HomeMy WebLinkAboutD-2089 Bishop Street Studios, L.P.- APN: 003-601-006, portion ofRecording Requested By
First American Title Company
4009 -5610110 -(LB)
and when Recorded Mail to:
RECEIVED
APR 12 2018
SLO CITY CLERK
City of San Luis Obispo
Community Development Dept
919 Palm Street
San Luis Obispo, CA 93401
APN: 003 -601 -006 -portion of
Irl :�1 0•;
Tommy Gong
San Luis Obispo - County Clerk -Recorder
03/23/2018 03:42 PM
Recorded at the request of:
FIRST AMERICAN TITLE COMPANY
Titles? 1 Pages: 16
Fees: $0.00
Taxes: 0.00
Total: 10.00
1111 P WAAMM03711 11
This document is recorded for the benefit
of the City of San Luis Obispo and is exempt
from recording fees pursuant to Sections 6103 and 27383
of the California Government Code.
AGREEMENT BETWEEN THE CITY OF SAN LUIS OBISPO
AND BISHOP STREET STUDIOS, L.P., TO PROVIDE
AFFORDABLE HOUSING LOCATED AT 1620, 1630, 1640 AND 1750
BISHOP STREET
The undersigned declares exemption under the following:
5( Exempt from fee per GC 27388.1 (a) (2); recorded concurrently "in connection with" a
transfer of real property that is:
L5 Subject to the imposition of documentary transfer tax", or
❑ A residential dwelling to an owner -occupier", or
❑ Exempt from fee per GC 27388.1 (a) (1); fee cap of $225 reached (list recording references)
❑ Exempt from the fee per GC 27388.1 (a) (1) Not related to real property"
Recording Requested by
and when recorded return to:
City of San Luis Obispo
Community Development Department
919 Palm Street
San Luis Obispo, CA 93401-3249
Recorded for the Benefit of the
City of San Luis Obispo at No Fee Under
Section 27383 of the Government Code
AGREEMENT BETWEEN THE CITY OF SAN LUIS OBISPO
AND BISHOP STREET STUDIOS, L.P., TO PROVIDE AFFORDABLE HOUSING
LOCATED AT 1620, 1630, 1640 and 1750 BISHOP STREET
(APN: 003-601-006 (portion of))
This agreement is made and entered into on March 1, 2018, by and between
Bishop Street Studios, L.P., a California limited partnership (herein referred to as
"Property Owner"), and the City of San Luis Obispo, a municipal corporation and
charter city in the State of California (hereinafter referred to as "City")
WITNESSETH:
WHEREAS, Property Owner owns a certain leasehold interest in real property
described as Parcels A, B, C and D in the City of San Luis Obispo, County of San Luis
Obispo, State of California, as described in the documents recorded in Book V of
Deeds, at Page 494 and Book 22 of Deeds, at Page 176 in the City of San Luis Obispo,
County of San Luis Obispo, State of California in the office of the County Recorder of
said County, described in Exhibit "A" and more particularly depicted in Exhibit "B", both
of which are attached hereto; and
WHEREAS, on September 9, 2016, the Planning Commission approved a use
permit for a new thirty-four unit rental develo ment located at 1600 Bishop Street; and
WHEREAS, on September 19, 2016 the Architectural Review Commission
approved a new thirty-four unit rentalproject; and
WHEREAS, Ray Righetti, the appellant, filed an appeal of the Architectural
Review Commission's action on September 29 2016;
WHEREAS, the conditions of approval from ARC H-3336/EID-3562-2016
stipulate that eight studio units and twenty-six 1 bedroom units shall be deed -restricted
to extremely low, very -low and low income households to be used for affordable
housing (the "Project"); and
WHEREAS, City is providing Affordable Housing Funds in the amount of $850,000
and pursuant to a deferral of fees in the amount of $545,500; and
Affordable Rental Housing Agreement— Bishop Street Studios, L.P.
Ppge 2
WHEREAS, the Property Owner wishes to retain ownership of the Project as rental
units, affordable to extremely, very low, and low income households, consistent with the
City's affordable housing standards.
