the sole and entire Agreement and understanding of the parties with respect to the subject matter hereof. No representations, oral or otherwise, express or implied, other than those contained herein, have been made by the parties.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year set forth above.
44 RES. NO. 2025-06

Attest: City of Simi Valley, A Municipal
Corporation

By:

Lucy Blanco, City Clerk Dee Dee Cavanaugh, Mayor of the City of Simi Valley, California

Approved as to Form: City Ventures Homebuilding, a Limited Liability Corporation

By: By:

Algeria R. Ford, City Attorney Phil Kerr, Chief Executive Officer

Approved as to Content:

Samantha C. Argabrite, City Manager

Stratis Perros
Environmental Services Director
45 RES. NO. 2025-06

EXHIBIT A

LEGAL DESCRIPTION

THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE CITY OF SIMI

VALLEY IN THE COUNTY OF VENTURA, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS:

PARCEL 1 OF PARCEL MAP LD-S-586, IN THE CITY OF SIMI VALLEY, COUNTY OF VENTURA, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 66, PAGES 9 AND 10 OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.

EXCEPT ALL PIPE, PIPELINES, CONDUITS, WELLS, PUMPING PLANTS, GATES,

VALVES AND ANY AND ALL OTHER PROPERTY BELONGING TO OR COMPRISING

THE IRRIGATING OR WATER SYSTEM OF LA PLACENTIA MUTUAL WATER

COMPANY, A CORPORATION, OR SANTA SUSANA DEVELOPMENT COMPANY, A CORPORATION.

ALSO EXCEPT ALL WATER IN EXCESS OF THE NEEDS OF SAID LAND FOR IRRIGATING, DOMESTIC AND STOCK PURPOSES.

ALSO EXCEPT ONE- FOURTH OF ALL OIL, MINERALS, OR HYDROCARBON

SUBSTANCES LOCATED IN AND UNDER SAID LAND, AS RESERVED BY MORRIS C. SCHRAGER AND LILLIAN H. SCHRAGER, HUSBAND AND WIFE, IN DEED RECORDED OCTOBER 19, 1949 IN BOOK 896, PAGE 63 OFFICIAL RECORDS.

APN: 644-0-080-845

***END OF LEGAL DESCRIPTION***
46 RES. NO. 2025-06

EXHIBIT B

RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO:

City of Simi Valley
Department of Environmental Services
2929 Tapo Canyon Road
Simi Valley, CA 93063

[Space above for recorder's use.]

The undersigned declares that this
document is recorded for the benefit of
the City of Simi Valley and therefore is
exempt from the payment of a recording
fee pursuant to Government Code
Section 6103 and 27383.

APN: _______________________
____________________________________________________________

CITY OF SIMI VALLEY RESTRICTIVE COVENANTS

OCCUPANCY, REFINANCING, AND RESALE RESTRICTION AGREEMENT

WITH OPTION TO PURCHASE

Owner:

Address of Home:

Affordable Housing Cost:

Median Income on Agreement Date:

This Occupancy, Refinancing, and Resale Restriction Agreement with Option to Purchase (the " Restrictive Cov enants") is entered into as of this ___ day of ____________________, 20__, by and between the City of Simi Valley (the "City") and ______________________________ (the "Owner").

47 RES. NO. 2025-06

These Restrictive Covenants grant the City rights to regulate the sale and transfer of the subject property for 45 years from the date of the first sale of the Affordable Housing Unit, including an option to purchase the property.

The Property, which is the subject of these Restrictive Covenants (the "Property"), is identified in "Exhibit A " attached hereto. The Property is an Affordable Housing Unit (“AHU”) and is subject to the terms and conditions set forth herein.

ARTICLE I

(a) CITY developed an affordable housing program to provide housing opportunities to Moderate-Income buyers of homes to be offered for sale at prices which are maintained at a level below those prevailing in the market.

(b) The intent of CITY is to preserve and provide for the affordability of these or other homes for persons of Moderate-Income for at least 45 years from the initial sale of this AHU.

(c) In order to further its plan to assist in the development of affordable housing for Moderate- Income households, CITY and OWNER have agreed to these Restrictive Covenants to be a covenant and equitable servitude running with the land with respect to the Property.

