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DISPOSITION AND DEVELOPMENT AGREEMENT <br />THIS DISPOSITION AND DEVELOPMENT AGREEMENT (this "Agreement") is <br />entered into as of June 7, 2010, by and between the COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA, a public body, corporate and politic (the <br />"Agency") and SANTA ANA STATION DISTRICT, LLC, a California limited liability <br />company (the "Developer"). <br />RECITALS <br />The following Recitals are a substantive part of this Agreement: <br />A. The Agency is a California redevelopment agency acting under the California <br />Community Redevelopment Law, Part 1 of Division 24 of the Health & Safety Code (the <br />"CRL" ). Section 33334.2 et seq. of the CRL authorizes and directs redevelopment agencies to <br />expend a certain percentage of all taxes that are allocated to a redevelopment agency pursuant to <br />Section 33670 for the purposes of increasing, improving and preserving the community's supply <br />of housing, available at affordable housing cost, to persons and families of moderate income, <br />low income, very low income, and extremely low income. Pursuant to Section 33334.3 of the <br />CRL, the Agency has established a Low and Moderate Income Housing Fund (the "Housing <br />Fund"). <br />B. The Agency is authorized and empowered under the CRL to provide funding for <br />the production, improvement, or preservation of affordable housing using tax increment revenues <br />from the Housing Fund, and specifically for the construction of buildings or structures for <br />affordable housing units for low or moderate income persons pursuant to Section 33334.2(e)(5) <br />of the CRL. <br />C. The Redevelopment Plan for the Merged Project (the "Merged Project") was <br />approved by Ordinance Nos. 2662-2667 adopted by the City Council of the City of Santa Ana <br />(the "City") on September 30, 2004 (the "Redevelopment Plan;" the geographic boundary of the <br />Merged Project is referred to herein as the "Project Area"). <br />D. Developer is experienced in the construction, development, operation and <br />management of high quality housing which is affordable to persons and families of very low and <br />low income in Southern California. <br />E. In furtherance of the objectives of the CRL, the Agency desires to facilitate the <br />redevelopment of approximately six (6) acres of real property located within the City, partially <br />within the boundaries of the Project Area, which consists of unimproved lots and improved lots <br />with residential uses with certain parcels owned by third parties (the "Additional Properties"), <br />and certain parcels owned by the Agency ("Agency Parcels"), and certain other parcels owned <br />by Segura (the "Segura Parcels") which Segura Parcels the Agency has a right to acquire <br />pursuant to fully executed purchase agreements (the "Segura Purchase Agreements"). The <br />Agency Parcels, Additional Properties and Segura Parcels are shown on the Site Map and the <br />Additional Properties and Segura Parcels are listed on Attachment No. 1-A. The Agency is <br />attempting to acquire the Segura Parcels and the Additional Properties. The Segura Parcels and <br />DOCS00I 400673v 141200272-0001