Laserfiche WebLink
FAN <br />EXHIBIT 1 <br />THIRD AMENDMENT TO FIRST AMENDED AND RESTATED LOAN <br />AGREEMENT <br />TNCLTiSTONARY TTOUSTNC PROCRAMWI)RC FUNDS <br />THIS THIRD AMVNDMVNI" I'O LOAN AGRVVMF.NT ("Third <br />Amendmen(") dated, for idenlification purposes only, as of 2021, is <br />made and cntcrcd into by and between the City of Santa Ana, a charter city and Municipal <br />corporation ("('ity') and Santa Ana Arts Collective, L.P. ("Devclopct") with refcrence to <br />the following: <br />RECITALS: <br />A. City and Developer cntcrcd into the original Loan Agreement fur <br />Inclusionary Housing Program and Community Developinent Block Gr,3nt ("CMIG") <br />Cunds after I)eveloper's project consisting of a lifty-eight (58) unit multi -family <br />residential housing development, with live/work units and a commercial art Studio, as <br />well as a community room ("Proicet") located at 1666 N. Main Street, within the City of <br />Santa Ana, California. <br />B. City and Developer entered into the First Amended and Ttestated Loan <br />Agreement, Santa Ana Agreement No_ A-2017-173, which was dated .hily 5, 2017, and <br />rccordcd against the property with the County of Ortngc on July 26, 2017 (,"said Loan <br />Agi ceineut"). <br />C. fit accordance with the tens and conditions of said Than Agreement, the <br />panics desire to amend said Loam Agreement to (i) provide the City's consent to <br />Developer obtaining a loan front' the California Housing Finance Agency in the face <br />amount of Two Million. Three hundred Sixty -Two Thousand. Two hundred Fifteen and <br />No/I OOe Dollars (S2,362,215.00) for the Project (the "SNTTP Loan"), (ii) revise the <br />sharing of residual receipts among the public agency lenders to the Project and (iii) revise <br />the affordability levels of the Project'S unit rnix, a outlined in Section 7.2 <br />NOW, THFREFORE, in consideration of the nnlatal and respective promises, <br />and subject to the terms and conditions of said Loan Agreement. except as herein <br />modified, the parties agree as follows: <br />1. Section 7.2 of said Loan Agreement shall be deleted and replaced with the <br />fnllowing: <br />Affordability Levels/Unit Mix: <br />The Projcct's unit mix and levels of allirrdability arc as Hollows <br />Unit Sizc <br />10% AMI <br />35% AM] <br />50% AMI <br />60% AMI <br />total <br />1 Bedroom <br />15 <br />6 <br />5 <br />-- <br />26 <br />2 Bedroom <br />3 Bcdroom <br />2 <br />4 <br />7 <br />5 <br />13 <br />14 <br />17 <br />Total <br />21 <br />6 <br />12 <br />18 <br />57 <br />City Council 29 — 6 6/15/2021 <br />