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Home My WebLink About05 - JT PH DDA-Loan Agreements Bush and Birch1° F C IL/ NY °fl N MEETING DATE: SEPTEMBER 7, 2010 TITLE: JOINT PUBLIC HEARING - DISPOSITION AND DEVELOPMENT AGREEMENT AND LOAN AGREEMENTS -BUSH AND BIRCH STREET PROPERTIES CLERK OF COUNCIL USE ONLY: APPROVED ^ As Recommended ^ As Amended ^ Ordinance on 1st Reading ^ Ordinance on 2nd Reading ^ Implementing Resolution ^ Set Public Hearing For CONTINUED TO FILE NUMBER CITY M NAGER EXECUTIVE DIRECTOR EEG®MMNDED ~4CT'1N CITY COUNCIL ACTION 1. Direct the City Attorney to prepare and authorize the Deputy City Manager and Clerk of the Council to execute a loan agreement with Santa Ana WBBB, LP in an amount not to exceed $500,000, subject to non-substantive changes approved by the Deputy City Manager and City Attorney for 217-219 South Birch Street. 2. Direct the City Attorney to prepare and authorize the Deputy City Manager and Clerk of the Council to execute a loan agreement with Santa Ana WBBB, LP in an amount not to exceed $500,000, subject to non-substantive changes approved by the Deputy City Manager and City Attorney for 435-437 South Birch Street. 3. Direct the City Attorney to prepare and authorize the Deputy City Manager and Clerk of the Council to execute a loan agreement with Santa Ana WBBB, LP in an amount not to exceed $500,000, subject to non-substantive changes approved by the Deputy City Manager and City Attorney for 2034-2038 Bush Street. COMMUNITY REDEVELOPMENT AGENCY ACTION 1. Adopt a resolution approving a Disposition and Development Agreement between the Community Redevelopment Agency and Orange Housing Development Corporation and C&C Development for the development of affordable, multi-family units at 217-219 South Birch, 435- 437 South Birch and 2034-2038 Bush Streets. 5-1 DDA and Loan Agreements -Bush and Birch Street Properties September 7, 2010 Page 2 2. Direct the Agency General Counsel to prepare and authorize the Executive Director and Agency Secretary to execute a loan agreement with Santa Ana WBBB, LP in an amount not to exceed $303,667, subject to non-substantive changes approved by the Executive Director and Agency General Counsel for 217-219 South Birch Street. 3. Direct the Agency General Counsel to prepare and authorize the Executive Director and Agency Secretary to execute a loan agreement with Santa Ana WBBB, LP in an amount not to exceed $303,667, subject to non-substantive changes approved by the Executive Director and Agency General Counsel for 435-437 South Birch Street. 4. Direct the Agency General Counsel to prepare and authorize the Executive Director and Agency Secretary to execute a loan agreement with Santa Ana WBBB, LP in an amount not to exceed $303,667, subject to non-substantive changes approved by the Executive Director and Agency General Counsel for 2034-2038 Bush Street. COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION ACTION At its regular meeting on August 17, 2010, by a vote of 4:0, (Verino absent), the Community Redevelopment and Housing Commission (Commission) recommended that the City Council authorize execution of loan agreements with Santa Ana WBBB, LP for properties located at 217-219 South Birch Street, 435-437 South Birch Street, and 2034-2038 Bush Street. The Commission also recommended that the Community Redevelopment Agency adopt a resolution approving a Disposition and Development Agreement between the Community Redevelopment Agency and Orange Housing Development