(d) The purpose of these Restrictive Covenants is to: (i) establish resale and occupancy restrictions with respect to the Property in order to ensure the continued affordability of the units; and (ii) reserve for CITY an option to purchase the Property or designate Eligible Buyers, as hereafter defined, to ac quire the Property when OWNER wishes to sell the Property in order to provide for the continued availability of the Property to Moderate-Income households.

RESALE RESTRICTION AGREEMENT

ARTICLE II

1. DEFINITIONS. The following defined terms have the meanings indicated in this Article. Exhibits to this Agreement are hereby incorporated by reference. All recordings required by this Agreement must be in the official records where deeds are recorded in the County of Ventura.

(a) “ Affordable Housing Unit ” or “AHU” mean the unit s described in Exhibit A, which constitute three one-bedroom units within the 26-unit subdivision that are reserved for purchase exclusively by eligible Moderate-Income Households.

(b) " Appraiser" means an appraiser who is a member of the American Institute of Real Estate Appraiser or a member of the Society of Real Estate Appraisers (or if these professional organizations cease to exist, the nearest equivalent successor designations).

48 RES. NO. 2025-06

(c) " Area Median Income (AMI) " mean s the median yearly income adjusted by household size in Ventura County, California as determined from time to time by: (1) The United States Department of Housing and Urban Development ("HUD"); or (2) The California Department of Housing and Community Development ("HCD"); or (3) The CITY in the event HUD or HCD ceases publication or fails to publish such amounts for a period of eighteen months.

(d) " Base Price " mean s the Purchase Price paid for the AHU by an Eligible Buyer.

(e) " Capital Improvements" means substantial structural or permanent fixed capital improvements made since Owner’s acquisition of the Property which cannot be removed without substantial damage to the Property, or substantial or total loss of value of the improvements . Such improvements must: (i) be made and installed by or under the direction of the OWNER; (ii) be made with all required approvals, including, but not limited to, homeowner association and governmental approvals. The value of these improvements is the amount by which these improvements enhance the market value of the Property at the time of sale or valuation.

(f) " Cost of Improvements " mean s the aggregate actual cost of an improvement totaling a maximum of $ 65,803.52 effective in calendar year 202 5 and adjusted and rounded up annually with the January CPI for the Los Angeles-Long Beach- Anaheim for all items. Capital improvements will be depreciated at a rate of seven percent (7%) per year beginning in the calendar year following the date of completion of the improvement.

(g) " Default" means:

(i) A breach of any of the terms or conditions of this Agreement, including the transfer or sale of the Property to a non- moderate-income household;
(ii) Failure of the OWNER to make a full and timely payment of all amounts due in connection with the Property, including, but not limited to, real estate taxes, mortgage payments,
assessments, homeowners’ association fees, liens, bonds, payments on any Note or Deed of Trust and insurance on the Property; or
(iii) An assignment for the benefit of creditors.

(h) “Eligible Buyer” or “Buyer” means a buyer who meets the following qualifications: (a) is a Moderate- Income Household; (b) the combined gross income for all buyer's household members does not exceed the Moderate-Income Limit for Ventura County, as published by the U.S. Department of Housing and Urban Development, adjusted by household size; (c) can provide a minimum 10% of the Purchase Price as down payment toward the purchase of the AHU; and (d) has been approved by the CITY Loan Review Committee to purchase the AHU.

(i) " Fair Market Value" means the highest price that would be agreed to by a seller, being willing to sell but under no particular or urgent necessity or obligation 49 RES. NO. 2025-06

for so doing, and a buyer, being ready, willing and able to buy but under no particular or urgent necessity or obligation for so doing, each dealing with the other with full knowledge of all the uses and purposes for which the Property is reasonably adaptable and available.

(j) " Gross Household Income " mean s the total income earned by all adult members of the household who will live in the AHU as their Principal Place of Residence, which must be determined in accordance with the provisions of Title 25, California Code of Regulations, Paragraph 6914.

(k) " Household Size" means the total number of people residing in the Property as their Principal Place of Residence, or two persons, whichever is greater.

