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Agreements for the Development of the Crossroads at Washington <br />June 21, 2022 <br />Page 2 <br />2 <br />7 <br />6 <br />6 <br />3. Authorize appropriation adjustment to recognize and appropriate Neighborhood <br />Stabilization Program 1-3 revenue from prior year fund balance of $237,371 and grant <br />funds of $246,501. This additional funding is to complete the necessary $1,637,420 <br />for contructions costs for the development of the Crossroads at Washington affordable <br />housing project located at 1126, 1136, & 1146 East Washington Avenue, Santa Ana, <br />CA 92701, (APNs 398-092-14 and 398-092-13. (Requires five affirmative votes) <br />4. Authorize the City Manager to execute a Development Impact Fee Deferral <br />Agreement with Washington Santa Ana Housing Partners, L.P. to defer approximately <br />$652,717 of their development impact fees for the development of the Crossroads at <br />Washington affordable housing project located at 1126, 1136, & 1146 East <br />Washington Avenue, Santa Ana, CA 92701, (APNs 398-092-14 and 398-092-13) <br />subject to non-substantive changes approved by the City Manager and City Attorney. <br />The calculation of the final fee amount to be deferred will be determined at the time of <br />issuance of the certificate of occupancy. <br />5. Authorize the City Manager to execute a Subordination Agreement with U.S. Bank, <br />National Association to subordinate the City’s two Loan Agreements to a senior private <br />loan, subject to non-substantive changes approved by the City Manager and City <br />Attorney. <br />6. Authorize the City Manager to execute a Subordination Agreement with the County of <br />Orange, to subordinate the City’s two Loan Agreements to a senior public loan, subject <br />to non-substantive changes approved by the City Manager and City Attorney. <br />7. Authorize the City Manager to execute a future Subordination Agreement, if needed, <br />with the State of California Department of Housing and Community Development, the <br />California Community Reinvestment Corporation, and/or the Orange County Housing <br />Finance Trust, for the City’s two Loan Agreements, after the Crossroads at <br />Washington affordable housing project is complete, subject to approval as to form by <br />the City Attorney. <br />8. Authorize the City Manager to appropriate potential future grant funds in the FY 22-23 <br />Budget received through an Equitable Community Revitalization Grant Agreement <br />with the State of California Department of Toxic Substances Control to address and <br />remediate present or future human health or safety or the environment as a result of <br />the presence on the land of hazardous materials at 1126, 1136, & 1146 East <br />Washington Avenue, Santa Ana, CA 92701, (APNs 398-092-14 and 398-092-13). <br />EXECUTIVE SUMMARY <br />On five separate meetings, the City Council has unanimously approved various actions <br />for the development of the Crossroads at Washington project. This Staff Report is the <br />culmination of all of the previous actions by City Council and will allow The Related <br />Companies of California to close on their financing and develop the project on the Housing