Corporation and C&C Development (Developer) for the development of affordable, multi-family units at 217-219 South Birch, 435-437 South Birch, and 2034-2038 Bush Streets and authorized execution of loan agreements with Santa Ana WBBB, LP for properties located at 217-219 South Birch, 435-437 South Birch Street, and 2034-2038 Bush Street as outlined in the attached staff report (Exhibit 6). DISCUSSION A key objective of the Redevelopment Agency is to expand and preserve affordable housing. Staff were directed in December 2009 to negotiate a Disposition Development Agreement (DDA) with the developers resulting from a Request for Qualifications for both single family and multi-family residential units on properties owned by the Agency. Orange Housing Development Corporation (OHDC), anon-profit 501(c)(3), and C&C Development (C&C), afor-profit developer, was selected as developer for the multi-family housing parcels. They will form a Limited Partnership named Santa Ana WBBB, LP for financing purposes. Negotiations are now concluded and we are prepared to move forward with the DDA. Under the proposed DDA, the Agency will convey three of the four multi-family sites. The proposed project includes 217-219 South Birch (Exhibit 1), 435-437 South Birch (Exhibit 2) and 2034-2038 Bush (Exhibit 3). The units will all be affordable to very low-income households (50% AMI). The 5-2 DDA and Loan Agreements -Bush and Birch Street Properties September 7, 2010 Page 3 beginning rents will be $989 for two-bedrooms and $1,125 for three bedrooms. Site plans and elevations for the three sites are attached as Exhibit 4. The fourth multi-family site is a freeway widening remnant parcel at the corner of 22nd and Spurgeon. The developer is still exploring options for this site. Once the development is determined, staff will bring it before the Agency for approval. In accordance with redevelopment law, a Summary of Sale has been prepared by Keyser Marston Associates, which outlines in detail the financial terms of the proposed transaction. A summary of the terms and conditions contained in the proposed Disposition and Development Agreement are as follows: The Agreement requires the Developer to construct a total of 15 apartment units, as follows: • 2034-2038 North Bush Street: The Developer must construct two 2-bedroom units and three 3-bedroom units for a total of five units; • 217-219 South Birch Street: The Developer must construct two 2-bedroom units and three 3-bedroom units for a total of five units; and • 435-437 South Birch Street: The Developer must construct two 2-bedroom units and three 3-bedroom units for a total of five units. The income and affordability restrictions are defined as follows: • All 15 units must be reserved for very low income (50% Area Median Income) households; and • The income and affordability covenants must remain in place for at least 55 years. Terms of Loans: • Two loans per property (Agency Loan and City Loan); • Repayable from the cash flow (Residual Receipts) generated by the Project; • Each Agency Loan will accrue .5% (one half percent) simple interest annually; and • Loans are 55 years. In order to fund the construction, the partnership will apply for tax exempt bonds and tax credits. The Mortgage Revenue Bond Inducement is on the agenda as a separate item for approval. The bond application will combine these projects with the proposed development on 605-611 East Washington. In addition to these funds, the project will require both City and Redevelopment Agency funds. Below is a summary of the sources and uses of the project funds. 