80A - JOINT PH - TRANSIT ZONING CODE, FINAL EIR, SPECIFIC PLAN ETC. - ORIGINAL PACKET PROVIDED TO COUNCIL

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JT PH CC -CRA Station District Phase I June 7, 2010 Page 6 Findings of Fact and Statement of Overriding Considerations, and adoption of the Mitigation Monitoring Report provides the CEQA clearance needed for the Developer Project. Project Financial Overview In accordance with redevelopment law, a Summary of Sale has been prepared by Keyser Marston Associates (Exhibit K), which outlines in detail the financial terms of the proposed transaction. A summary of the terms and conditions contained in the proposed Disposition and Development Agreement (DDA) (Exhibit J) are as follows: • The Agency will convey the fee title to all properties to the Developer for $1.00. • Closings for each component of the Developer Project may occur separately. • There will be three (3) Agency loans to the Developer for R -1 ($10.8 million), R -2 ($4.7 million) and FS ($1.5 million), respectively, in the total amount of $17.07 million. For the rental project, the loan will be repaid from 50% of the residual receipts from the applicable phase. For the for sale project, the loan will be repaid from profit participation based on 25% of sales proceeds generated in excess of development profit. • Included in these loan amounts are required off -site improvements for each respective component totaling $2.5 million. • At the time of building permit issuance, both the city permit fees and the confirmed cost of the required off -site improvements will be determined and the loan amounts will be adjusted accordingly. • $30,000 in assistance will be provided to each qualified homebuyer of the six (6) total affordable for sale units, secured by a deed of trust in favor of the Agency. • The Developer must solicit at least two (2) competitive bids from tax credit investors for each component (R -1 and R -2). • The Developer covenants and agrees to rent the affordable units in R -1 and R -2 to extremely low and very low income households for a period of 55 years. • The Developer covenants and agrees to sale six (6) of the 32 homes at an affordable housing cost. • In addition to the above, the Agency is responsible for delivering the sites free and clear of all structures and to relocate all remaining tenants at its expense.