80B - JOINT PH - RESO AND AMEND DDA WITH VISTA DEL RIO

Home Browse Search

I. provide deeper affordability for a longer term, as well as acquire and develop the Property, and; 2. thereafter to maintain, operate and professionally manage the Property as decent, safe, sanitary and affordable rental housing. G. City desires to make a loan to Vista Del Rio pursuant to the terms and conditions set forth herein in order to make possible the construction of the Property, thereby eliminating blight while expanding the supply of decent, safe, sanitary and affordable housing. H. Agency desires to make a loan to Vista Del Rio pursuant to the terms and conditions set forth herein in order to make possible the construction of the Property, thereby eliminating blight while expanding the supply of decent, safe, sanitary and affordable housing. 1. If there is any discrepancy between Federal and State guidelines with regard to any of the terms and conditions contained herein, the more stringent shall apply. NOW, THEREFORE, for and in consideration of the mutual covenants and agreements herein contained, City and Vista Del Rio agree as follows: 1. DEFINITIONS AND INTERPRETATION 1.1 Defined Terms. All capitalized terms used herein, including, without limitation, in the Recitals above and in all other Project Documents, unless otherwise expressly defined, are defined where first used in this Agreement and/or as set forth in this Article 1. In the event of a conflict between the definitions set forth in the DDA, as amended, and the definitions set forth in this Agreement, the definitions set forth in this Agreement shall control. "Affordable Housing" means housing operated in accordance with the requirements of 24 CFR 92.252 and the rents governed by California Health and Safety Code Section 50052.5. "Affordable Rent" means the monthly rents that are set forth in more detail in Section 7 of this Agreement. "Affordability Restrictions on Transfer of Property" means that certain Affordability Restrictions on Transfer of Property, which contains the covenants and restrictions pertaining to the operation, maintenance, and management of the Project as Affordable Housing for a term of not fewer than 55 years, which covenants and restrictions shall run with the land, to be executed by the Agency, the City, and Vista Del Rio and recorded against the Property in the Official Records of the County. The Affordability Restrictions on Transfer of Property and the legally required notice thereof are attached hereto as Exhibit B and incorporated herein. "Agency" means the Community Redevelopment Agency of the City of Santa Ana, a public body, corporate and politic, exercising governmental functions and powers, and organized and existing under the CRL. The principal office of the Agency is located at 20 Civic Center Plaza, Santa Ana, California, 92702. Agency shall also refer to the City where the context dictates, to the effect that City shall have all rights granted to the Agency hereunder. "Agency Loan" means a loan in the original principal amount of up to FOUR HUNDRED SIXTY-NINE THOUSAND DOLLARS ($469,000.00) to be made to Vista Del Rio by 2 DOCSOC/ 1475221 v5/200272-0004 8OB-15