NOW, THEREFORE, in consideration of mutual covenants, conditions, promises
and agreements herein set forth, the parties agree as follows:
1. Affordable Housing Provided. Pursuant to the terms and conditions hereof,
the Property Owner (consistent with references above) agrees to develop thirty-four34
dwelling unit(s) that meets the City's affordability standard for "extremely -low", "ver
low", and "low income" households (the "Affordable Housing Unit"), except for the one
manager's unit.
2. Construction of Affordable Housing Units. On or before the date which is five
(5) years following the execution of this Agreement, the Property Owner shall construct
the Affordable Housing Units. Such units shall be constructed by the Property Owner at
1600 Bishop Street, San Luis Obispo, at the location shown in Exhibit "A" to this
Agreement.
3. Affordable Housing Use and Eligibility. Except for the manager's unit, said
units shall be rented only to persons eligible under the income standards in the City's
Affordable Housing Standards for extremely low, very -low, and low income households,
as determined by the City's Housing Authority. Property Owner acknowledges and
agrees that Property Owner has voluntarily elected to retain the units for rental
purposes subject to the terms and conditions set forth herein.
4. Recorded Agreement to Guarantee Affordability. Property Owner
understands and agrees to the continued use of the Project for rental housing to eligible
households for a minimum of 55 years following the date of occupancy of completed
project. Said agreement shall run with the land and apply to all subsequent owners,
heirs, assigns or successors in interest for the subject properties.
5. Rental Cost. Property Owner understands and agrees that during the term of
this agreement, monthly rental costs for the designated affordable units shall not exceed
maximum allowed rental costs specified in the City's Affordable Housing Standards for
the specified income level. Rental costs may be adjusted to reflect changes to the
Affordable Housing Standards as updated by the City.
6. Term. The term of this agreement shall commence on the date first above
written and shall terminate fifty-five (55) years from the date of Project's certificate of
occupancy.
7. Compliance with Affordability Agreement. Failure to comply with the terms of
this agreement following notice and a reasonable opportunity to cure shall constitute a
misdemeanor violation of Municipal Code requirements and breach of contract and may
result in the City initiating action to achieve compliance. In the event Property Owner
breaches any of the covenants or restrictions contained in this Agreement, Property
Owner expressly agrees that City shall have the right, upon ex parte motion, to
Affordable Rental Housing Agreement— Bishop Street Studios, L.P.
Page 3
injunctive relief and specific performance, as well as damages and any other rights or
remedies provided at law or in equity.
8. Employment Status. Nothing in this agreement is intended nor shall be
construed to create an employer-employee relationship or a joint venture relationship
between City and Property Owner. Neither Property Owner nor any of Property
Owner's agents or employees shall be considered to be agents or employees of City in
connection with the performance of the obligations under this agreement.
9. Inspections. City reserves the right to inspect the premises upon reasonable
notice to the Property Owner at all reasonable times to ensure that the property is being
maintained, operated, and used as described herein and as graphically shown in Exhibit
"B", consistent with applicable federal, state and local codes. The Property Owner
agrees to correct all conditions found by such inspections not to conform to the
applicable requirements within 90 days of written notice, or such period as determined
by the Director. Failure to correct such conditions could result in City initiating action to
modify or terminate use of the property until the conditions are corrected.
10. Reporting. The Property Owner shall report to the City Community Development
Director annually, on or before July 31st of each year or at such other interval as
mutually agreed by the parties, to enable City to verify the property is being used for
eligible activities and complies with the terms of this agreement. As a minimum,
information to be submitted includes:
a) Tenant's income characteristics for affordable units, length of residency, rent
cost, and other pertinent information documenting tenant eligibility and
affordability of dwelling units.
b) Certification by the Housing Authority of the City of San Luis Obispo or
qualified non-profit agency that the property is being operated to provide
housing benefits for eligible extremely low. very -low, and low income
households, consistent with the City's Affordable Housing Standards, except
as to the manager's unit.
11. Entire Agreement and Modification. This agreement sets forth the full and
entire understanding of the parties regarding the matter set forth herein. Any other prior
or existing understandings or agreements by the parties, whether formal or informal,
regarding any matters are hereby superseded or terminated in their entirety. No
changes, amendments, or alterations shall be effective unless in writing and signed by
all parties hereto. This agreement may be amended at any time, subject to City
Community Development Director approval or as otherwise modified by Planning
Commission or City Council approval.