(l) " Index" means the Area Median Income Limit for Ventura County for a family of four persons, as determined from time to time by: (1) The United States Department of Housing and Urban Development ("HUD"); or (2) The California Department of Housing and Community Development ("HCD"); or (3) The CITY in the event HUD or HCD ceases publication or fails to publish such amounts for a period of eighteen months.

(m) “ Loan Review Committee” means the committee established by the CITY for the purpose of reviewing, evaluating and approving applications by proposed AHU buyers.

(n) " Moderate-Income" means the Moderate Income Limit for Ventura County, adjusted by household size, published by HUD or HCD.

(o) " OWNER" means the person or all persons holding legal title to the Property, and their successors to that title.

(p) " Principal Place of Residence" mean s the residence where the OWNER resides for at least ten months out of each calendar year.

(q) " Property" means the real property described in Exhibit A, including all improvements and appurtenances, and designated herein as an AHU.

(r) " Purchase Option " mean s the option to purchase granted by the OWNER to the CITY by these Restrictive Covenants.

(s) " Purchase Price" means the purchase price paid by the OWNER.

(t) " Resale Fee" means the sum payable to the CITY, upon the transfer to an Eligible Transferee, from the proceeds of escrow for the administration of this Agreement equal to 0.375% of the Property's Base Price.

(u) " Resale Price " means the price of an AHU as calculated in accordance with Paragraph 13, and adjusted per Paragraph 6, if applicable, of this Agreement when the unit is purchased by an Eligible Buyer.

(v) " Restricted Resale Period" mean s the period of 45 years from the 50 RES. NO. 2025-06

date of the first purchase of the AHU.

(w) “ Resale Restrictions " mean s the restrictions in this Resale Restriction Agreement and Option to Purchase that regulate the sale and transfer of the Property, require it be owner occupied, and provide an option to purchase the Property for a period of 45 years from the initial sale of the AHU.

(x) " Transfer" means any voluntary or involuntary sale, assignment or transfer of ownership of the Property for of any interest in the Property, including, but not limited to, a fee simple interest, a joint tenancy interest, a life estate, a leasehold interest, or an interest evidenced by a land contract by which possession of the Property is transferred but title is retained by the transferor, but "transfer" does not mean transfer by law, or as a gift, devise or inheritance to an existing spouse only, or to a surviving joint tenant, or a spouse as part of a dissolution proceeding or in connection with marriage.

2. Description of Property. The Property is identified and described in "Exhibit A" attached. The Property is hereby designated as an Affordable Housing Unit (“AHU”) and is subject to the terms and conditions set forth herein.

3. Transfer of the Property. Any buyer of the Property from OWNER, and any subsequent buyer from such buyer or successors ("Buyer"), must certify their acknowledgement of these Restrictive Covenants and all the provisions and restrictions contained herein by executing and recording a copy of these Restrictive Covenants against the Property. In executing a copy of these Restrictive Covenants, OWNER and successive Buyers must certify that they intend to occupy the Property as their principal place of residence and must at all times during ownership occupy the Property as their principal place of residence. The CITY may, in its sole discretion, grant a temporary waiver of this occupancy requirement for good cause, including but not limited to facilitate a sale of the Property to an Eligible Buyer, illness, temporary job relocation, or sabbatical.

OWNER must provide a written request to the CITY for a temporary waiver of the owner occupancy requirement at least 30 days before such temporary rental or lease of the Property. Buyer's failure to comply with the provisions of this paragraph may, at CITY's election, be deemed a prohibited transfer of the Property, which thereby begins a sixty day period for the CITY to exercise its option to purchase the property as described below.

4. Restrictions on Transfer. The Property may only be transferred to an Eligible Buyer. Any transfer to any person or entity that is not an Eligible Buyer is null and void.

Any transfer of the Property is subject to the provisions of these Restrictive Covenants.

All potential transferees and Owners must obtain written approval from CITY of the terms of all financing secured by the AHU. Within 10 days of the completion of the Transfer, the new Owner must deliver to CITY a certified copy of the recorded deed of the AHU.

