Stand-Alone Workforce Lots Sample Clauses

Stand-Alone Workforce Lots. Subject to Section 2.5(d), Developer may in its sole and absolute discretion (but shall not be required to) elect to Transfer a Stand-Alone Workforce Lot to a Vertical Developer for a Stand-Alone Workforce Project. If Developer does not elect to Transfer a Stand- Alone Workforce Lot for a Stand-Alone Workforce Project, it may Transfer such Lot as a Market Rate Lot subject to the Agency Director’s Approval, which Approval may be denied only if (i) Developer has not identified the alternative location on the Project Site for the applicable Workforce Units that satisfies the requirements of the Below-Market Rate Housing Plan (including the limitations set forth in Section 2.2(b)(1)) and, if such location is a new Stand-Alone Workforce Lot (as opposed to including the Workforce Units within Market Rate Residential Projects), then such location shall be subject to the Approval of the Agency Director and (ii) such Transfer would, in the reasonable determination of the Agency Director, result in Developer’s inability to satisfy the BMR Checkpoint Requirement on the next BMR Checkpoint Date. If Developer does elect to Transfer a Stand-Alone Workforce Lot for a Stand-Alone Workforce Project, it shall have the right to determine in its sole and absolute discretion the number of Inclusionary Units and Workforce Units designated for each such Lot, so long as, unless otherwise Approved in the sole and absolute discretion of the Agency Director: (a) no more than twenty percent (20%) of the Units on such Stand-Alone Workforce Lot are Inclusionary Units; (b) at least forty percent (40%) of the Units on such Stand-Alone Workforce Lot are Workforce Units; and
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Related to Stand-Alone Workforce Lots

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