The Property Owner specifically acknowledges that in entering into and executing this
agreement, it relies solely upon the provisions contained in this agreement and no
others.
12. Laws and Regulations. The Property Owner acknowledges that it is familiar
Affordable Rental Housing Agreement— Bishop Street Studios, L. P_
Page 4
with and will comply with all local and State laws and regulations that pertain to
construction, health and safety, labor, fair housing practices, equal opportunity and all
other matters applicable to maintaining sound, safe and affordable housing.
13. Non -Assignment of Agreement. This agreement applies only to Property
Owner, heirs, successors, or assigns for property shown in Exhibit "B." The Property
Owner shall not assign or transfer this agreement, or any part hereof without the prior
written consent of City, and any such assignment or transfer without City's prior written
consent shall be considered null and void. Notwithstanding the foregoing, Property
Owner may transfer the Project to its General Partner or and affiliate therefor without
City's consent following the expiration of the tax credit compliance period.
14. Law and Governing Venue. This agreement has been executed and delivered
in the State of California, and the validity, enforceability and interpretation of any of the
clauses of this agreement shall be determined and governed by the law of the State of
California. All duties and obligations of the parties created hereunder are performable
in the City of San Luis Obispo, County of San Luis Obispo, and such County shall be
that venue for any action, or proceeding that may be brought, or arise out of, in
connection with, or by reason of this agreement.
15. Enforceability. If any term, covenant, condition or provision of this agreement is
held by a court of competent jurisdiction to be invalid, void or unenforceable, the
remainder of the provisions hereof shall remain in full force and effect and shall in no
way be affected, impaired or invalidated thereby.
16. Agreement Binding. All provisions of this agreement shall be binding on the
parties and their heirs, assigns and successors in interest. The Project shall only be
developed with thirty four (34) housing units (including one manager's unit).
17. Waivers. City's waiver or breach of any one term, covenant or other provision of
this agreement shall not be a waiver of a subsequent breach of the same term,
covenant or provision of this agreement or of the breach of any other term, covenant or
provision of this agreement.
18. Attorneys' Fees. In addition to any other remedies provided hereunder or
available pursuant to law, if any party brings an action or proceeding to enforce, protect
or establish any right or remedy hereunder, the prevailing party shall be entitled to
recover from the other party its costs of suit, including without limitation expert witness
fees, and reasonable attorneys' fees.
19. Notices. Unless otherwise provided, all notices herein required shall be in
writing, and delivered in person or sent by United States first class mail, postage
prepaid. Notices required to be given to City shall be addressed as follows:
Community Development Director
City of San Luis Obispo
919 Palm Street
San Luis Obispo, CA 93401-3218
Affordable Rental Housing Agreement— Bishop Street Studios, L.P.
Page 5
Notices that are required to be given to the Property Owner shall be addressed as
follows:
Bishop Street Studios, L.P.
c/o San Luis Obispo Nonprofit Housing Corporation
487 Leff Street
San Luis Obispo, CA 93401
Attn: Scott Smith
With a copy to:
BSEP Holding, LLC
1100 Superior Avenue, Suite 1640
Cleveland, OH 44114
Attention: General Counsel
Provided that any party may change such address by notice in writing to the other
parties and thereafter notices shall be transmitted to the new address.
Affordable Rental Housing Agreement— Bishop Street Studios, L.P.
Page 6
IN WITNESS WHEREOF, the parties hereto have executed this agreement as of
the day and year first above written.
PROPERTY OWNER:
Bishop Street Studios, L.P.,
a California limited partnership
By: San Luis Obispo Nonprofit Housing Corporation,
a Californr ofit public benefit coloration,
its aainer11_p_ ne{
Smith, CFIf Executive Officer
By: Transitions -Mental Health Association,
a California nonprofit public benefit corporation,
admini traUe general partner
By:
(4—
'Jill Bolster -White, Executive Director
Affordable Rental Housing Agreement— Bishop Street Studios, L.P-
P,age 7
CITY:
By:
Michael B. Codron, Community Development Director
APPROVED AS TO FORM:
31: � 1: �/ I e6
J. Citi ine Dietrick, City Attorney Date
ALL SIGNATURES MUST BE NOTARIZED!