5-3 DDA and Loan Agreements -Bush and Birch Street Properties September 7, 2010 Page 4 Sources 217-219 S. Birch 435-437 S. Birch 2034-2038 Bush Permanent Lender $ 287,438 $ 287,438 $ 287,438 HOME $ 500,000 $ 500,000 $ 500,000 Tax-Increment $303,667 $303,667 $303,667 General Partner E uit $ 11 $ 11 $ 11 Limited Partner E uit $ 765,341 $ 765,341 $ 765,341 Total $1,856,457 $1,856,457 $1,856,457 Uses 217-219 S. Birch 435-437 S. Birch 2034-2038 Bush Construction $ 1,100,327 $ 1,100,327 $ 1,100,327 Soft Costs $ 666,416 $ 666,416 $ 666,416 Costs Deferred Until Conversion $ 35,140 $ 35,140 $ 35,140 Financin Costs $ 54,574 $ 54,574 $ 54,574 Total $1,856,457 $1,856,457 $1,856,457 The projects are currently in the site plan review process. Once this process is completed, the Developer will submit its application to the various state funding agencies. The Developer proposes to submit for tax credits and bonds in November 2010 assuming the properties have all completed the site plan review process. Construction of these units will assist the City and Agency in meeting the Regional Housing Needs Assessment (RHNA) goals identified in the Housing Element, Consolidated Plan and the Implementation Plan. ENVIRONMENTAL COMPLIANCE In accordance with the California Environmental Quality Act, the proposed project is exempt from further review. 5-4 DDA and Loan Agreements -Bush and Birch Street Properties September 7, 2010 Page 5 FISCAL IMPACT Funds are available in the Tax Increment Housing Set-Aside account (no. 50718830-66220) and HOME account (no. 13018780-69151). APPROVED AS TO FUNDS AND ACCOUNTS: r ~S Ily Lan ry-Bayle sing Manager Community Development Agency (~SC~i~ ~ Sl~~.-i-1,...~ Francisco Gutierrez r~~~ ~~ Executive Director ~~ d Finance & Management Services Agency CJN/SLB/mlr Exhibits: 1. Map of 217-219 S. Birch Street 2. Map of 435-437 South Birch 3. Map of 2034-2038 Bush 4. Site Plans 5. Resolution 6. Commission Staff Report 5-5 217 and 219 S. Birch Street 5-6 Exhibit 1 435 and 437 S. Birch Street 5-7 Exhibit 2 2034 and 2038 N. Bush Street 5-8 Exhibit 3 I II YM~ ,.u.e. SITE PIAN REVIEW CHECKLIST ITEMiI.t.a.-I. fOR 21]/2198oNh Birch Street 3 plez & duplex 1.Z. a. Project Addr¢ss 217/219 South Birch Street b. APN 398.28205 Todd COUle C & C Development Co., LLC Orange Housing Development Corporation APPilcan[ 414 E. Chapman AVe. Orange, CA 92866 ]14-288-]600x25 ]14-]]1-2319 (fax) c. todd@c-<dev.<om d. Redevetopmen[Area N/A e. General Pian Land Use Dezignatbn Residential FAR Or Density 15.63 DU/AC Nrrent ZOn(ng Disldct Sp 40 f. Total LOt size (sf/acres) 13922 sr/0.32 Acres g. Pro sed USe MultifamiN Residential Fioorlvea of Each Building BIdg1=16931Hab1e, 1413 garage, ext covered=581 Bldg 2 =16431Hable, ext covered=427 h. Residential Unit Type M¢Iti(amiryftesidentlal Z ground Door 3 bed flats Unit MU/Bed COVOF Isecond Oaor26¢d Oat I second Raor 3 bed Oat 1 second Roor 2 bed cordage unit o/garages Per Sec.41-1321 Tvo-Family and Three Family Dwellings: Regrd On Site Parking Tabulation 38ed unlfs:4spoces(l fn garage) 3 unifsx 9 spaces= ]1 (6mtn (n garage) 2 Red unifs:3spoces (2!n garage) 1 unifsx3 spores= 6 (4 min In 9om9eJ 18(10(n garage)(handi<apped slails not required per CBC i. Tolal parking spaces 1109A2.1 exception 2.) 7. Ottupancy Type R-2&U(garage) Buliding COde Yards See Exhibits TYP¢o(Cons[ruction V-B k. Ext Wall Materials Stucco Ext ROOT Materials Concrete Tle I. Buildings to be spdnkelered All Buildings 21 7/21 9 SOUTH BIRCH STREET SANTA ANA, CALIFORNIA ~~w~= ` ' Development EXHIBIT 4 ~ .. ?.