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<br />In response to further questions from Agency Member Luxembourger, the <br />Deputy City Manager/Development stated that, typically, when the Agency <br />is involved in subsidizing through loan terms for housing and <br />rehabilitation, one of the methods used is the improvement of cash flow <br />8by deferment of payment, thus allowing the developer to recapture <br />equity on the inflated value. He pointed out that the Jackson Park <br />project was creating affordable Section-8 housing and that staff felt <br />the improvement of cash flow was the appropriate way to assist in the <br />implementation of the project. He added that, in the past, the Agency <br />had found that most residential loans can be refinanced successfully. <br />He stated that, in the next ten years, there probably will be an <br />appreciation rate of from 3% to 5%, compounded annually, and that, <br />unless there is a serious deflation of the economy, the Civic Center <br />Barrio Housing Corporation will be a low-risk to no-risk loan. <br /> <br />In response to further questions from Agency Member Luxembourger, the <br />Neighborhood Improvement Manager stated that the Civic Center Barrio <br />Housing Corporation had prior experience in property management and <br />intended to provide this service for the proposed development of the <br />Jackson Park site. <br /> <br />After further discussion, it was moved by Agency Member Luxembourger, <br />seconded by Chairman Griset and carried unanimously (4:0) that the <br />Redevelopment Agency: <br /> <br />81. <br /> <br />Adopt Resolution No. 86-60: A RESOLUTION OF THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA APPROVING AN <br />AMENDMENT OF AN AGREEMENT FOR THE SALE AND DEVELOPMENT OF REAL <br />PROPERTY WITH CIVIC CENTER BARRIO HOUSING CORPORATION; and <br /> <br />2. <br /> <br />Approve an Infill New Construction Loan for $50,000 to <br />Barrio Housing Corporation for the Jackson Park site. <br /> <br />Civic <br /> <br />Center <br /> <br />CONTRACT APPROVAL AND FUND TRANSFER <br />lAPPROPRIATION ADJUSTMENT NO. 36) <br /> <br />FOR <br /> <br />CITY/AGENCY MEDIAN PROJECTS <br /> <br />It was moved by <br />Luxembourger and <br />Agency: <br /> <br />Agency Member Young, seconded by Agency Member <br />carried unanimously (5:0) that the Redevelopment <br /> <br />1. <br /> <br />Approve the award of contract for landscaping of existing medians <br />to Valley Crest Landscape, Inc. in the amount of $1,453,809.15. <br /> <br />2. Approve the repayment <br />Redevelopment Project Area <br />of providing funds for the <br /> <br />8HARRY GREENBERG DEFERRED LOAN, <br /> <br />of $137,065 from the South Harbor <br />Fund to the General Fund for the purpose <br />improvement of medians. <br /> <br />GRAND CENTRAL BUILDING <br /> <br />By unanimous consent of the Agency Members, this item was continued to <br />a future Agency meeting. <br /> <br />7 <br />