Affordable Rental Housing Agreement— Bishop Street Studios, L.P.
Page 8
A Notary Public or other officer completing this certificate verifies only the identity of the individual who signed the document
to which this certificate is attached and not the truthfulness, accuracy, or validity of that document.
State of California
County of San Luis Obispo
On r i'l 2 ids, before me, J� 1 C, ? c G�f ' _y-� f�b�.rfA
Date Name and Title of th Oe— ff
personally appeared, N) i tyl roan ,
Name of Signer(s)
who proved to me on the basis of satisfactory evidence to be the person(A whose name(d) is/a
subscribed to the within instrument and acknowledged to me that he/sxe t y executed the sarhe
in his/qbr/tg6ir authorized capacity(Ws), and that by his/44,r/tiiir signature} on the instrument the
person), or the entity upon behalf of which the person) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing
paragraph is true and correct.
WITNESS my hand and official seal.
Signature
SignaCurb of Notary Public
JESSICA LYN GIBSON
Notary Public California
aSan Luis Obispo County x
x4My
Commission # 2173027
Comm. Expires Nov 20, 2020
Place Notary Seal Above
A Notary Public or other officer completing this certificate verifies only the identity of the individual who signed the document
to which this certificate is attached and not the truthfulness, accuracy, or validity of that document.
State of California
County of San Luis Obispo
On , before me,
Date
personally appeared,
Name and Title of the []direr
Name of Signer(s)
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are
subscribed to the within instrument and acknowledged to me that he/she/they executed the same
in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the
person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing
paragraph is true and correct.
WITNESS my hand and official seal.
Signature
Signature of Notary Public
Place Notary Seal Above
Affordable Rental Housing Agreement- Bishop Street Studios, L.P.
Page 8
A Notary Public or other officer completing this certificate verifies only the identity of the individual who signed the document
to which this certificate is attached and not the truthfulness, accuracy, or validity of that document.
State of California
County of San Luis Obispo
On, before me, t,c,,-vn�- L• Conn�11e b���
Dale Name and Titld of the Officer
personally appeared, — -SCD-ft- Smith —
Name of Signer(s)
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are
subscribed to the within instrument and acknowledged to me that he/she/they executed the same
in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the
person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing
paragraph is true and correct.
WITNESS my hand and official seal.
Signature .
Signaturef Notary Public
M
=081SPO
NNERLEY
72918
G1U:ORIrl1
0 COUNTY
E 27.2018
Place Notary Seal Above
A Notary Public or other officer completing this certificate verifies only the identity of the individual who signed the document
to which this certificate is attached and not the truthfulness, accuracy, or validity of that document. 1
State of California
County of San Luis Obispo
On �3 �Dz►S, before me, V�ir,+pr U L ����� f , 1�f v t -Cr%( _r -b
Date Name and TiM of the Officer
personally appeared, _ - } l (301 Si i°r - (,,t V6 if' -
Name of Signers)
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are
subscribed to the within instrument and acknowledged to me that he/she/they executed the same
in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the
person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing
paragraph is true and correct.
WITNESS my hand and official seal.
