A. An affordable housing agreement shall be recorded with the King or Snohomish County recorder’s office, as applicable, prior to the issuance of a building permit for any development providing affordable housing pursuant to the requirements or incentives of the Bothell Municipal Code.

B. The recorded agreement shall be a covenant running with the land and shall be binding on the assigns, beneficiaries, and successors of the applicant.

C. The agreement shall be in a form approved by the city and shall address price restrictions, homebuyer or tenant qualifications, affordability duration, phasing of construction, monitoring of affordability, and any other topics related to the provision of the affordable housing units.

D. The agreement shall provide the city sole discretion to establish monitoring fees for the affordable units, which fees may be adjusted over time to account for inflation. The purpose of any monitoring fee is for the review and processing of documents to maintain compliance with income and affordability restrictions of the affordability agreement.

E. The city may agree, at its sole discretion, to subordinate any affordable housing regulatory agreement for the purpose of enabling the owner to obtain financing for development of the property. (Ord. 2255 § 1, 2018).