2022-002 HA - Laserfiche WebLink

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L.P., a California limited partnership formed by the Developer ("Tenant") for no more than sixty-five (65) years ("Ground Lease'). A true and correct copy of the Ground Lease is attached hereto as Exhibit A and incorporated herein by reference. H. Since the Authority Site was purchased with Set -Aside Funds, the conveyance of the Site through the Ground Lease to the Tenant is subject to the reporting requirements imposed by California Health and Safety Code section 33433 ("H&S 33433"). Specifically, H&S 33433 requires the conveying entity to prepare a report that summarizes the financial terms associated with the proposed disposition transaction. I. The H&S 33433 Summary Report is based upon the information contained within the Ground Lease, and is organized into the following seven sections: i. Salient Points of the Ground Lease; ii. Cost of the Ground Lease to the Agency and the Former Redevelopment Agency; iii. Estimated Value of the Interests to be Conveyed Determined at the Highest Use Permitted under the Property's Zoning; iv. Estimated Reuse Value of the Interests to be Conveyed; v. Consideration Received and Comparison with the Established Value; vi. Blight Elimination; and, vii. Conformance with the AB1290 implementation Plan. J. The Authority made available for public inspection and copying at a cost not to exceed the cost of duplication, the H&S 33433 Summary Report no later than the time of publication of the first notice of the hearing. A true and correct copy of the H&S 33433 Summary Report is attached herewith as Exhibit B and incorporated herein by reference K. Pursuant to H&S 33433, the Housing Successor must also first secure approval of the proposed ground lease agreement from its local legislative body after a public hearing. L. The Project includes 85 units that will be subject to long-term income and affordability covenants. In accordance with California Redevelopment Law, as portrayed in H&S 33433, the conveyance of property that results in the provision of housing for low- or moderate -income persons satisfies the blight elimination criteria imposed by H&S 33433. Furthermore, the conveyance of the Agency Site will assist in the elimination of blight by allowing for the redevelopment of a vacant property. Thus, the Project fulfills the blight elimination requirement. M. The last AB1290 Implementation Plan completed by the Former Redevelopment Agency was for the 2010 to 2015 period. The Implementation Plan contemplates the development of affordable housing within the Merged Project Area. Specifically, under the heading Short -Term Goals and Objectives, the Implementation Plan includes the following: "Expand the community's supply of housing, including Resolution No. 2022-002 Page 2 of 4