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Agreements for the Development of the Crossroads at Washington <br />June 21, 2022 <br />Page 15 <br />2 <br />7 <br />6 <br />6 <br />Drainage Area <br />Assessment Fee $7,748.21 per acre 2.286 Acres $17,712 <br />Sewer Connection <br />Fee $49.00 per F.U.562 F.U. (est.)$25,774 <br />Park Acquisition <br />and Development <br />Fee <br />$400,448 <br />Fire Facilities $0.94psf 100,104 SF $94,098 <br />TOTAL $652,717 <br />The final fee amount to be deferred will be calculated at the time of the final inspection or <br />issuance of a certificate of occupancy for the project, whichever comes first. There is no <br />negative fiscal impact as the deferred amount will be paid back to the City. However, it <br />should be noted that the FY 21-22 deferred amount may be received in FY 22-23. <br />Each project-based voucher is estimated to be valued at $1,255 monthly or $15,060 <br />annually, based on HUD’s renewal funding of vouchers from May 9, 2022. The <br />approximate value of the eight additional project-based vouchers on an annual basis <br />totals $120,480. The approximate value of the combined 15 project-based vouchers on <br />an annual basis totals $225,900. The actual annual expenditure for the 15 project-based <br />vouchers may be different based on when the development of the project is completed <br />and the units are leased. Funds will be budgeted in future fiscal years in the Housing <br />Choice Voucher Program, Project Based Vouchers account (no. 13618760-69171). <br />If the City receives an award of funds from DTSC’s Office of Brownfields Equitable <br />Communities Revitalization Grant, the grant funds will be appropriated by the City <br />Manager in the FY 22-23 Budget. <br />Fiscal Impact Verified By: Kathryn Downs, CPA, Executive Director – Finance and <br />Management Services Agency <br />EXHIBITS <br />1.Staff Report from July 2, 2019 <br />2. Pre-Commitment Letter <br />3.Staff Report from August 17, 2021 <br />4. First Amended and Restated Pre-Commitment Letter <br />5. HOME Investment Partnerships Program Loan Agreement <br />6. Neighborhood Stabilization Program Loan Agreement <br />7. Subordination Agreement with U.S. Bank, National Association <br />8. Subordination Agreement with the County of Orange