2022-002 HA - Laserfiche WebLink

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opportunities for low and moderate income housing." Therefore, the Project is in conformance with the AB 1290 Implementation Plan. N. The Ground Leases imposes extraordinary controls on the Project. The impacts created by these requirements reduce the value of the Project from $4.11 million at the highest use permitted under the current zoning, to the established fair reuse value of negative $4.6 million. The Ground Lease requires the Tenant to pay Base Rent to the Authority based on Residual Receipts payments that are generated from cash flow generated by the Project over time. At the end of the Ground Lease Term, the Tenant must repay any outstanding balance of Authority Base Rent. Given that the Base Rent Payments received by the Agency will be greater than the established fair reuse value of negative $4.60 million, it can be concluded that the Agency is receiving fair consideration for the interests being conveyed to the Tenant. O. The Authority has prepared such notices, plans and reports as may be required in connection with its consideration of this matter and has made available for public inspection all such matters prior to its consideration of and action on this matter. P. On June 21, 2022, the Authority held a duly noticed public hearing, and at that time considered all testimony, written and oral. Notice of the time and place of the hearing was published in a newspaper of general circulation in the community once per week for two successive weeks, as specified in Government Code section 6066, prior to the hearing. Section 2. The Authority, acting as the Housing Successor Agency, approves the lease of the Site to Tenant for the development of the Project pursuant to the terms of the Ground Lease attached hereto as Exhibit A and incorporated herein by reference. The Authority hereby authorizes the Executive Director of the Authority to execute the Ground Lease with the County and the Tenant for the development of the Project on the Site, subject to non -substantive changes approved by the Executive Director of the Authority and the Authority Counsel. Section 3. The Authority hereby finds and determines, based on all documentation, testimony and other evidence in the record before it, that the Ground Lease of the Authority Site: (a) will assist in the elimination of blight and provide housing for low- or moderate -income persons, as defined in Health and Safety Code section 50093; (b) is consistent with the implementation plan adopted pursuant to Health and Safety Code section 33490; and, (c) the consideration being paid to the Authority is not less than the fair reuse value for the use and with the covenants and conditions and development costs authorized by the Ground Lease. Section 4. This Resolution shall take effect immediately upon its adoption by the Authority Board, and the Recording Secretary for the Authority shall attest to and certify the vote adopting this Resolution. ADOPTED this 218t day of June, 2022. Resolution No. 2022-002 Page 3 of 4