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8/30/07 <br />Developer for the preparation of plans and performance of other predevelopment <br />activities necessary for the development of affordable rental housing units on the Site. <br />For purposes of this Agreement, the undertaking to plan, acquire, develop and operate <br />and/or manage affordable rental housing, which is the subject of this predevelopment <br />loan and the related Development Agreement(s), shall be referred to as a "Project ". The <br />terms of the predevelopment loan shall be as follows: <br />a) The purpose of the predevelopment loan shall be to assist Developer to cause to <br />be prepared, conceptual architectural plans and related consulting services, <br />including, but not limited to: engineering, landscape architecture, subdivision <br />map preparation/processing, legal documentation, appraisal, environmental, <br />survey, soil investigation, construction loan application fees, zoning application <br />fees, printing, contingency, etc., as necessary to define the scope of work, and <br />budget, for the Project and to obtain approval and/or input from the appropriate <br />interested entities, including, but not limited to: adjacent neighbors, Planning <br />Commission, Development Review Committee, Community Redevelopment <br />and Housing Commission, Community Redevelopment Agency, and/or City <br />Council. A predevelopment budget is set forth in Exhibit C. The City Manager <br />and/or the Deputy City Manager for Development Services may approve a <br />different amount for each line item so long as the total predevelopment budget <br />does not exceed $77,500. <br />b) The predevelopment loan shall be in an amount not to exceed $77,500. The <br />predevelopment loan shall bear no interest and payments and shall be deferred. <br />The term shall be one year or the date of execution of a Development <br />Agreement, whichever occurs first. The predevelopment loan shall be <br />evidenced by a promissory note ('Promissory Note ") providing a collateral <br />assignment to the City of all plans, studies and other work product prepared on <br />behalf of the Developer and paid for with the predevelopment loan (the <br />'Plans "). <br />c) The Promissory Note shall be prepared by the City in a form that is acceptable <br />to the parties, and shall be executed and delivered by Developer prior to <br />disbursal of any predevelopment loan funds. All contracts for architectural, <br />engineering or other consultant services to be paid for with a predevelopment <br />loan shall be subject to the reasonable approval of the Deputy City Manager for <br />Development Services prior to disbursal of any loan funds therefore. Developer <br />shall submit a progress payment request to the City with evidence of the <br />expenditures, and City shall immediately process payment, with a check issued <br />to Developer within 20 business days thereafter. The payment checks can be <br />issued by the City as a joint check to both the Developer and a specific vendor <br />(if requested by the Developer). <br />d) In the event the City and Developer enter into a Development Agreement with <br />respect to the Site, the principal amount of any predevelopment loan relating to <br />the Project shall be rolled over into and added to any additional loans to be <br />3 <br />