~t4'2~a=9~li(r 81SCTOAN IlCIX~e 695.10038 5-9 LOWER FIAOR 21 7/21 9 SOUTH BIRCH STREET SANTA ANA, CALIFORNIA I~~ SdAtric IK...n.~w,kao. ft1iffTPAN IFCq~A Development ® •. 69 5-1 003 8 5-10 -~. UPPER FLOOR `~. 21 7/21 9 SOUTH BIRCH STREET SANTA ANA, CALIFORNIA IK. Development 695 1 OD38 .axq~t42ae4ra e(li(s 5-11 ,pro Eyr. ~ ~--~~-~, ~ uo 3n PRONT RIGHT REAR LENT 2 1 7/21 9 SOUTH BIRCH STREET SANTA ANA, CALIFORNIA t I'S R~ moo. m+VM maar ~ ® • ~ o /~~ ~% A.y rt~ OeveloPment 7./~ney e(e `2..isq'q G~k ~- 5-12 695~10~39 COURTYARD RIGHT COURTYARD LCPT 21 7/21 9 SDUTH BIRCH STREET SANTA ANA, CALIFORNIA Ix. I~ne,..~..,.o. ~`~. ' Development wwq~t(<2u~~ry.Gr(e 5-13 5ss~iooas 5-14 f t'YjE SITE PLAN REVIEW CHECKLIST ITEMS J.2.a. • I. FOR g35/g37 5oulh Birch Street 3 plea & duplex 1.2. a. Pro ect Address 435/43]SOUth Birch Slree[ b. APN 398-292-26 Todd Cottle C & C Development Co, LLC Orange Housing Deveopment forporatian 414 E. Chapman Ave. Applicant Orange, CA 92866 714Q88-7600x25 ]14411-2314 ((ax) c. todd@c-cdev.com d. Redevelopment Area N(A e. General Plan Land Us¢ Designation RezldenHal FAR or Densi 15.63 OU/AC Current 2ontng DisM<t SD~40 f. Total LOt size (sf(acres) 14021 sf10.32 Acres g. Proposed USe Multifamily Residential floor Ar¢a o(Eath Building BIdg1=16431Ivable, 1413 garage, ext wver¢d=581 Bldg 2 =164311vable, ext covered =427 h. flesldentlal Unlt Type Multifamlty flestdentlal 2 ground Door 3 bed Oats Unit Mlz/Bed fount Isemnd Floor 26ed Flat i second Door 3 bed Flat I second Door 2 bed carriage unit o/garages Per S¢c. 41.1321 Two -Family and Three Family Dwellings: 38ed unlts:4spoces (2 /n gpmgeJ Reqrd On Site Parking Tabulation 3 unlfsx4 spaces=12 (6 min fn garage) 28ed units:? spaces (2 Jn garage) 2 unlfsx3 spaces= 6 (4 mfn In gor¢gef 18(IOln garage)(handlcapped slaps no[requlred per CBC I. Total parking spaces 11090.2.1 excepHOn 2.) (. OccupantyTy a R-2 &U(garage) Bu1lding Code Yards See Exhibits Type of fonstrucHOn V-B k. Ext Wall Mat¢rlals 5tutto EM ROOF A9aterials foncret¢Tile I. Buildings to bes rinkelered Ali Buildings 435/437 SOUTH BIRCH STREET SANTA ANA, CALIFORNIA y„`~. Development 9.Awry ~ 2.etu~ r(.Cik yes-t DDae 5-15 LOWER FLOOR 435/437 SOUTH BIRCH STREET SANTA ANA, CALIFORNIA xn~~r: `Development 5-16 fi95~ t ^D39 -~ UPPER FLOOR 435/437 SOUTH BIRCH STREET SANTA ANA, CALIFORNIA t I~ ~~ ~`.wq _. 51SVWAN 695 i 0039 `~" ' Development ® ., 2.fvecq~[ a Zm4Y4'(Ztfe 5-17 „,ate r,--~ ~ „~~ FRONT ~. RIGHT REAR LEFT 435/437 SOUTH BIRCH STREET SANTA ANA, CALIFORNIA Development A.f~9ie2.aGb a(lr(~ 5-18 69510039 COURTYARD RIGHT COURTYARD LPPT 435/437 SOUTH BIRCH STREET SANTA ANA, CALIFORNIA t I{4 tlV' 695.10039 `Development 8.,e~ i4 2.a4rr'~Li(s 5-19 5-20 SITE PLAN REVIEW CHECKLIST ITEM61.2.a.-1. FOR 2034/2038 North Bush 6tre¢t 3 plea & duplex 1.2. a. Project Address 2034-2038 North BUSK Street b. APN 003-113.03&003-313-3E Tadd Cottle C & C Development Co., tLC Orange Housing Development Corporatl0n 414EChapman Ave. Applicant Orange, CA 92866 714-288-7600x25 714-771-2314 (fax) c. todd@c-cdev.com d. Redevelopment Area Downtown Redevelopm¢n[Proje<t Area e. General Plan land Use Designation Resldentlal FAR Or Density IS.63 DU/AC Current Zoning District R-2 f. Total lot sl:e (sf/acres) 14005 sf/0.32 ACres g. Proposed USe Multifamiy Residential floor Area of Each Building BIdg1=1643Iivable, 1413 garage,e# covered=581 Bldg 2 = 36431ivable, ext covered =427 h. ResldentialUNLT a Multifamily Resldentlal 2 ground floor 3 bed Flats UNt MIx/Bed COUnc isecond ROOr26ed Flat 1 second floor 3 bed Flat 1 second floor 2 bed carriage unit o/garages Per 8e<. 