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Loan Agreements with Townsend & Raitt, LLC and Authorization of Relocation Plan 701 and 709 Townsend January 7, 2008 Page 4 possible for the project to generate the income necessary to meet this additional obligation. When a Redevelopment Agency enters into an agreement for the acquisition or disposition and development of property, which agreement would lead to the displacement of people from their homes, the legislative body must adopt, by resolution, a relocation plan. The draft Relocation Plans for 701 S. Townsend Street and 709 S. (Exhibit 3) have been prepared in conformance with applicable provisions of California Relocation Assistance Law and Relocation Guidelines as well as United States Department of Housing and Urban Development (HUD) guidelines. These plans are required due to the potential for temporary relocation of households. The plan for 701 and 709 S. Townsend does not foresee a need for any permanent relocation of households, and estimates the cost of temporary relocation at $22,500. ENVIRONMENTAL IMPACT In accordance with the California Environmental Quality Act and the National Environmental Policy Act, the proposed project is exempt from further review. Categorical Exemption No. ER 2007-201 will be filed for this project. FISCAL IMPACT Funds for the acquisition and rehabilitation loans are available in the HOME Program in the amount of $1,227,852 (account no. 130-148-6951) and Tax Increment Housing Set-Aside Fund in the amount of $2,264,224 (account no. 507-936-6951). ~~ Shelly Landry-Bayle Housing Manager Community Development Agency SGH/SLB/mlr APPROVED AS TO FUNDS AND ACCOUNTS: -~' ~~rancisco Gutierrez n/ Executive Director lw Finance & Management Services Agency H:\ACTION ITEMS\COUNCIL\2008CC\1-7-08JT 701709CC-CRA LoanAgreeTOwnsendRaittAuthorofRelocPlans.doc 80A-4