Notwithstanding anything to the contrary contained herein, a transfer or disposition of the Property that qualifies as an exempt transfer or disposition under the Garn- St. Germain Act, 12 U.S.C. § 1701j -3 and its implementing regulations, 12 C.F.R. §§ 191. 1-191.6 (2018), shall not be subject to the restriction on transfer described hereinabove nor shall such a transfer or disposition constitute a default under these Restrictive Covenants. In the event of such transfer or disposition, the City shall not have the option to purchase to purchase the Property pursuant to Paragraphs 8 and 14.
51 RES. NO. 2025-06

5. Notice of Transfer. In the event the Property is proposed to be transferred or vacated by the OWNER, and subject to the CITY's option to designate an Eligible Buyer, as described in Paragraph 8 herein, to acquire the Property, the OWNER must promptly notify the CITY of its intent to do so, but not less than 30 days before offering the Property for sale or transfer (the "OWNER's Notice of Intent to Sell") . The OWNER must send such notice by Certified or Registered Mail Return Receipt Requested, to the Environmental Services Director, City of Simi Valley, 2929 Tapo Canyon Road, Simi Valley, California 93063. Following receipt of such notice, the CITY may notify any prospective Eligible Buyer that the Property is available for sale.

6. Maintenance, Insurance, and Inspection of Property . The OWNER must maintain the Property in good condition and repair throughout their period of ownership.

In addition, upon CITY's receipt of notice of the OWNER's Notice of Intent to Sell , pursuant to Paragraph 5 above, the CITY has the right to enter and inspect the Property, with sufficient notice as required by law, to determine whether any violations of applicable building, plumbing, electric, fire, housing or other applicable codes exist and whether the Property has been maintained in good condition. The CITY must notify the OWNER with about any noted code violations and maintenance deficiencies (collectively, the "Deficiencies"), and the OWNER must cure the Deficiencies in a reasonable manner acceptable to the CITY within 60 days of being notified in writing of the results of the inspections, but in no event later than close of escrow. If the OWNER fail to cure all the Deficiencies before the scheduled date of close of escrow, the City or its designated Eligible Buyer may permit escrow to be closed, title passed and money paid to the OWNER subject to the reduction in resale price specified in Paragraph 13 . OWNER agrees to reasonably cooperate with any homeowner’s association rules or covenants, conditions, and restrictions regarding maintaining the status of the housing community as designated for Moderate-Income Households. OWNER shall maintain commercially reasonable homeowner’s insurance policies, which shall include special hazard insurance and flood insurance if the Property is located in a State or FEMA designated hazard zone or flood zone. OWNER shall ensure that CITY is an additional insured under such policies. Lender required insurance policies may be used to satisfy the insurance requirement hereunder.

7. Intent to Reside . OWNER intends to occupy the AHU in compliance with the Owner occupancy requirement upon becoming the OWNER of the AHU.

8. CITY Option to Purchase. OWNER hereby grants to CITY, an option to purchase the Property (the “Purchase Option”) pursuant to the terms of these Restrictive Covenants.

9. CITY's Option to Designate Eligible Buyer. CITY may assign the Purchase Option to an Eligible Buyer on the terms and in the manner set forth hereunder in the event the Buyer wishes to transfer or vacate the Property. Within 30 days after receipt by the CITY of the OWNER's Notice of Intent to Sell, as identified in Paragraph 5 above, the CITY has the right to inspect the Property as described in Paragraph 6 above, and notify the OWNER whether or not the CITY intends to exercise its option to designate an Eligible Buyer for the Property or purchase the Property without designating an Eligible Buyer.

The notification to the OWNER regarding the option exercise must be sent by Certified or Registered Mail, Return Receipt Requested. If the CITY exercises this option, it must 52 RES. NO. 2025-06

open an escrow to purchase the Property within 60 days following its notification to the OWNER, and it must purchase the Property or cause it to be purchased by its designated Eligible Buyer within the next 90 days following the date the CITY decides to execute its option to purchase. Notwithstanding these provisions, the OWNER has the right to withdraw the OWNER’s Notice of Intent to Sell, and to terminate the escrow, within 10 days following the CITY's receipt of the OWNER's Notice of Intent to Sell.

10. Termination of Option to Purchase . The CITY’s Option to Purchase the Property terminates and become void automatically after 45 years from the date the Property was first sold as an AHU.

11. Transfer to Eligible Buyer. In the event the CITY does not exercise its option to purchase the Property, or designate an Eligible Buyer to purchase the property , the OWNER must transfer the Property to an Eligible Buyer at a price not to exceed the Maximum Resale Price.

