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<br /> r <br /> The Agency currently o~rns certain real property ~"Agency Parcels"} <br /> located v~rithin the City of Santa Ana ~"City"~, v~rhich property is also <br /> partially located Within the geographic boundaries the "Project Area"'~ of <br /> the Merged Praject ~`terged Project"}, and is attempting to acgu~re other <br /> real property that ~s~,~currently o~rned 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 corpany <br /> ~"Developer"}, has proposed to acquire the Site from the Agency, to <br /> construct on the Site affordable rental hauling that ~ri11 be available to and <br /> occupied by persons and families ofvery lava income and e~trernely love <br /> incame, affordable far-sale housing that vuill be available to anal occupied <br /> persons anal families of moderate income, and market rate for~sale <br /> housing that vuill b available to al[ buyers collectively, the "Developer <br /> Project"}; and <br /> In ardertoparry out and implement the Redevelopment P[an far the <br /> Merged Praject and the affordable housing requirements thereof, the <br /> Agency prapases to enter into a Disposition and Development Agreement <br /> ~"Agreerr~ent"} Frith the Developer, pursuant to v~rhich the Agency ~rauld <br /> k convey the Site to the Developer and the Developer ~rauld agree to <br /> com~struct the Project in accordance vuith the requirements of the <br /> Agreement, restrict occupancy of the rental hauling to persons and <br /> families ofvery low incame and extremely lair incame, and restrict <br /> occupancy of a portion of the far-sale housing to persons ar~d farr~ilies of <br /> moderate incame, al[ a more particularly set forth in theAgreement; and <br /> H. Pursuant and subjectta the terms of the Agreement, the Agencyvuill <br /> provide the following f financial assistance to the Developer Praject: {i} <br /> [awns to the Developer in the amount of Ten 1111illion fight Hundred <br /> Thousand Dollars ~g,~gg,g00}for Phase ~-1 {as defined in the <br /> Agreements of the Develaper Praject and Four Million Seven Hundred <br /> Seventy Thousand Dollars ~4,77a,0aa}for Phase R-~ has defined in the <br /> Agreement} of the Developer Praject ~callectively, the "Agency Loan- <br /> Rental Component"~; iii} a lawn to the Developer in the amount of one <br /> ll~iilion Five Hundred Thousand ~~,Dg,gOD} far Phase F has defined in <br /> the Areer~ent} of the Develaper Praject Agency Loan -Phase FS}and <br /> viii} a lawn to each qualified Moderate lncor~e Hon~ebuyer of an <br /> Affordable Far-Sale Unit has defined in the Agreernent~ in the amount of <br /> up to Thirty Thousand Dollars ~0,Ogg~ to be deposited by the <br /> Agency into the applicable escrovu far each Hon~ebuyer of n Affordable <br /> Far-Sale Unit and disbursed by the escro agent to the Develaper upon <br /> each Hon~ebuyer closing and purchase of ~~~n Affordable Far-Sal e Unit <br /> beach, a {`HomebuyerAssistance Laan"~; and, <br /> R~aiut~on No. <br /> Page 2 of ~ <br /> . l <br /> <br />