Signature' �'-
SignatureV Notary Public
V{GTaRIA L. GflNNERLEY
COMM. S 2072918
MOTAMPUMM •CAUFORMIA
SAN LUIS OBISPO COUNTY
Comm. Exp. JUNE 27, 2018
Place Notary Seal Above
EXHIBIT A
LEGAL DESCRIPTION
The real property situated in the City of San Luis Obispo, County of San Luis Obispo, State of
California described as follows:
PARCEL A:
A portion of the parcels of land described in the documents recorded in Book V of Deeds, at
Page 494 and Book 22 of Deeds, at Page 176 in the City of San Luis Obispo, County of San Luis
Obispo, State of California in the office of the County Recorder of said County, being more
particularly described as follows:
Beginning at an open two-inch iron pipe at the south corner of Lot 8 of Tract No. 118 in the City
and County of San Luis Obispo, State of California as shown on map recorded in Book 5 of
Maps, at Page 110 in the office of the County Recorder of said County, also as shown on that
Record of Survey recorded in Book 68 of Licensed Surveys, at Page 24 in the office of the
County recorder of said County;
Thence, along the southeast line of said Tract No. 118 North 68°21'42" East 217.18 feet to 3/4
inch iron pipe with tag stamped L.S. 5201 at an angle point in said southeast line as shown on
said Record of Survey;
Thence, leaving said southeast line South 09'33'11 East 77.02 feet to a point, said point being
the TRUE POINT OF BEGINNING:
Thence, along the following described courses:
North 68°51'00" East 150.21 feet;
South 84°11'57" East 35.70 feet;
South 23040'27" East 111.09 feet;
South 00°04'53" West 87.91 feet;
South 21°18'39" West 81.51 feet;
South 49028'58" West 21.67 feet;
South 44°14'48" East 102.38 feet;
South 45'45'15" West 23.65 feet;
North 44°14'15" West 100.23 feet;
South 49°53'07" West 58.12 feet;
North 40°15'39" West 148.47 feet;
North 17°02'27" West 101.81 feet;
North 08°58'45" East 74.84 feet to the TRUE POINT OF BEGINNING.
117�7�17f�
An easement for ingress, egress and utilities as set forth in that certain "Grant of Easement and
Agreement," recorded February 23, 2018, as Instrument No. 2018-007319, over the following
described real property:
A portion of the parcels described in the documents recorded in Book V of Deeds, at Page 494,
Book 22 of Deeds, at Page 176, and Book 188 of Official Records, at Page 354 in the City of San
Luis Obispo, County of San Luis Obispo, State of California in the office of the County Recorder
of said County, being more particularly described as follows:
Beginning at an open two-inch iron pipe at the south corner of Lot 8 of Tract No. 118 in the City
and County of San Luis Obispo, State of California as shown on map recorded in Book 5 of
Maps, at Page 110 in the office of the County Recorder of said County, also as shown on that
Record of Survey recorded in Book 68 of Licensed Surveys, at Page 24 in the office of the
County recorder of said County;
Thence, along the southeast line of said Tract No. 118 North 68°21'42" East 217.18 feet to 3/4
inch iron pipe with tag stamped L.S. 5201 at an angle point in said southeast line as shown on
said Record of Survey;
Thence, leaving said southeast line South 09'33'11" East 77.02 feet to a point;
Thence, along the following described courses:
North 68°51'00" East 150.21 feet to a point;
South 84°11'57" East 35.70 feet to a point;
South 23°40'27" East 111.09 feet to a point;
South 00°04'53" West 87.91 feet to a point;
South 21°18'39" West 81.51 feet to the TRUE POINT OF BEGINNING;
Thence, along the following described courses:
South 44'25'10" East 123.89 feet to a point;
South 41°02'32" East 207.97 feet to a point;
South 23°51'39" East 62.82 feet to a point;
South 17°33'23" East 182.98 feet to the beginning of a tangent curve concave westerly and
having a radius of 52.00 feet;
Thence, southerly along said curve 67.49 feet through a central angle
of 74021'42" to the end of said curve;
Thence, South 56048'19" West 90.83 feet to a point on the northerly right-of-way of Bishop
Street as shown on said Record of Survey, said point being a point on a curve concave southerly,
having radius of 95.00 feet and to which point a radial bears North 50013'45" East;
Thence, westerly along said curve 22.67 feet through a central angle of 13°40'23" to a point on
said curve, and to which point a radial bears
North 36°33'22" East;
Thence, leaving said curve North 56'48'19" East 96.07 feet to the beginning of a tangent curve
concave westerly and having a radius of 30.00 feet;
Thence, northerly along said curve 38.94 feet through a central angle of 74021'42" to the end of
said curve;
Thence, along the following described courses:
North 17°33'23" West 181.77 feet to a point;
North 23°51'39" West 58.29 feet to a point;
North 41°02'32" West 204.03 feet to a point;
North 44'14'48" West 124.68 feet to a point;
North 49°28'58" East 21.67 feet to the TRUE POINT OF BEGINNING.