12. Determination of Maximum Resale Price . OWNER agrees to transfer the Property at a price not to exceed the Maximum Resale Price of the Property which must be calculated by CITY in the following manner:

The Base Price plus:

(a) an amount calculated by multiplying the percentage increase in the Index from the date of purchase of the Property by the OWNER to the most recent Index as of the date of receipt by the CITY of the OWNER's Notice of Intent to Sell, multiplied by the Base Price;

(b) the allowable Cost of Improvements;

(c) a reasonable allowance for the OWNER's closing costs in connection with the Transfer equal to two percent (2%) of the Base Price at the time of sale by OWNER;

(d) the CITY Resale Fee in the amount of 0.375% of the Property’s base price.

The Maximum Resale Price determined through the use of the method described above must be adjusted by decreasing the price by an amount to compensate for costs to correct deferred maintenance.

13. Defaults and Remedies. Upon a violation of any of the provisions of these Restrictive Covenants, the CITY must give written notice to the OWNER by Certified Mail, Return Receipt Requested, specifying the nature of the violation. If the violation is not corrected to the satisfaction of the CITY within a reasonable period of time, 30 days or less after the date of the notice is mailed, or within the time frame CITY determines is necessary to correct the violation, the CITY may declare a default under these Restrictive Covenants. Upon the declaration of a default, the CITY may apply to a court of competent jurisdiction for specific performance of the obligations of these Restrictive Covenants for an injunction prohibiting a proposed transfer in violation of these Restrictive Covenant s, 53 RES. NO. 2025-06

for a declaration that a transfer in violation of the provisions of these Restrictive Covenants is void, or for any such other relief at law or in equity as may be appropriate.

In the event of default by the OWNER, and/or by the OWNER's transferee in those circumstances where a transfer has occurred in violation of these Restrictive Covenants, the OWNER and/or any Eligible Buyer must hold the CITY, and the then owner and their respective elected officials, officers, employees or other agents harmless, indemnify and reimburse the expenses, legal fees and costs for any action the CITY takes in enforcing the provisions of these Restrictive Covenants.

OWNERS must be held liable for the accuracy of all information and documentation provided in and/or in connection with the Application for Eligibility and any audits. If it is determined that false or misleading information was supplied to City, the Transfer of the AHU must be wholly null and void and City may pursue any or all remedies available to it as set forth in this Agreement.

14. CITY's Option to Purchase Upon Default . In addition to the remedies provided the CITY in Paragraph 13 above, the CITY has the option to purchase the Property effective upon the declaration of a default. The CITY's option to purchase may be exercised upon a default under these Restrictive Covenants recorded against the Property. The CITY has 60 days after a default is declared to notify the OWNER of its decision to exercise its option to purchase.

15. Default and Foreclosure. CITY must record on its behalf a Request for Notice of Default with respect to the Resale Restriction Agreement any notice of sale under any deed of trust or mortgage with power of sale encumbering the Property.

OWNER agrees that any Notice of Default given pursuant to Civil Code Section 2924b, as amended, constitutes an OWNER Notice of Intent to Sell under Paragraph 5 of this Agreement, and the CITY or its assignee may exercise its Purchase Option pursuant to the provisions of this Agreement; provided however, that, notwithstanding any language contained in this Agreement to the contrary, with regard to the rights of the lien holder, the CITY or its assignee must complete such purchase no later than the end of the period established by California Civil Code Section 2924c for reinstatement of a monetary default under the deed of trust or mortgage.

In the event of default and foreclosure, the CITY or its assignee have the same rights as OWNER to cure defaults and redeem the Property before a foreclosure sale. Such redemption must be subject to the same fees, charges and penalties that would otherwise be assessed against the OWNER. Nothing herein must be construed as creating any obligation on the part of the CITY to cure any such default, nor does this right to cure and redeem operate to extend any time limitations in the default provisions of the underlying deed of trust or mortgage.

