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Loan Agreement and Ground Lease Agreement for FX Residences <br />December 7, 2021 <br />Page 8 <br />2 <br />2 <br />6 <br />4 <br />law to deferred payment of fees intended for public facilities or improvements and the <br />deferral of such development impact fees will help facilitate the financing, development <br />and construction of the project. Specifically, California Government Code Section 66007 <br />states that “any local agency that imposes any fees or charges on residential <br />development for the construction of public improvements or facilities shall not require the <br />payment of those fees or charges, notwithstanding any other provision of law, until the <br />date of the final inspection, or the date the certificate of occupancy is issued, whichever <br />occurs first.” The specific development impact fees that are part of this deferral request <br />include the following: <br />Development Impact Fee Amount <br />Park Acquisitions and Development $377,400 <br />Fire Facilities $81,600 <br />Transportation System Improvement Authority <br />(Combined Non-Residential and <br />Residential-Multifamily) <br />$51,000 <br />TOTAL $510,000 <br />As an affordable housing project, the project qualifies for this request for deferral of their <br />development impact fees. The Development Impact Fee Deferral Agreement will defer <br />approximately $510,000 of the development impact fees for the development of the <br />Project. <br />The following terms are incorporated into the Agreement: <br />Fee Deferral and Amount: The deferred collection of the development impact <br />fees in the estimated amount of approximately five hundred, ten thousand dollars <br />($510,000). <br />Deferral Period: The development impact fees will be deferred until the final <br />inspection or issuance of a certificate of occupancy for the Project, whichever <br />comes first. <br />Extension: An extension of the Agreement may only be granted by the City <br />Council. <br />Payment Security: Payment of fee is a personal obligation of the owner, or any <br />successor secured by the property, and if left unpaid, shall be collected as a special <br />lien against the property. <br />Recordation of Agreement and Lien against Property: The Agreement will be <br />recorded in the Official Records of the County of Orange and the Agreement shall <br />contractually bind the owner to pay the development impact fees and shall <br />constitute a lien against the property.