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b. The developer must subrr~it the Partnership Agreement or similar document far <br /> each Phase which demonstrates sufficient equity for completion of construction <br /> Yf u Y~ Ph ~~f <br /> c. The Developer must submit a cagy of the preliminary Tax credit Allocation <br /> committee ~TA~} reservation letter. <br /> 2, Approve the ~nviranmental condition and Soil and ealogical Condition of the portion of <br /> the Site applicable to each Phase within the time set forth in the Schedule of <br /> Performance, <br /> 3r Covenant and agree to rent the affordable units I~1 Phases l~-~ and R-2 to extremely low <br /> and very law Income households, far a period of fifty-foe ~b~ years. The rents must not <br /> exceed the more restrictive of; <br /> a, The very~law income rents as defined by California Health and Safety Code <br /> Section ~D~3~b}~}; or <br /> b, The standards set forth by TCAC. <br /> <br /> ~4, >~und public art with a oast of not less than ,5~1~ of the building permit valuation for <br /> Phases - end 1~~~. The Agency and community organizations selected by the Agency <br /> will identify the locations and the local artistic resources available to provide the public <br /> art. <br /> <br /> 5. Include commercial retail space in Phase that is made available at belov~r market <br /> rate rents. The Developer must provide priority to local residents before marketing the <br /> space to the general marketr <br /> . Complete the following additional requirements. <br /> a, Prepare and obtain approval from the Agency a farketing Program for the <br /> leasing of the rental units within Phases R- and R~~; <br /> b. Prepare and obtain approval tram the Agenc~r a lUlanagernent Plan far Phases R- <br /> ~ and R~~; <br /> c. Satisfy the annual monitoring, recordkeeping, and reporting requirements a <br /> outlined in the Agreement, in compliance with Health and Safety Code Section <br /> 34~~; and <br /> d. Comply with the requirements in the »egulatory Agreement and record a lWatice <br /> of Affordability Restrictions an the Transfer of Property as to Phase I~-~ and 1~~~~ <br /> 7 <br /> ~o~~~~.~~~~:~~ <br /> ~~so.~o,.~~ <br /> f <br /> <br />