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JT PH CC-CRA Station District Phase I <br />June 7, 2010 <br />Page 6 <br />Findings of Fact and Statement of Overriding Considerations, and adoption of the Mitigation <br />Monitoring Report provides the CEQA clearance needed for the Developer Project. <br />Project Financial Overview <br />In accordance with redevelopment law, a Summary of Sale has been prepared by Keyser Marston <br />Associates (Exhibit K), which outlines in detail the financial terms of the proposed transaction. A <br />summary of the terms and conditions contained in the proposed Disposition and Development <br />Agreement (DDA) (Exhibit J) are as follows: <br />• The Agency will convey the fee title to all properties to the Developer for $1.00. <br />• Closings for each component of the Developer Project may occur separately. <br />• There will be three (3) Agency loans to the Developer for R-1 ($10.8 million), R-2 ($4.7 <br />million) and FS ($1.5 million), respectively, in the total amount of $17.07 million. For the <br />rental project, the loan will be repaid from 50% of the residual receipts from the applicable <br />phase. For the for sale project, the loan will be repaid from profit participation based on <br />25% of sales proceeds generated in excess of development profit. <br />• Included in these loan amounts are required off-site improvements for each respective <br />component totaling $2.5 million. <br />• At the time of building permit issuance, both the city permit fees and the confirmed cost of <br />the required off-site improvements will be determined and the loan amounts will be <br />adjusted accordingly. <br />• $30,000 in assistance will be provided to each qualified homebuyer of the six (6) total <br />affordable for sale units, secured by a deed of trust in favor of the Agency. <br />• The Developer must solicit at least two (2) competitive bids from tax credit investors for <br />each component (R-1 and R-2). <br />• The Developer covenants and agrees to rent the affordable units in R-1 and R-2 to <br />extremely low and very low income households for a period of 55 years. <br />• The Developer covenants and agrees to sale six (6) of the 32 homes at an affordable <br />housing cost. <br />• In addition to the above, the Agency is responsible for delivering the sites free and clear of <br />all structures and to relocate all remaining tenants at its expense.