In the event that no Request for Notice of Default is recorded, the CITY’s Purchase Option runs from the date the Notice of Default is given to the OWNER, and any such purchase must be completed within the period established in this Paragraph. In the event the CITY elects not to exercise its option to purchase upon default, and a foreclosure sale is consummated, any surplus proceeds to which the OWNER may be entitled following foreclosure under California state law must be paid as follows: After any required payment of encumbrances, that portion of surplus, if any, up to but not exceeding 54 RES. NO. 2025-06

the net amount that the OWNER would have received after any required payment of encumbrances under the formula set forth above had the CITY or its assignee exercised its right to purchase the Property on the date of the foreclosure sale, must be paid to the OWNER on the date of the foreclosure sale; the balance of surplus, if any, must be paid to CITY.

In the event of a Default, the CITY may pursue the remedy thereof by any and all means of enforcement, both in equity and at law, as provided by the laws of the State of California, including, but not limited to, injunctive relief and specific performance.

In addition to, and not to the exclusion of, those remedies set forth above, in the event of such Default or breach by the OWNER, the CITY has the right to purchase the Property.

The amount to be paid by the CITY for the Property is determined pursuant to Paragraph

12. In addition, the CITY may institute an action in eminent domain to acquire the Property, or portion thereof, and this Agreement then constitutes a stipulation on the part of OWNER that the price for the Property must be determined in accordance with Paragraph 12.

The Owners hereby covenant to record in the office of the County Recorder of Ventura County a request for any copy of any notice of default and any notice of sale under any deed of trust or mortgage with power of sale encumbering the AHU pursuant to Section 2924b of the Civil Code of the State of California. The request must specify that any notice must be mailed to CITY.

16. Distribution of Insurance and Condemnation Proceeds. In the event that the Property and/or improvements on the Property are condemned or destroyed and insurance proceeds are distributed to OWNER instead of being used to rebuild the Property, any surplus of proceeds distributed after payment of encumbrances of the Property, including the primary lender deed of trust and the DEVELOPER Deeds of Trust, must be distributed as follows:

The portion of the surplus up to but not to exceed the net amount that OWNER would have received under the provisions set forth in Paragraph 12, had the CITY exercised its Purchase Option on the date of the destruction, condemnation valuation date, or liquidation, must be distributed to the OWNER, and the balance of such surplus, if any, must be distributed to the CITY.

17. No Windfall Profits . OWNER and CITY agree that upon the first sale or transfer of the Property following the expiration of these Restrictive Covenants, permitting the Property to be sold at market value, or any Ineligible Transfer of the Property contrary to the provisions of this Agreement, the proceeds of any such sale or Transfer in excess of the greater of the amount for which the Property was purchased by the OWNER, or the amount for which the Property would be sold to an Eligible Buyer in accordance with Paragraph 12, are to be paid to CITY to be used for the provision of affordable housing.

Such excess profits must be paid by the escrow company to CITY before or concurrent with the payment of any proceeds to the OWNER.

The parties recognize that to permit the total proceeds to be paid to and kept by the OWNER would result in a “windfall” to that person who was permitted to purchase the Property at a restricted, affordable price and who should have had no reasonable expectation of realizing an extraordinary return on their investment by virtue of reselling the Property free from the controls placed upon it by this Agreement. 55 RES. NO. 2025-06

18. Nonliability of the CITY. In no event will the CITY become in any way liable or obligated to the OWNER or to any successor -in-interest of the OWNER by reason of these Restrictive Covenants, or the CITY's option to purchase as provided herein, nor is the CITY in any way obligated or liable to the OWNER or any successor-in-interest of the OWNER for CITY's failure to exercise such option to purchase.

19. Binding on Successor and Assigns. These Restrictive Covenants bind, and the benefit hereof inure to, the Owner, the OWNER, Eligible Buyer, and to their respective heirs, legal representative executors, successors in interest and assigns, and to the CITY and their successors.

20. Restrictive Covenants Run With the Land. These Restrictive Covenants run with the specific unit of the Project, and may only be modified by action of the City Council of the City of Simi Valley.

21. Term of Restrictions. The restrictions contained herein continue in full force and effect for a period of 45 years after the date of recordation of these Restrictive Covenants.

