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8/30/07 <br />subject to the approval of the City Council and Community Redevelopment Agency <br />Board ( "Agency ") following a public hearing, in accordance with the California <br />Community Redevelopment Law. <br />S) Approval Process and Legal Requirements. <br />The Development Agreement(s) shall not become effective unless and until it is <br />approved by the City Council and/or Agency after all applicable findings have been made <br />and all applicable legal requirements are satisfied, and it is executed by the required City <br />and Agency staff. A Development Agreement shall be subject to all applicable legal <br />requirements relating to the use of Housing Funds and HOME funds. <br />9) Contents of Development Agreement(s). <br />The parties anticipate that the Development Agreement(s) shall include provisions <br />addressing the following points: <br />a) Submittals. The Developer will submit Construction Drawings, Specifications, <br />a Final Project Budget, and a proposed Construction Contract to the City for <br />review. <br />b) Conveyance of the Site. When all conditions precedent (as described in the <br />Development Agreement) have been satisfied, the City, will convey the Site to <br />Developer for a purchase price that will be negotiated by the parties. The <br />Developer will in turn not transfer its interest in the Agreement or the Site <br />without the prior approval of the City, except as specifically authorized by the <br />Development Agreement. <br />c) Permits and Approvals. Prior to the start of construction, Developer will be <br />required to obtain all necessary permits and approvals from the appropriate <br />governmental authorities. <br />d) City and Agency Assistance. In order to create affordable rental housing on the <br />Site, the City and the Agency anticipate providing financial assistance to <br />Developer. It is not known at this time as to the amount of assistance needed <br />until the Project is defined and the Project Costs are defined as well as the <br />sources of funding that will be obtained. At such time as the Development <br />Agreement(s) is prepared, the City and Agency financial assistance shall be <br />documented. Generally, the City and Agency will evidence their loan to the <br />Developer by a Promissory Note and secure the loan by a Deed of Trust ( "City <br />Deed of Trust" or "Agency Deed of Trust ") on the Site. The City will invest no <br />more HOME Funds into the Project than is allowable under current per unit <br />subsidy limits as published by HUD. <br />e) Leverage of Funds. In order to minimize the amount of City and Agency <br />financial assistance to the Project, the Development Agreement will require <br />