4154.
(a) The 22nd District Agricultural Association shall, by April 30, 2024, execute a legally binding lease of a qualifying real property or properties to the City of Del Mar for the purposes of constructing a residential development that provides at least 61 units that are affordable to lower income households.(b) The lease entered pursuant to subdivision (a) shall be subject to all of the following:
(1) The rent of the lease shall be one dollar ($1) per year.
(2) The lease shall provide that the City of Del Mar may sublease the real property to a private entity for the purpose of developing and constructing the affordable housing units. The rent charged for a sublease shall not exceed the amount charged pursuant to paragraph (1).
(3) The lease may include a requirement that a minimum percentage of the units constructed be reserved for employees of the 22nd District Agricultural Association, provided that no more than 10 percent are reserved for those employees.
(c) Notwithstanding paragraph (12) of subdivision (a) of Section 4051 or any other law, the lease shall not be subject to the approval of the Department of General Services.
(d) For purposes of this section:
(1) “Lower income household” means the same as defined in Section 50079.5 of the Health and Safety Code.
(2) (A) “Qualifying real property” means at least two acres of property located at either of the following sites:
(i) 2586 Jimmy Durante Boulevard, Del Mar, CA 92014.
(ii) 2260 Jimmy Durante Boulevard, Del Mar, CA 92014.
(B) If the 22nd District Agricultural Association and the City of Del Mar agree that neither parecl described in subparagraph (A) is suitable for a residential development described in subdivision (a), the parties may agree to site the development on a different parcel or parcels owned by the association, provided that the association leases a parcel or parcels that are at least cumulatively two acres and suitable for the residential development described in subdivision (a).