Agenda Packet_2024-07-16 (Revised)

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EXHIBIT 1 the unit shall be determined by appraisal, which is reasonably acceptable to the City; o Deed of Trust; and, o Homebuyer Loan Agreement. General Provisions: The City's obligation to provide the City Assistance to the Project is subject to each of the following conditions: Developer must provide proof that it has secured all of its remaining financing for the development of the Project in the form of enforceable funding commitments, before staff will return to the City Council for consideration of the Conditional Grant Agreement for the City Assistance. Developer shall assume any and all responsibility and be solely responsible for determining whether laborers employed relative to the construction or installation of the project must be paid the prevailing per diem wage rate for their labor classification, as determined by the state, pursuant to labor code sections 1720, et seq. • All provided funding and Project requirements shall conform to the City's most recently adopted Affordable Housing Funds Policies and Procedures, unless alternative requirements are expressly provided in the executed Conditional Grant Agreement for the City Assistance or any other documents related to the l development of the Project. • Approval of all required entitlements and discretionary actions, to allow the construction of six affordable ownership units to be located at 1921 W. Washington Avenue, Santa Ana, CA (APN 405-101-37). • The City's obligation to provide the City Assistance is and shall remain subject to all covenants, conditions, and restrictions set forth in the Conditional Grant j Agreement, and in particular the City's analysis of the available funding sources and development and operating costs of the Project and the overall economic feasibility of the Project. • Review and approval of the Conditional Grant Agreement evidencing the City Assistance by the City Council including the Conditional Grant Agreement and Affordability and Maintenance Restrictions. • 10% or $220,000 of the City's financial assistance will be retained by the City until construction of the Project is complete. Developer, at its sole cost and expense, will be responsible for securing any and all permits and discretionary approvals that may be required for the Project by the City or i City Council 12 — 12 7/16/2024