55A - AGMT LEGACY APARTMENTS - Laserfiche WebLink

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On -site amenities will include a community space. Mercy House Living Centers ("Mercy House") will manage onsite residential services coordination for all households. C. The City and the Housing Authority of the City of Santa Ana ("Housing Authority") reviewed Developer's request for assistance and at the City Council/Housing Authority meeting on January 15, 2019, the City Council authorized and approved issuance of a conditional, pre -commitment letter evidencing the preliminary award of $3,170,547 of funds to the Project ("Inclusionary Loan"), to be funded exclusively from the Inclusionary Housing Fund. D. The amount of the Inclusionary Loan was determined based upon the City's review of the Developer's request for the receipt of the hiclusionary Loan and the development proforma and projected cash flows for the Project submitted by the Developer to the City as of January 2019 ("Proforma"). The City Project Manager has authority to approve revised development proformas and projected cash flows for the Project; provided, however, that the Inclusionary Loan is not materially increased or extended. E. hi furtherance of the Inclusionary Housing Program, Developer has applied to the City for a loan with which to: 1. Acquire, develop and construct the project, and 2. Thereafter to maintain, operate and professionally manage the Project as decent, safe, sanitary and affordable rental housing. F. The City, on certain terms and conditions, desires to make such Inclusionary Loan to Developer in order to make possible the acquisition, development, construction, ownership, maintenance, and operation of the Project, thereby expanding the supply of decent, safe, sanitary and affordable housing within the City. G. If there is any inconsistency between Federal, State, and local guidelines with regard to any of the terms and conditions contained herein, the more stringent shall apply. NOW, THEREFORE, for and in consideration of the mutual covenants and agreements herein contained, City and Developer agree as follows: DEFINITIONS AND INTERPRETATION 1.1 Defined Terms. All capitalized terms used herein, including, without limitation, in the Recitals above and in all other Project Documents, unless otherwise expressly defined, are defined where first used in this Agreement and/or as set forth in this Article 1. "Administrative General Partner" means Mercy House CHDO, Inc., a California nonprofit public benefit corporation. 55A-16