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E. The City of Santa Ana wishes to support Meta Housing Corporation's <br />( "Developer") application to receive an allocation of $12,028,626 in grant and loan funds <br />through the AHSC Program as joint applicants of the Santa Ana Arts Collective project, <br />a mixed -use, multi- family, adaptive reuse and new construction affordable housing <br />development. The Application comprised of $7,833,126.00 is requested as a loan for an <br />Affordable Housing Development (AHD) ( "AHSC Loan ") and $4,195,500.00 is requested <br />for a grant for Housing - Related (HRI), Sustainable Transportation Infrastructure (STI), <br />Transit - Related Amenities (TRA) or Program (PGM) activities ( "AHSC Grant ") as <br />defined the AHSC Program Guidelines adopted by SGC on December 17, 2015. <br />F. If the application is approved, the City is hereby authorized and directed to <br />enter into, execute, and deliver a State of California Standard Agreement in a total <br />amount not to exceed $12,028,626 ($7,833,126 for the AHSC Loan and $4,195,500 for <br />the AHSC Grant), and any and all other documents required or deemed necessary or <br />appropriate to secure the AHSC Program funds for the Department, and all <br />amendments thereto (collectively, the "AHSC Documents "). <br />G. The City of Santa Ana provided the Developer with a residual receipts <br />loan in an amount not to exceed $4,635,000 in support of the development. <br />Section 2. The City Manager, or his designee, is authorized and empowered <br />to execute in the name of the City of Santa Ana all necessary applications, contracts, <br />payment requests, agreements, amendments or any other documents related to, and in <br />furtherance of, the Developer's application for the purposes of securing funds and to <br />carry out the purposes specified in the AHSC application and agreement. <br />Section 3. This Resolution shall take effect immediately upon its adoption by <br />the City Council, and the Clerk of the Council shall attest to and certify the vote adopting <br />this Resolution. <br />Resolution No. 2016 -xxx <br />Page 2 of 3 <br />55G -8 <br />