Restricted Housing Mitigation Requirement Sample Clauses

Restricted Housing Mitigation Requirement. As part of the development of the Project, the Town Land Use and Development Code (the “Code”) to mitigate 540 square feet of Restricted Housing (the "Restricted Housing Requirement"). The Restricted Housing Requirement has been calculated by multiplying (i) the number of employees assumed to be generated by the Project at the rates set forth in Table 4-5 of the Code by (ii) 448 square feet of net interior floor area per generated employee (iii) by a required mitigation rate of 60% minus (iv) any applicable Restricted Housing redevelopment credit, as such formula is more particularly described in Section 16-4-400 et. seq. of the Code. For purposes of this Agreement, “Restricted Housing” means one or more residential dwelling units that may not be bought or sold on the free market and which is to the Declaration of Restrictive Covenants described in Section 1.5 below.
Sample 1
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