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<br /> <br />3 <br />Implementation Plan contemplates the development of affordable housing <br />within the Merged Project Area. Specifically, under the heading Short- <br />Term Goals and Objectives, the Implementation Plan includes the <br />following: “Expand the community’s supply of housing, including <br />opportunities for low and moderate income housing.” Therefore, the <br />Project is in conformance with the AB 1290 Implementation Plan. <br /> <br />N. The Ground Leases imposes extraordinary controls on the Project. The <br />impacts created by these requirements reduce the value of the Project <br />from $4.11 million at the highest use permitted under the current zoning, <br />to the established fair reuse value of negative $4.6 million. The Ground <br />Lease requires the Tenant to pay Base Rent to the Authority based on <br />Residual Receipts payments that are generated from cash flow generated <br />by the Project over time. At the end of the Ground Lease Term, the <br />Tenant must repay any outstanding balance of Authority Base Rent. <br />Given that the Base Rent Payments received by the Agency will be <br />greater than the established fair reuse value of negative $4.60 million, it <br />can be concluded that the Agency is receiving fair consideration for the <br />interests being conveyed to the Tenant. <br /> <br />O. The Authority has prepared such notices, plans and reports as may be <br />required in connection with its consideration of this matter and has made <br />available for public inspection all such matters prior to its consideration of <br />and action on this matter. <br /> <br />P. On June 21, 2022, the Authority held a duly noticed public hearing, and at <br />that time considered all testimony, written and oral. Notice of the time and <br />place of the hearing was published in a newspaper of general circulation in <br />the community once per week for two successive weeks, as specified in <br />Government Code section 6066, prior to the hearing. <br /> <br /> Section 2. The Authority, acting as the Housing Successor Agency, approves the <br />lease of the Site to Tenant for the development of the Project pursuant to the terms of the <br />Ground Lease attached hereto as Exhibit A and incorporated herein by reference. The <br />Authority hereby authorizes the Executive Director of the Authority to execute the Ground <br />Lease with the County and the Tenant for the development of the Project on the Site, subject to <br />non-substantive changes approved by the Executive Director of the Authority and the Authority <br />Counsel. <br /> <br /> Section 3. The Authority hereby finds and determines, based on all documentation, <br />testimony and other evidence in the record before it, that the Ground Lease of the Authority <br />Site: (a) will assist in the elimination of blight and provide housing for low- or moderate-income <br />persons, as defined in Health and Safety Code section 50093; (b) is consistent with the <br />implementation plan adopted pursuant to Health and Safety Code section 33490; and, (c) the <br />consideration being paid to the Authority is not less than the fair reuse value for the use and <br />with the covenants and conditions and development costs authorized by the Ground Lease. <br /> <br />EXHIBIT 15