PARCEL C:
An easement for public utilities and incidental purposes as set forth in that certain "Grant of
Easement and Agreement," recorded February 23, 2018, as Instrument No. 2018-007319, over
the following described real property:
A portion of the parcel of land described in the document recorded in Book 22 of Deeds, at Page
176 in the City of San Luis Obispo, County of San Luis Obispo, State of California in the office
of the County Recorder of said County, being more particularly described as follows:
Beginning at a one -inch iron pipe with illegible tag at the most westerly corner of said parcel
common with the east right of way line of Johnson Avenue as shown on that Record of Survey
recorded in Book 68 of Licensed Surveys, at Page 24 in the office of the County recorder of said
County, said point also being the southwest corner of Lot 8 of Tract No. 2570 as shown on map
recorded in Book 30 of Maps, at Pages 75-79 in the office of said County Recorder, said point
being the TRUE POINT OF BEGINNING:
Thence along the common line of said parcel and said Lot 8
North 53'42'15" East 635.19 feet to a 2 -inch iron pipe with brass cap stamped RCE 12748 as
shown on said Record of Survey;
Thence, along the northeast prolongation of said common line
North 53'42'15" East 92.57 feet to a point;
Thence, South 40°15'39" East 10.02 feet to a point;
Thence, South 53'42'15" West 728.40 feet to a point on the east right-of-way of Johnson
Avenue;
Thence along said right-of-way North 36°34'42" West 10.00 feet to the TRUE POINT OF
BEGINNING.
�:zi1a w 13
An easement for utilities and incidental purposes as set forth in that certain "Grant of Easement
and Agreement," recorded February 23, 2018, as Instrument No. 2018-007319, over the
following described real property:
A portion of the parcels described in the documents recorded in Book V of Deeds, at Page 494,
and Book 188 of Official Records, at Page 354 in the City of San Luis Obispo, County of San
Luis Obispo, State of California in the office of the County Recorder of said County, being more
particularly described as follows:
Beginning at an open two-inch iron pipe at the south corner of Lot 8 of Tract No. 118 in the City
and County of San Luis Obispo, State of California as shown on map recorded in Book 5 of
Maps, at Page 110 in the office of the County Recorder of said County, also as shown on that
Record of Survey recorded in Book 68 of Licensed Surveys, at Page 24 in the office of the
County recorder of said County;
Thence, along the southeast line of said Tract No. 118 North 68°21'42" East 217.18 feet to 3/4
inch iron pipe with tag stamped L.S. 5201 at an angle point in said southeast line as shown on
said Record of Survey;
Thence, leaving said southeast line South 09°33'11 " East 77.02 feet to a point;
Thence, along the following described courses:
North 68°51'00" East 150.21 feet to a point;
South 84°11'57" East 35.70 feet to a point;
South 23°40'27" East 111.09 feet to a point;
South 00°04'53" West 87.91 feet to a point;
South 21 °18'39" West 81.51 feet to a point;
South 44'25'10" East 123.89 feet to a point;
South 41°02'32" East 207.97 feet to a point;
South 23°51'39" East 62.82 feet to a point;
South 17°33'23" East 182.98 feet to the beginning of a tangent curve concave westerly and
having a radius of 52.00 feet;
Thence, southerly along said curve 25.23 feet through a central angle
of 27047'45" to the to a point on said curve, and to which point a radial bears South 79045'38"
East, said point also being the TRUE POINT OF BEGINNING;
Thence, South 17°33'23" East 110.02 feet to a point;
Thence, South 34°21'44" East 89.11 feet to a point on the southeast line of said parcel of land
described in said document recorded in Book 188 of Official Records, at Page 354;
Thence, along said southeast line South 55038'16" West 15.00 feet to a point;
Thence, leaving said southeast line North 34021'44" West 91.32 feet to a point;
Thence, North 17033'23" West 94.74 feet to a point on a curve concave westerly, and having a
radius of 52.00 feet, and to which point a radial bears South 54009'05" East;
Thence, north along said curve 23.24 feet through a central angle of 25°36'33" to the TRUE
POINT OF BEGINNING.
APN: 003-601-006 (portion of)
Affordable Rental Housing Agreement — Bishop Street Studios, L.P.
Page 13
EXHIBIT "B"
Location of 1600 Bishop Street, San Luis Obispo
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