22. Covenant to Keep Property Drug Free. A material inducement to CITY's willingness to certify Buyer as an Eligible Buyer under the affordable housing program is OWNER’s representation to CITY that OWNER must maintain a drug free environment on the Property. Therefore, OWNER covenants to CITY that OWNER and all persons residing on the Property will not unlawfully manufacture, distribute, dispense, possess or use controlled substances, as the term is defined in 21 United States Code Paragraph 812 and California Health and Safety Code Paragraph 110 07, including marijuana, heroin, cocaine, and amphetamines, on the Property. If OWNER or any person residing on the Property is convicted, pleads guilty or nolo contendere to a charge of unlawfully manufacturing, distributing, dispensing, possessing or using controlled substances on the Property, then such event is a breach of these Restrictive Covenants, which entitles CITY to exercise its right of first refusal to purchase the Property as set forth in Paragraphs 8 and 14 above, within 60 days after CITY's notice of the breach at a purchase price determined pursuant to Paragraph 12 above.

23. Agreement to Disclose These Restrictive Covenants and Record Same As Part of Subsequent Sale/Conveyance. OWNER must disclose these Restrictive Covenants to a future Buyer or Eligible Buyer, and have a duplicate of these Restrictive Covenants executed by a future Buyer or Eligible Buyer of the Property and recorded pursuant to any subsequent sale, transfer or conveyance of the Property.

24. Compliance Verification and Loan Status . OWNER agrees to cooperate with the CITY to verify compliance with the terms and conditions of these Restrictive Covenants. OWNER shall, upon CITY’s written request, provide to CITY within five (5) business days of such request, such documentation as CITY may reasonably request for the purpose of such com pliance verification. The Owners must permit CITY or a CITY - approved agency to contact the Owner’s lender(s) to obtain current loan status at any time without further written authorization from the Owner.

56 RES. NO. 2025-06

25. Sole Agreement . The OWNER agrees that they have not and will not execute any other Agreement with provisions contradictory to or in opposition to the provisions hereof, and that in any event, OWNER understands and agrees that this Agreement must control the rights and obligations between and among the parties.

26. Invalid Provisions. If any one or more of the provisions contained in these Restrictive Covenants are held to be invalid, illegal or unenforceable in any respect then such provision or provisions must be deemed severable from the remaining provisions contained in these Restrictive Covenants, and these Restrictive Covenants are construed as if such invalid, illegal or unenforceable provision had never been contained herein.

27. Controlling Law . The terms of these Restrictive Covenants must be interpreted under the laws of the State of California.

28. Enforcement. City hereby reserves the right to enforce this Covenant by pursuing any and all remedies provided by law or in equity. City’s remedies must include, by way of example and not limitation, the right to specific performance of this Covenant, the right to a mandatory injunction requiring the sale of a Restricted Unit in conformance with this Covenant, the disgorgement of profits received from any Transfer conducted in violation of this Covenant, and damages and injunctive relieve f or breach of this Covenant. All of the remedies available to City must be cumulative, and City’s election to pursue any remedy must not preclude City from then or later pursuing any one or more other remedies. In the event City resorts to litigation with respect to any default or violation under this Covenant and City prevails, City must be entitled to recover its damages and costs, including reasonable attorneys’ fees and expert witness fees. If City does not prevail in such litigation, the prevailing party must be entitled to recover its damages and costs, including reasonable attorneys’ fees and expert witness fees. The Party in default hereunder must be responsible for the costs of any Court-ordered sale of a Restricted Unit required to enforce the provisions of this Covenant. Notwithstanding the foregoing, in no event must a violation of the restrictions on conveyance of a Restricted Unit as set forth in this Covenant be grounds for voiding a conveyance of the Owner’s interest in the Restricted Unit, terminating the Owner’s interest in the Restricted Unit, or subjecting the Owner to liability other than requiring repayment (at a reasonable rate of interest) of assistance provided to make the Restricted Unit affordable as low or moderate income housing.

29. Attorneys' Fees . If any action is brought to enforce the terms of this Agreement, the prevailing party is entitled to reasonable attorney's fees and cost.

30. Time of the Essence. Time is of the essence of this entire Agreement.

Whenever under the terms of this Agreement the time for performance falls on a day which is not a Business Day, such time for performance must be on the next day that is a Business Day.

