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DDA and Loan Agreements - Bush and Birch Street Properties <br />September 7, 2010 <br />Page 2 <br />2. Direct the Agency General Counsel to prepare and authorize the Executive Director and Agency <br />Secretary to execute a loan agreement with Santa Ana WBBB, LP in an amount not to exceed <br />$303,667, subject to non-substantive changes approved by the Executive Director and Agency <br />General Counsel for 217-219 South Birch Street. <br />3. Direct the Agency General Counsel to prepare and authorize the Executive Director and Agency <br />Secretary to execute a loan agreement with Santa Ana WBBB, LP in an amount not to exceed <br />$303,667, subject to non-substantive changes approved by the Executive Director and Agency <br />General Counsel for 435-437 South Birch Street. <br />4. Direct the Agency General Counsel to prepare and authorize the Executive Director and Agency <br />Secretary to execute a loan agreement with Santa Ana WBBB, LP in an amount not to exceed <br />$303,667, subject to non-substantive changes approved by the Executive Director and Agency <br />General Counsel for 2034-2038 Bush Street. <br />COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION ACTION <br />At its regular meeting on August 17, 2010, by a vote of 4:0, (Verino absent), the Community <br />Redevelopment and Housing Commission (Commission) recommended that the City Council <br />authorize execution of loan agreements with Santa Ana WBBB, LP for properties located at 217-219 <br />South Birch Street, 435-437 South Birch Street, and 2034-2038 Bush Street. The Commission <br />also recommended that the Community Redevelopment Agency adopt a resolution approving a <br />Disposition and Development Agreement between the Community Redevelopment Agency and <br />Orange Housing Development Corporation and C&C Development (Developer) for the <br />development of affordable, multi-family units at 217-219 South Birch, 435-437 South Birch, and <br />2034-2038 Bush Streets and authorized execution of loan agreements with Santa Ana WBBB, LP <br />for properties located at 217-219 South Birch, 435-437 South Birch Street, and 2034-2038 Bush <br />Street as outlined in the attached staff report (Exhibit 6). <br />DISCUSSION <br />A key objective of the Redevelopment Agency is to expand and preserve affordable housing. Staff <br />were directed in December 2009 to negotiate a Disposition Development Agreement (DDA) with <br />the developers resulting from a Request for Qualifications for both single family and multi-family <br />residential units on properties owned by the Agency. Orange Housing Development Corporation <br />(OHDC), a non-profit 501(c)(3), and C&C Development (C&C), a for-profit developer, was selected <br />as developer for the multi-family housing parcels. They will form a Limited Partnership named <br />Santa Ana WBBB, LP for financing purposes. <br />Negotiations are now concluded and we are prepared to move forward with the DDA. Under the <br />proposed DDA, the Agency will convey three of the four multi-family sites. The proposed project <br />includes 217-219 South Birch (Exhibit 1), 435-437 South Birch (Exhibit 2) and 2034-2038 Bush <br />(Exhibit 3). The units will all be affordable to very low-income households (50% AMI). The <br />8OA-2