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Attachment A <br />April 20, 2016 <br />AMCAL 1440 Santa Ana Fund, L.P. <br />AMCAL Multi- Housing, Inc. <br />2082 Michelson Drive, Suite 306 <br />Irvine, CA 92612 <br />Attention: Mario Turner <br />SUBJECT: 69 Unit Multi - Family Housing Project <br />1440 East First Street, Santa Ana, California <br />Dear Mr. Turner: <br />AMCAL 1440 Santa Ana Fund, L.P., a California limited partnership ( "Developer ") <br />applied for financial assistance in connection with the proposed development of a 69 unit <br />affordable housing complex to be located at 1440 East First Street, Santa Ana, California <br />( "Project "). The City has reviewed the Developer's request for assistance and at a City Council <br />meeting on April 19, 2016 the City Council authorized and approved providing up to a maximum <br />amount of $8.9 million of funds to the Project (the "City Assistance "), which City Assistance <br />shall be funded exclusively from inclusionary housing in -lieu fee payments made pursuant to the <br />City's Housing Opportunity Ordinance (Article XVIILI of Chapter 41 of the Santa Ana <br />Municipal Code) by the developer (the "Market Rate Developer ") of that certain mixed -use <br />development to be located at 2001 East Dyer Road, Santa Ana, California (the "In- Lieu Fee "). <br />The specific amount of funding assistance will be determined on or before May 18, 2016. The <br />loan agreements for these funds require City Council approval prior to execution by the <br />Developer and the City of Santa Ana. <br />The purpose of this letter is to provide a conditional, pre - commitment from the City of <br />Santa Ana for a loan of up to $([TO BE DETERMINED ON OR BEFORE MAY 18, 20161) <br />( "City Loan ") from funds received by the City from the In -Lieu Fee. The City intends that this <br />letter evidence the City's award of the City Assistance to the Developer for the Project subject to <br />the conditions described below. <br />The amount of the proposed Loan has been determined based upon the City's review of <br />the Developer's proposal for the receipt of the City Assistance and the development proforma <br />and projected cash flows for the Project submitted by the Developer to the City as of March 18, <br />2016 ( "Proforma "). The City Manager has authority to approve revised development proformas <br />and projected cash flows for the Project; provided, however, that the Santa Ana Assistance is not <br />materially increased or extended. <br />Exhibit 2 <br />Error! No document variable supplied. 65A-9 <br />