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Joint Powers Authority, Ground Lease, and Option Agreement <br />For the Crossroads at Washington <br />February 18, 2020 <br />Page 12 <br />$4,108,136 Agency's Land Loan repayable through residual receipts over the 65-year Ground <br />Lease period is $10,886,560 including principal and interest accruing at 3%. <br />Pursuant to the Ground Lease Section 3.1.2, the Agency Land Loan must be paid back after <br />payment on the two loans from the City (NSP and HOME). Under the current assumptions, <br />payment on the Agency's Land Loan will start in Year 45 after the City's two loans are paid back <br />in full. Note that these projections are subject to change based on actual rents, operating <br />expenses, hard debt, vacancies, etc. <br />Steven A. Mendoza <br />Executive Director <br />Community Development Agency <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />Kathryn Downs, CPA <br />Executive Director <br />Finance and Management Services Agency <br />Exhibits: 1. <br />Pre -Commitment Letter with Related and ACOF <br />2. <br />Joint Powers Agreement <br />3. <br />Option Agreement <br />4. <br />65-Year Ground Lease <br />5. <br />Resolution Granting Consent for Project -Based Vouchers <br />6. <br />Regional Housing Needs Allocation Agreement <br />7. <br />Substantial Amendment to the NSP Annual Action Plan <br />80A-12 <br />