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Loan Agreement with 940 Minnie LP <br />March 18, 2014 <br />Page 3 <br />Project Costs <br />Amount <br />Land Acquisition Costs <br />$ 1,050,000 <br />Construction Costs <br />$ 496,000 <br />Relocation <br />$ 196,204 <br />Additional Soft Costs <br />$ 145,417 <br />Developer Fee <br />$ 151,010 <br />TOTAL <br />$ 2,038,631 <br />The HOME funds will be provided by means of a 55 -year City loan carrying a 3 percent interest <br />rate and payable by residual receipts (Exhibit 2). <br />The Planning Commission approved a Density Bonus Agreement (DBA) for the proposed project <br />on February 24, 2014. The DBA allows for an increase in density over the existing allowed under <br />the R -3 zoning, and deviations from the City's parking standard, both of which are permitted <br />under the State's Density Bonus Law. <br />ENVIRONMENTAL IMPACT <br />The proposed project is exempt per National Environmental Policy Act (NEPA) requirements. In <br />accordance with the California Environmental Quality Act (CEQA), the proposed project is <br />categorically exempt from CEQA review per Section 15301, Class 1. The Class 1 exemption <br />allows repair, maintenance, and minor alterations to existing private structures where there is no <br />expansion of use. A Notice of Exemption for Environmental Review No. 2014 -9 was filed on <br />February 28, 2014. A subsidy layering analysis has been completed. <br />FISCAL IMPACT <br />Funds are available in the HOME Program account in the amount of $1,422,000 (account no. <br />13018780 - 69152). <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />Shelly Lqodry-BayleJ Francisco Gutierrez <br />Housing Manager Executive Director <br />Community Development Agency Finance & Management Services Agency <br />SLB /kg <br />Exhibit: 1. Project Site Map <br />2. Loan Agreement <br />251 -3 <br />