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b. The Developer must submit the Partnership Agreement or similar document for <br />each Phase which demonstrates sufficient equity for completion of construction <br />of such Phase. <br />C. The Developer must submit a copy of the preliminary Tax Credit Allocation <br />Committee (TCAC) reservation letter. <br />2. Approve the Environmental Condition and Soil and Geological Condition of the portion of <br />the Site applicable to each Phase within the time set forth in the Schedule of <br />Performance. <br />3. Covenant and agree to rent the affordable units in Phases --1 and -2 to extremely low <br />and very low income households, for a period of fifty-five 5 years. The rents must net <br />exceed the more restrictive of; <br />a. The very -low income rents as defined by California Health and Safety Code <br />Section 058b2; or <br />b. The standards set forth by TCAC. <br />4, Fund public art with a cost of not less than . 5% of the building permit valuation for <br />Phases R-1 and R-2. The Agency and communit y organizations selected by the Agency <br />will identify the locations and the local artistic resources available to provide the public <br />art. <br />5. Include commercial retail space in Phase R -1 that is made available at below market <br />rate rents. The Developer rust provide priority to local residents before marketing the <br />space to the general market. <br />6. Complete the following additional requirements: <br />a. Prepare and obtain approval from the Agency a Marketing Program for the <br />leasing of the rental units within Phases R-1 and R-2; <br />b. Prepare and obtain approval from the Agency a Management Plan for Phases R- <br />I <br />and r--2; <br />C. Satisfy the annual monitoring, re ordkeeping, and reporting requirements as <br />outlined in the Agreement, in compliance with health and Safety Code Section <br />83418; and <br />d. Comply with the requirements in the Regulatory r A reemer t and record a Notice <br />of Affordability Restrictions on the Transfer of Property as to Phase RA and R -2. <br />1 oa 01 .SA-_ K H' <br />