80A - TRANSIT CODE AND STATION DISTRICT - EXHIBIT K

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The ~~,~7 million in Agency ~.oans -Rental amponent will accrue 3°lo sirnple interest annually, The developer must make annual debt service payr~ents on #his obligation using the Residual Receipts generated by the Project, At the end of the loan term, the ~evelaper must repay any outstanding principal and interest balance on the lawn, 2, The $~.5 million Agency ~.oan ~ Phase F must be repaid by the Developer with ~5~10 of any sales proceeds generated by Phase F above the amount required tv provide a ~~lo development profit. The Agreement requires the Agency to provide 80,800 in Hvrnebuyer Assistance Loans #a moderate income households. The principal balance of these lawns, plus a share of the equity appreciation, will be paid to the Agency when the units are resold at unrestricted market rate prices, The repayment proceeds received by the Agency will he greater than the established fair reuse value of negative million. Thus, it can be concluded that the Agency is receiving fair consideration far the interests being conveyed #o the ~evelvper, 111 ~LICHT ELINlIhIATI~N The Project includes ~ ~ ~ units that gill be subjec# to long-term income and affordability covenants, in accordance with California Redevelopment Law, as portrayed in the California Health and safety bode ectian 88438, the sale of property that results in the provision of hauling far iov~- or moderate income persons satisfies the blight elimination criteria imposed by Section 8~83~ Thus, the Project fult~lls the blight elimination requirement, V~~. ~~N~RMANC~ VIIITH THE ABA 29D IMPL~M~NTATI~N PLAN The proposed Project is included in the PrajectArea's Implementation Plan far2DQ~-~0~0. In addition, the Project fulfills the Agency`s general goal of increasing the affordable hauling stack within the Project Area. Thus, it can be concluded that the Project is in conformance with the AB~~00 lmplernentatian Plan. ~1 ~Q15.SA:KH#i:gb~ ~9~90.0~~.067