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12/10/08 <br />DISPOSITION AND DEVELOPMENT AGREEMENT <br />THIS DISPOSITION AND DEVELOPMENT AGREEMENT ("DDA") is entered into on <br />this _day of , 2008 by and between the COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA, a public body corporate and politic ("Agency"), and <br />RSI DEVELOPMENT LLC, a Delaware limited liability company ("Developer"). <br />RECITALS <br />The following recitals are a substantive part of this Agreement: <br />A. In furtherance of the objectives of the California Community Redevelopment <br />Law, the Agency desires to redevelop two (2) developable Sites located at McFadden and <br />Orange (APN Ol 1-062-32, Ol t-062-33, and Ol t-062-34) within the City of Santa Ana, as more <br />particularly described on Exhibit A and incorporated herein (the "Sites"). The Sites are all <br />undeveloped vacant properties. APN 011-062 & 011-062-33 ("Site 1") is 7,431 square feet and <br />APN 011-062-34 ("Site 2") is 7,747 square feet. The Site Map is attached hereto as Exhibit B. <br />B. The Sites are all currently owned by the Agency. <br />C. The Agency and Developer desire by this Agreement for the Agency to convey <br />the Sites to the Developer and for the Developer to agree to construct a total of two (2) detached <br />single-family homes with landscaped front and back yards on the Sites. Each of the single- <br />family homes will be sold at an affordable price to income-qualified households. <br />D. The Agency's disposition of the Sites to the Developer, and the Developer's <br />acquisition of the Sites and construction of the Improvements pursuant to the terms of this <br />Agreement, are in the vital and best interest of the City and the health, safety, morals and welfare <br />of its residents, and in accord with the public purposes and provisions of applicable state and <br />local laws and requirements under which the redevelopment of the Project has been undertaken. <br />NOW THEREFORE, the Agency and Developer hereby agree as follows: <br />100. DEFINITIONS <br />"Actual Knowledge" is defined in Section 208.1 hereof. <br />"Affordability Restrictions on Transfer of Property" means the document containing <br />the covenants and restrictions pertaining to affordability of the Units for a term of 45 years <br />running with the land, to be executed by the Agency and the Low Income Household(s) and <br />recorded against each of the Properties. Said Agreement is attached hereto and incorporated <br />herein, along with the legally required Notice, as Exhibit C. <br />600457905v2 3 -11 <br />