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SUMMARY OF THE CONTRACT FOR SALE OF LAND FOR PRIVATE REDEVELOPMENT BY AND BETWEEN THE COMMUNITY REDEVELOPMENT AGENCY, HOUSING AUTHORITY AND SANTA.ANA INTOWN APARTMENTS, A LIMITED PARTNERSHIP, PURSUANT TO CALIFORNIA HEALTH AND SAFETY CODE, SECTION 33433. I. 'PUBLIC COSTS The Contract for Sale of Land for Private Redevelopment to be entered into by and between the Community Redevelopment Agency ("Agency") the Housing Authority and Santa Aha Intown Apartments ("Redeveloper") pro- vides that the Agency shall convey to the Redeveloper approximately 14 acres of land (the "Site") between First and Third and Ross and Flower Streets including all rights of way to be vacated within that area. The Contract for Sale of Land for Private Redevelopment (here- inafter referred to as the "Contract") provides that the Redeveloper will develop 199 units of senior citizen housing as Phase I of the project located between First and Third, Ross and the western bound- ary of Van Ness (to be vacated). The Contract further provides as the Phase II portion of the development, for the construction of approximately 316 units of market rate housing to be located on the balance of the Site. The Phase II units will include one, two and three bedrooms, a portion of which shall be rent subsidized for very iow to moderate income persons and families. The costs to the Agency with respect to the implementation of the terms of the Contract including land acquisition costs, demolition and clearance costs, relocation costs and the cost of public im- provements to be provided by the Agency are as follows: Lend Acquisition $2,200,000 Relocation $ 627,000 Demolition and Clearance $ 75,000 Utilities, Public Improvements $ 200,000 Legal Fees $ 25,000 Contingency $ 236~500 TOTAL $3,363,500 No loans or bonds are necessary to finance the Agency's costs. The financing of such costs will be accomplished through the use of Community Development Block Grant funds which are provided to the City of Santa Aha under the Federal Housing and Community Develop- ment Act of 1974. Community Development funds available for this project are $1,750,000. Disposition proceeds received by the Agency from the Redeveloper in return for the sale of land by the Agency in the sum or $1,368,500 will be used also to help defray the Agency's costs for this project. Tax increment proceeds will be also used in this project in an amount of $245,000. II. ESTIMATED VALUE.OF PROPERTY INTEREST TO BE CONVEYED The estimated value of the real property interest to be conveyed by the Agency to the Redeveloper pursuant to the terms of the Con- tract and determined at the highest uses permitted under the Re- development Plan is the sum of One Million Three Hundred Sixty Eight