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1. The Agency's financial assistance t0 the Project, including the Agency <br />Loan and each Homebuyer Assistance Loan, will be funded from the <br />Agency's Housing Fund; the Project is not financially feasible without the <br />Agency's financial assistance; and <br />J. Each qualified Moderate Income Homebuyer Of an Affordable For -sale <br />Unit that is t0 receive a Homebuyer Assistance Loam will enter into a <br />Homebuyer Loan Agreement with the Agency substantially in the fora <br />attached t0 the Agreement as Attachment No. 11; and <br />K With respect to the portion Of the Project that is located within the Project <br />Area Of the Merged Project} the acquisition, construction and Operation Of <br />the Project pursuant to the Agreement will benefit the Project Area by <br />providing affordable housing for persons who currently live and work <br />within the Project Area; with respect to the portion Of the Project that is <br />located Outside the Project Area Of the Merged Project, t, the acquisition, <br />construction and Operation of the Project pursuant to the Agreement will <br />be Of benefit t0 the Merged Project; and <br />L. The Agency has adopted an Implementation Plan pursuant to CL <br />Section 33490, which sets forth the Objective Of providing housing to <br />satisfy the needs and desires of various constituent elements of the <br />community; and <br />M. The Agreement furthers the goals of the Agency set forth in the <br />Implementation Plan as It will facilitate the creation of affordable housing <br />which will serve the residents of the neighborhood and the City; and <br />N. The Developer has submitted to the Agency and the City Council copies of <br />the Agreement substantially in the form submitted herewith; and <br />0. Pursuant to CRL Section 33433, the Agency is authorized} with the <br />approval of the City Council after a duly noticed public hearing, to convey <br />the site for development pursuant to the Redevelopment Plan upon a <br />determination by the City Council that such conveyance will either assist in <br />the elimination of blight Or provide housing for low- or moderate- income <br />persons, that the consideration for such conveyance is not less than the <br />fair market value or fair reuse value of the Site in accordance with the <br />covenants and conditions governing the conveyance of the Site and <br />development costs required thereof, as well as the particular uses to be <br />conducted by the Developer at the Site, and that the conveyance under <br />the terms and conditions set forth in the Agreement is consistent with the <br />Implementation Plan which has been adopted by the Agency for the <br />Merged Project; and <br />Resolution No. 2001-XXX <br />Page 3 of 6 <br />e <br />