41-1321 Two -Family and Three Family Dwellings: 3Bed unlts:4 spores /2 in gomgef Reqrd On Site Parking Tabulation 3 unitsx4 spaces = ]2 (6 mfn In garage) 2 Bed un/fs: 3 spaces (I In garage) 2 unltsx3 spates= 6 (4 mfn In garage) 18(lOln garage)Ihandicapped stalls not required per I. Total parking spaces CBC 1109A.2.1 except(on 2.) I. Occupancy Type R-2&U(garage) Building Code Yards See Exhibits T eo(COnstrvctlon V-B k. Exf Wall Materials Stumo Ext ROOF Materials Concrete Tile I. Buildings to bes r(nkelered All Buildings Z034~ZD38 NORTH SIJSH STREET SANTA ANA, CALIFORNIA 1 I~~pma...m~o, Au m~ e. gi~a, Ml t~ Development 2.tUxy r4'2.vtuy e(ly 6ss-IDDaD 5-21 LOWCR FL~R 2034/2038 NORTH BUSH STREET SANTA ANA, CALIFORNIA I snnm~ ~~r. ~~- `Development 7..Fwq r4 2~f'{4Pf' 5-22 sss~ ~ DDaD `+" UPPER FLOOR 2034/2038 NORTH GUSH STREET SANTA ANA, CALIFORNIA ~~~ u~un, tr. ' Development 5-23 se s• t aoaD `~-~' PRONT RIGHT REAR LEFE ZO34/2038 NORTH BUSH STREET SANTA ANA, CALIFORNIA ~ ~ __ Development '~•f`++%t42w(uy~~~k ~. 5-24 5ss~iDD.D COURTYARD RIGHT COURTYARD LEPT 2034/2038 NORTH BUSH STREET SANTA ANA, CALIFORNIA Ir. IviB.-~~.~,o, ~~ `Developmem 9./wry i4'2'.a6rt K.(Y' sss~ i ooao 5-25 5-26 RESOLUTION NO.2010- A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA APPROVING A DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN THE AGENCY AND ORANGE HOUSING DEVELOPMENT CORPORATION AND C&C DEVELOPMENT BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, AS FOLLOWS: Section 1: The Board of the Community Redevelopment Agency of the City of Santa Ana hereby finds, determines and declares as follows: A. The Community Redevelopment Agency of the City of Santa Ana (hereinafter referred to as the "Agency") is engaged in activities necessary to execute and implement the Redevelopment Plan for the Merged Redevelopment Project Areas (the "Redevelopment Plan"), including strengthening of public-private partnerships to provide more affordable housing, and particularly to provide decent, safe, sanitary, and affordable housing to the lower income citizens of the City of Santa Ana. B. In order to implement the Redevelopment Plan, the Agency has agreed, subject to the approval of the City Council, to sell certain real property located at 217-219 S. Birch Street, 435-437 S. Birch Street, and 2034-2038 N. Bush Street (the "Property") pursuant to the terms and provisions of a Disposition and Development Agreement (hereinafter referred to as the "Agreement") between the Agency and Orange Housing Development Corporation (OHDC) and C&C Development (C&C) which is on file in the office of the Executive Director of the Agency, in which said real property is described. C. OHDC & C&C propose to construct five (5) multi-family residential units on each parcel to rent to qualified Very Low Income Households for the affordability term of fifty-five years. D. The Agreement contains all of the provisions, terms, conditions and obligations required by the state and local laws. EXHIBIT 5 5-27 E. OHDC and C&C possess the qualifications and financial resources necessary to acquire and insure development of the Property, in accordance with the purpose and objectives of the Redevelopment Plan. F. Pursuant to the provisions of the California Redevelopment Law, the Agency and the City Council have