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E. Santa Ana station District, LLC, a California limited liability company <br />("DevelopeO, has proposed to acquire the site from the Agency, to construct <br />on the site affordable rental housing that will be varilbl to and occupied by <br />persons and families of very lour income and extremely lover income, <br />affordable for -sale lousing that will be available to and occupied by persons <br />and families of moderate income, and market rate for -sale housing that will be <br />available to all buyers (collectively, the "Developer Project"); and <br />F. In order to carry out and implement the Redevelopment Plan for the Merged <br />Project and the affordable lousing requirements thereof, the Agency <br />proposes to enter into a Disposition and Development Agreement <br />("Agreement") with the Developer, pursuant to which the Agency would <br />convey the site to the Developer and the Developer would agree to construct <br />the Developer Project in accordance with the requirements of the Agreement, <br />restrict occupancy of the rental lousing to persons and families of very lover <br />income and extremely lover income, and restrict occupancy of ar portion of the <br />for -sale lousing to persons and families of moderate income, all as more <br />particularly set forth In the Agreement; and <br />G. Pursuant and subject to the terms of the Agreement, the Agency will provide <br />the following financial assistance to the Developer Project: i loans to the <br />Developer in the amount of Ten Million Eight hundred Thousand Dollars <br />($10,800,000) for Phase - as defined in the Agreement) of the Developer <br />Project and Four Million seven hundred Seventy Thousand Dollars <br />($4,770,000) for Phase R-2 as defined in the Agreement) of the Developer <br />Project (collectively, the "Agency Loan - Rental Component" ); ii a loan to the <br />Developer in the amount of One Million Five Hundred Thousand $1 ,500,000) for <br />Phase FS (ass defined In the Agreement) of the Developer Project {Agency <br />Loan — Phase Fs ) and (iii) a loan to each qualified Moderate income <br />Homebuyer of an Affordable For -Sale Unit as defined in the Agreement) In <br />the amount of up to Thirty Thousand Dollars ($30,000) to be deposited by the <br />Agency into the applicable escrow for each Homebuyer of an Affordable For - <br />Sale Unit and disbursed by the escrow agent to the Developer upon each <br />Homebuyer closing and purchase of an Affordable For -sale Unit (each, a <br />"Homebuyer Assistance Loan"); and, <br />H. The Agency's financial assistance to the Developer Project, including the <br />Agency Loan and each Homebuyer Assistance Loan, will be funded from <br />the Agency's Housing Fund} the Developer Project is not financially feasible <br />without the Agency's financial assistance and use of the Agency's lousing <br />Fund is necessary because Developer has sought and will continue to seek <br />to obtain other sources of financing for the Developer Project, including <br />private construction and permanent loans, Federal Lou income lousing Tax <br />Credits, equity financing from private investors, and mortgage financing for <br />homebuyers, but based upon an economic analysis of the Developer Project <br />as set forth and referenced in the summary report prepared pursuant to CI L <br />Section 33433 and the staff report, such sources of financing will be <br />insufficient to finance the entire costs of the Developer Project without the <br />Resolution o. CFA 201 -XXX <br />Page 2 of <br />