Laserfiche WebLink
DDA and Loan Agreements - Bush and Birch Street Properties <br />September 7, 2010 <br />Page 4 <br />Sources 217-219 S. Birch 435-437 S. Birch 2034-2038 Bush <br />Permanent Lender $ 287,438 $ 287,438 $ 287,438 <br />HOME $ 500,000 $ 500,000 $ 500,000 <br />Tax-Increment $303,667 $303,667 $303,667 <br />General Partner Equity $ 11 $ 11 $ 11 <br />Limited Partner Equity $ 765,341 $ 765,341 $ 765,341 <br />Total $1,856,457 $1,856,457 $1,856,457 <br />Uses 217-299 S. Birch 435-437 S. Birch 2034-2038 Bush <br />Construction $ 1,100,327 $ 1,100,327 $ 1,100,327 <br />Soft Costs $ 666,416 $ 666,416 $ 666,416 <br />Costs Deferred Until <br />Conversion <br />$ 35,140 <br />$ 35,140 <br />$ 35,140 <br />Financing Costs $ 54,574 $ 54,574 $ 54,574 <br />Total $1,856,457 $1,856,457 $1,856,457 <br />The projects are currently in the site plan review process. Once this process is completed, the <br />Developer will submit its application to the various state funding agencies. The Developer <br />proposes to submit for tax credits and bonds in November 2010 assuming the properties have all <br />completed the site plan review process. <br />Construction of these units will assist the City and Agency in meeting the Regional Housing Needs <br />Assessment (RHNA) goals identified in the Housing Element, Consolidated Plan and the <br />Implementation Plan. <br />ENVIRONMENTAL COMPLIANCE <br />In accordance with the California Environmental Quality Act, the proposed project is exempt from <br />further review. <br />8OA-4