held a duly noticed joint public hearing on the proposed sale of the Property. Section 2. The Disposition and Development Agreement is hereby approved, and the Executive Director of the Agency is hereby authorized to execute the Agreement, with such non-substantive changes as may be approved by Agency's General Counsel. Section 3. The Executive Director of the Agency is hereby authorized to take all steps, and to sign all documents and instruments necessary to implement and carry out the Agreement on behalf of the Agency. EXHIBIT 5 5-28 ADOPTED this day of , 2010. Miguel A. Pulido Chair APPROVED AS TO FORM: Joseph W. Fletcher, General Counsel By: Lisa E. Storck Assistant Counsel AYES: Boardmembers: NOES: Boardmembers: ABSTAIN: Boardmembers: NOT PRESENT: Boardmembers: CERTIFICATION OF ATTESTATION AND ORIGINALITY I, MARIA D. HUIZAR, Secretary of the Agency, do hereby attest to and certify the attached Resolution No. to be the original resolution adopted by the Community Redevelopment Agency of the City of Santa Ana on , 2010. Date: Secretary Community Redevelopment Agency of the City of Santa Ana EXHIBIT 5 3 5-29 5-30 REQUEST' F®~ MMUNOTY REUEVEL®PII~EN1° AN® H®USIRlG C®~l1i~ISS!®N AC1'!®N MEETING DATE: AUGUST 17, 2010 TITLE: DISPOSITION AND DEVELOPMENT AGREEMENT AND LOAN AGREEMENTS -BUSH AND BIRCH STREET PROPERTIES ,(%%~R~ DEPUTY CIT ANAGER FOR DEVELOPMENT SERVICES RECOMMENDED ACTION Recommend that the City Council: APPROVED ~ As Recommended ^ As Amended CONTINUED TO Authorize the Deputy City Manager and Clerk of the Council to execute a loan agreement with Santa Ana WBBB, LP in an amount not to exceed $500,000, subject to non-substantive changes approved by the Deputy City Manager and Cify Attorney for 215-217 South Birch Street. 2. Authorize the Deputy Gity Manager and Clerk of the Council tc execute a loan agreement with Santa Ana WBBB, LP in an amount not to exceed $500,000, subject to non-substantive changes approved by the Deputy City Manager and City Attorney for 435-437 South Birch Street. Authorize the Deputy City Manager and Clerk of the Council to execute a loan agreement with Santa Ana WBBB, LP in an amount not to exceed $500,000, subject to non-substantive changes approved by the Deputy City Manager and City Attorney for 2034-2038 Bush Street. Recommend that the Community Redevelopment Agency: Adopt a resolution approving a Disposition and Development Agreement between the Community Redevelopment Agency and Orange Housing Development Corporation and C&C Development for the development of affordable, multi-family units at 215-217 South Birch, 435- 437 South Birch and 2034-2038 Bush Streets. Authorize the Executive Director and Agency Secretary to execute a loan agreement with Santa Ana WBBB, LP in an amount not to exceed $530,000, subject to non-substantive changes approved by the Executive Director and Agency General Counsel for 215-217 South Birch Street. EXHIBIT 6 cJ - 31 RECORDING SECRETARY USE ONLY: Disposition and Development Agreement and Loan Agreements August 17, 2010 Page 2 3. Authorize the Executive Director and Agency Secretary to execute a loan agreement with Santa Ana WBBB, LP in an amount not to exceed $530,000, subject to non-substantive changes approved by the Executive Director and Agency General Counsel for 435-437 South Birch Street. 