Laserfiche WebLink
E. The Agency currently owns certain real property ("Agency Parcels" <br />located within the City of Santa Ana "City "), which property is also <br />partially located within the geographic boundaries (the "Project Area"') of <br />the Merged Project ("Merged Project"), and is attempting to acquire other <br />real property that is-'currently owned by third parties ("Additional <br />Properties" (the Agency Parcels and Additional Properties are collectively <br />referred to as the "Site "); and <br />F. Santa Ana Station District, LLC, a California limited liability company <br />("Developer"), has proposed to acquire the Site from the Agency} to <br />construct on the Site affordable rental housing that will be available to and <br />occupied by persons and families of very low income and extremely love <br />income, affordable for -sale housing that will be available to and occupied <br />by persons and families of moderate income, and market rate for -sale <br />housing that will be available to all buyers (collectively, the "Developer <br />Project "); and <br />G. In order to carry out and implement the R dev elopment Plan for the <br />Merged Project and the affordable housing requirements thereof, the <br />Agency proposes to enter into a Disposition and Development gr ment <br />("Agreement") with the Developer, pursuant to which the Agency would <br />k <br />convey the Site to the Developer and the Developer would agree to <br />construct the Project in accordance with the requirements of the <br />Agreement, restrict occupancy of the rental housing to persons and <br />families s of very lover income and extremely lour income, and restrict <br />occupancy of a portion of the for -sale housing to persons and families of <br />moderate income, all as more particularly set forth in the Agreement; and <br />H. Pursuant and subject to the terms of the Agreement, the Agency will <br />provide the following financial assistance to the Developer Project: i <br />loans to the Developer in the amount of Ten Million Eight Hundred <br />Thousand Dollars $10 }800,000) for Phase R -1 as defined in the <br />Agreement) of the Developer Project and Four Million Seven Hundred <br />Seventy Thousand Dollars ($4,770,000) for Phase R -2 as defined in the <br />Agreement of the Developer Project (collectively, the "Agency Loan- <br />Rental Component "); (ii) a loan to the Developer in the amount of One <br />Million live Hundred Thousand ($1,500,000) for Phase FS as defined in <br />the Agreement of the Developer Project (Agency Loan — Phase FS ) and <br />(iii) a loan to each qualified Moderate Income Homebuyer of an <br />Affordable For -Sale Unit as defined in the Agreement) in the amount of <br />up to Thirty Thousand Dollars ($30,0 00) to be deposited by the <br />Agency into the applicable escrow for each Homebu yer of an Affordable <br />For-Sale Unit and disbursed by the escrow agent to the Developer upon <br />each Homeb yer closing and purchase often Affordable For -Sale Unit <br />(each, ar " omebuy r Assistance Loan"); and, <br />Resolution Flo. 2001-XXX <br />Page 2 of <br />