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DISPOSITION AND DEVELOPMENT AG EI MENT <br />THIS DISPOSAITION AND DEVELOPMENT AG M MENT (this "Agreement" ) is <br />entered into as of June 7, 2010, by and between the COMMUNITY REDEVE LOPMENT <br />AGENCY of THE CITY of SANTA ANA, a public body, corporate and politic the <br />"Agee " and SANTA ANA STATION DISTRICT, LLC, a California limited liability <br />company (the "Developer"). <br />RECITALS <br />The following Recitals are a substantive part of this Agreement: <br />A. The Agency is a California redevelopment agency acting tinder the California <br />Community Redevelopment Law, Fart 1 of Division 24 of the Health & Safety Code the <br />"CRL"). Section 33334.2 et seq. of the CRL authorizes and directs redevelopment agencies to <br />expend a certain percentage of all taxes that are allocated to a redevelopment agency puns cant to <br />Section 33670 foci the purposes of increasing, improving and preserving the communit y's supply <br />of housing, available at affordable housing cost, to persons and families of moderate income, <br />verb' low income, and extremely low income. Pursuant to Section 33334.3 of the CRL, the <br />Agency has established a Low and Moderate Income Housing Fund the "Housing g Fund" . <br />B. The Agency is authorized and empowered under the CRL to provide funding for <br />the production, improvement, or preservation of affordable housing using tax increment revenues <br />from the Housing Fund, and specifically for the constr =tiorl of buildings or structures for <br />affordable housing units for low or Moderate income persons pursuant to Section 33334.2(c)(5) <br />of the CRL. <br />C. The Redevelopment Plan for the Merged Project the "Merged Project" was <br />approved by Ordinance Nos. 2662 -2667 adopted by the City Council of the City of Santa Ana <br />(the "City") on September 30, 2004 the "Redevelopment Plan," the geographic boundary of the <br />Merged Project is the "Project Area"). <br />D. Developer is experienced in the construction, development, ent, operation and <br />management of high quality housing which is affordable to persons and families of very low and <br />low income in Southern Californ ia. <br />E. In furtherance of the objectives of the CRL, the Agency desires to facilitate the <br />redevelopment t of approximately six 6 acres of real property located within the City, partially <br />within the boundaries of the Project Area, which consists of unimproved lots and improved lots <br />with residential uses with certain parcels owned b y third parties the "Additional Properties"), <br />and certain parcels owned by the Agenc y ("Agency Pat-eels"), and certain other parcels owned <br />by third parties the "Segura Parcels" which Agenc y has a right to acquire purRlant to full <br />executed purchase agreements the "Segura Purchase Agreements"). The Agency Parcels, <br />Additional Parcels and SCgUra Parcels are shown on the Site Map and the Additional Parcels and <br />Segura Parcels are listed on Attachment No. 1 -A. The Agency s attempting to acquire the <br />Segura Parcels and the Additional Properties. The Segura Parcels and the Additional Properties <br />acquired by the Agency prior to the applicable Closing shall be included as part of the Site in <br />Doo11 40N, 131200272-0 001 <br />