31. Notices. All notices required herein must be in writing and are deemed sufficient if dispatched by registered or certified mail, postage prepaid, return receipt requested, addressed to the parties as follows:

57 RES. NO. 2025-06

If to CITY: City of Simi Valley
Attn: Environmental Services Director
2929 Tapo Canyon Road
Simi Valley, CA 93063

If to OWNER: ________________________
________________________
________________________

The address of a party for notices may be changed by that party's designation to all other parties of the new address and the recording of the designation, including the recording reference of this Agreement and its legal description, Exhibit A.

32. Subordination. Notwithstanding the above, CITY must not subordinate this Resale Restriction Agreement or any of its terms unless authorized by the CITY COUNCIL.

33. Interpretation of Restrictive Covenants . The terms of these Restrictive Covenants must be interpreted to encourage to the extent possible that the Purchase Price, Resale Price, and mortgage payments for the Property remain affordable to Moderate-Income households.

IN WITNESS THEREOF, the parties have executed this Agreement.

CITY

City of Simi Valley

By: ______________________________________
Samantha C. Argabrite, City Manager / Date

OWNER

By:______________________________________

58 RES. NO. 2025-06

EXHIBIT C

[Space above for recorder's use.]

The undersigned declares that this
document is recorded for the benefit of the
City of Simi Valley and therefore is exempt
from the payment of a recording fee
pursuant to Government Code Section 6103
and 27383.

APN:
____________________________________________________________

NOTICE OF AFFORDABILITY RESTRICTIONS

ON TRANSFER OF PROPERTY
( , Simi Valley, California 9306 )

NOTICE IS HEREBY GIVEN, that the City of Simi Valley (City), to carry out certain obligations under the Community Redevelopment Law of the State of California (Health and Safety Code Section 33000 et seq.), has required (the "Owner") to enter into certain affordability covenants and restrictions entitled, Restrictive Covenants Occupancy, Refinancing, And Resale Restriction Agreement With Option To Purchase (the "Restrictive Covenants"), with reference to an affordable housing unit (the "Property")

located at , Simi Valley, Ventura County, California, Assessor's Parcel No. , and further described in Exhibit A incorporated herein by reference.

RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO:

City of Simi Valley
Department of Environmental Services
2929 Tapo Canyon Road
Simi Valley, CA 93063

59 RES. NO. 2025-06

In the event of any conflict between this Notice of Affordability Restrictions on Transfer of Property (the “Notice”) and the Restrictive Covenants, the terms of the Restrictive Covenants shall prevail.

The Restrictive Covenants shall remain in effect for forty-five (45) years from the date the City’s Restrictive Covenants recorded with the Office of the Ventura County Recorder or until .

This Notice is being recorded and filed by the Agency in compliance with Health and Safety Code Sections 33334.3(f)(3) and (4) and/or Section 33413(c)(5), as amended effective this date, and shall be indexed against the Agency and the Owner.

ANY ATTEMPT TO TRANSFER TITLE OR ANY INTEREST IN THE PROPERTY

DURING THE TERM OF THE RESTRICTIVE COVENANTS SHALL BE VOIDABLE AT THE ELECTION OF THE CITY/AGENCY.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties have executed this Notice of Affordability Restrictions on Transfer of Property on or as of the day of 202 .

City of Simi Valley

_________________________________
Stratis Perros, Director
Department of Environmental Services

Buyer

________________________________

60 RES. NO. 2025-06

EXHIBIT D

UNIT SUMMARY REPORT
4868 Cochran Street Townhomes

Number of Townhomes Units 26

Number of Affordable Unit Purchase Contracts Executed

Number of Affordable Units in Escrow

Number of Affordable Units Sold (Closed Escrow)

For units under construction, list anticipated completion date for each unit:

For units in escrow, list status of each escrow:

Marketing strategies currently being used for outreach program:

Print Ads ϒ Brochures ϒ Signs ϒ Cable Ads ϒ Flyers ϒ

Public Presentations ϒ Other ϒ

Attach examples, descriptions and/or copies of various marketing strategies.

To the best of my abilities I acknowledge that the foregoing is true and correct.

Signature of Authorized Representative
61 RES. NO. 2025-06

Simi Valley City CouncilMarch 31, 2025

Simi Valley City Council
March 31, 2025