2010-027 - Approval of a Disposition and Development Agreement

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I. The Agency's financial assistance to the Project, including the Agency Loan and each Homebuyer Assistance Loan, will be funded from the Agency's Housing Fund; the Project is not financially feasible without the Agency's financial assistance; and J. Each qualified Moderate Income Homebuyer of an Affordable For-Sale Unit that is to receive a Homebuyer Assistance Loan will enter into a Homebuyer Loan Agreement with the Agency substantially in the form attached to the Agreement as Attachment No. 1 1 ; and K. With respect to the portion of the Project that is located within the Project Area of the Merged Project, the acquisition, construction and operation of the Project pursuant to the Agreement will benefit the Project Area by providing affordable housing for persons who currently live and work within the Project Area; with respect to the portion of the Project that is located outside the Project Area of the Merged Project, the acquisition, construction and operation of the Project pursuant to the Agreement will be of benefit to the Merged Project; and L. The Agency has adopted an Implementation Plan pursuant to CRL Section 33490, which sets forth the objective of providing housing to satisfy the needs and desires of various constituent elements of the community; and M. The Agreement furthers the goals of the Agency set forth in the Implementation Plan as it will facilitate the creation of affordable housing which will serve the residents of the neighborhood and the City; and N. The Developer has submitted to the Agency and the City Council copies of the Agreement substantially in the form submitted herewith; and O. Pursuant to CRL Section 33433, the Agency is authorized, with the approval of the City Council after a duly noticed public hearing, to convey the Site for development pursuant to the Redevelopment Plan upon a determination by the City Council that such conveyance will either assist in the elimination of blight or provide housing for low- or moderate-income persons, that the consideration for such conveyance is not less than the fair market value or fair reuse value of the Site in accordance with the covenants and conditions governing the conveyance of the Site and development costs required thereof, as well as the particular uses to be conducted by the Developer at the Site, and that the conveyance under the terms and conditions set forth in the Agreement is consistent with the Implementation Plan which has been adopted by the Agency for the Merged Project; and Resolution No. 2010-027 Page 3 of 6