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Santa Ana Station District, LLB, ~ alifarr~ia limited liability company <br /> ~"Developed'}, has proposed to acquire the Site frarn the Agency, to construct <br /> an the bite affordable rental hauling that will be available to and occupied by <br /> persons and families of very low incame and extremely low incame, <br /> affordable far-sale housing that will be available to and occupied by persons <br /> and families of rnaderate incame, and market rate far-sale housing thtwill be <br /> available to all buyers collectively, the "Developer Project"}; and <br /> F. In orderta carry out and in~plementthe Pedevelopent Plan farthe Merged <br /> Project and the affordable hauling requirements thereof, the Agency <br /> proposes to enter into a Disposition and Development Agreement <br /> {`Agreement"~ with the Developer, pursuant to which the Agencywauld <br /> convey the bite to the Developer and the Developer vuould agree to construct <br /> the Developer Project in accordance with the requirements of the Agreement, <br /> restrict occupancy of the rental hauling to persons and far~illes of very law <br /> incame and extremely low income, and restrict occupancy of a portion of the <br /> far-sale housing to persons and farilies of moderate incor~e, all as mare <br /> particularly set forth in the Agreement; and <br /> Pursuant aid subject to the terns ofthe Agreement, the Agency will provide <br /> the following financial assistance to the Developer Project: ~i~ loans to the <br /> Developer in the amount afTen Million Fight Hundred Thousand Dollars <br /> a,8aa,a0~} far Phase R-~ has defined in the Agreement} of the Developer <br /> Project and Faur Million Seven Hundred Seventy Thousand Dollars <br /> ~4,7~a,aaa}for Phase P-~ has defined in the Agreement} of the Developer <br /> Project collectively, the "Agency Laan~Rental ~on~ponent"};iii} a loan to the <br /> Developer ~n the ar~aunt of one Mi~~~on Five Hundred Thousand ~$1,00,~00}far <br /> Phase FS has defined in the Agreement} of the Developer Project Agency <br /> Loan ~-Phase FS} and viii} a loan to each qualified Moderate income <br /> Hon~ebuyer of an Affordable Far-Sale Unit has defined in the Agreen~ent~ in <br /> the amount of up to Thirty Thousand Dollars ~~,DO~} to be deposited by the <br /> Agency into the applicable escrow foreah Hornebuyer of an Affordable Far- <br /> ale Unit and disbursed by the escrow agent to the Developer upon each <br /> Homebuyer closing and purchase of an Affordable Far-Sale Unit beach, a <br /> "Horr~ebuyer Assistance Loan"};and, <br /> H, The Agency's financial assistance to the Developer Project, including the <br /> Agency Lawn 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 Hauling <br /> Fund is necessary because Developer has sought and will continue to seek <br /> to obtain otherources of financing farthe Developer Project, including <br /> private construction and permanent loans, Federal Low lncon~e Housing Tax <br /> credits, equity financing from private investors, and mortgage financing far <br /> homebuyers, but based upon an economic analysis of the Developer Project <br /> ~ i <br /> assetfarth and referenced in the summary report prepared pursuant to CPL <br /> Section ~4 and the staff report, such sources of financing will be <br /> insufficientto finance the entire costs of the Developer Prajecf without the <br /> <br /> ~eso~~~~an ~Va, BRA ~ D-~ <br /> <br /> Page 2 of 7 <br /> ~l <br /> <br />