4. Authorize the Executive Director and Agency Secretary to execute a loan agreement with Santa Ana WBBB, LP in an amount not to exceed $530,000, subject to non-substantive changes approved by the Execufive Director and Agency General Counsel for 2034-2038 Bush Street. DISCUSSION A key objective of the Redevelopment Agency is to expand and preserve affordable housing. To that end, in December 2009 the Agency selected developers resulting from a Request for Qualifications for both single family and multi-family residential units on properties owned by the Agency. Orange Housing Development Corporation (OHDC), anon-profit 501(c)(3), and C&G Development (C&C), afor-profit developer, was selected as developer for the multi-family housing parcels. They will form a Limited Partnership named Santa Ana WBBB, LP for financing purposes. The proposed project includes 215-217 South Birch, 435-437 South Birch and 2034-2038 Bush. The developers are proposing to merge the adjoining parcels (Exhibit 1) for each project site into one parcel and construct five units on each combined parcel. Each site will contain 2 two- bedrooms and 3three-bedrooms. The units will be affordable to very low-income households (50% AMI). The beginning rents will be $989 for two-bedrooms and $1,125 for three bedrooms. In order to fund the construction, the partnership will apply for tax exempt bonds and tax credits. In addifion, the project will need additional funds that will be provided by the City and Redevelopment Agency. The following table summarizes the sources and uses: Sources 215-217 S. Birch 435-437 S. Birch 2034-2038 Bush Permanent Lender $ 325,347 $ 325,347 $ 325,347 HOME $ 500,000 $ 500,000 $ 500,000 Tax-Increment $ 530,000 $ 530,000 $ 530,000 General Partner E uit $ 11 $ 11 $ 11 Limited Partner E uit $ 503,143 $ 503,143 $ 503,143 Total $1,858,501 $1,858,501 $1,858,501 Uses 215-217 S. Birch 435-437 S, Birch 2034-2038 Bush Construction $ 1,100,327 $ 1,100,327 $ 1,100,327 Soft Costs $ 666,421 $ 666,421 $ 666,421 Costs Deferred Until Conversion $ 36,799 $ 36,799 $ 36,799 Financin Costs $ 54,954 $ 54,954 $ 54,954 Total $ 1,858,501 $ 1,858,501 $ 1,858,501 5-32 Disposition and DevelopmentAgreement and Loan Agreements August 17, 2010 Page 3 Construction of these units will assist the City and Agency in meeting the Regional Housing Needs Assessment (RHNA) goals identified in the Housing Element, Consolidated Plan and the Implementation Plan. ENVIRONMENTAL COMPLIANCE In accordance with the California Environmental Quality Act, the proposed project is exempt from further review. FISCAL IMPACT Funds are available in the Tax Increment Housing Set-Aside account (no. 5071883066220 06863601079) and HOME account (no. 1301878069152 06734001001). APPROVED AS TO FUNDS AND ACCOUNTS: ~ .~ ~~~~ Shelly Lapp ry-Bayle Housing bvision Manager Community Development Agency `~-t~r~~ ~~. ~ ~`~ Francisco Gutierrez Executive Director Finance & Management Services Agency~,,r CJN/SLB/mlr PREPARED BY. Vicki Uehli Exhibits: 1. Map 5-33 +._.___~ tAVETA AV. ~~"' w , b 8 22 OAHUEH CAOVE BL ~' T »~~ ~"~~ EAIAHAVE1d AV N o 22 ~ . w TAA9N AV. ~ .v. _ 5AIdTACIhflA AV. .__~_..._..~ _ , .-,. ~+ VIASH IIdOTOY AV, ~ 6 ~ CNIC CE dTEA UR, 6TH 9T, 67H5T . w M SAyY AAfdA AE . dTH 9T. ~ _ " __ _ .~__._. 1ST dT_ , ~ _.__ ~ _ _k -_- ~ t2 m ~ ~ ~ ' hiCFA11 EN AV. ~ ° ~ ~ hdCEAU0EI J AV. FOINOEA AV. ~ >~ ST.ANOft VJ PL. ~, ~ 4YAA7dEA AV. P ~ S a Q, 66 SE6EASTHOM UyEA nU ~-,-' ALTOt7 AV. ~ AITON AV. __ V~ _ ~ ~ ~~~..~• hTACAflTHUA AL. ' ""~~ SUHELOWEA AV. o . ~ AO6 ~ Address Address 1 217 S. Birch Street 3 2034 N, Bush Street 219 S, Birch Street 2038 N. Bush Street 2 435 S. Birch Street 437 S. Birch Street Exhlblt 1 rj - 34