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I I Po IT ON AND DEVELOPMENT A REEME T T111S DISPOSITION N DEVELOPMENT AGREEMENT t h i "Agreement") is entered into as of June 7, 2010, by and between the COAIMNIITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, a public body, orp orate and politic (the "Agency" ) and SANTA ABTA STATION DISTRICT, ITC, a California limited liability company (the "Developer"). RECITALS The following Recitals are a substantive part of this Agreement: A. The Agency is a California redevelopment agency acting under the California Community Redevelopment Law, Part I of Division 4 of the Health & Safety Code (the "CPL *' . S ec ti o n 3 3 3 34.2 t seq. of the CRL au thorie s and d irec is re d evelopmen t agencie s to expend a certain percentage of all taxes that are allocated to a redevelopment agen pursuant to Section 33670 for the purposes of increasing, improving and preserving the community's supply of housing, available at affordable hou i n g cost, to persons and families of moderate income, low income, ver low income, and extremely low income. Pursuant to Section 33334.3 of the L, the Agency has established a Low and Moderate Income Housing Fund (the "Housing Fund"). B. The Agency is authorized and empowered under the CRL to provide funding for the production, improvement, or preservation of affordable housing u sing tax increment revenues from the Housing Fund, and specifically for the construction of buildings or structures for affordable housing units for low or moderate income persona pursuant to Section 33334.2(e)(5 of the CRL. C. The Redevelopment Plan for the Merged Project (the "Merged Project") w approved b y Ordin ante No s. 26 62-26 7 ad opted by the Ci ty Cou n i 1 of the Ci ty o f S a n to Are a (the "City") on September 30, 2004 the "Redevelopment Pl a n; � x the geographic ho u n dart' of the Merged Project is referred to herein as the "Project Area"). D. Developer is experienced in the construction, dev lopment, operation and management of high quality housing which is affordable to persons and families of very low and low income in Southern California. E. In furtherance of the oh j e tiers of the L, the Agency desires to facilitate the redevelopment of approximately six acres of real property located within the City, partially within the boundaries o f the Project Area, which consists of u ndmpr ve d lots and improved lots with residential u s s with certain parcels owned by third parties (the "Additional Properties"),, and certain parcels owned by the Agency ("Agency Parcels"), and certain other parse 1 s owned by eg ura the "Segura gura Part el s' * which Segura Parcels the Agency has a right to acquire pursuant to fully executed purchase agreements (the "Segura Purchase Agreements!" ). The Agency Parcels, Additional Proper-ties Proper-ties and Segura Parcels are shown on the Site Map and the Additional Properties and Segura Parcels are listed on Attachment No. 1 -A. The Agency is attempting to acquire the Segura Parcels and the Additional Properties. The Segura Parcels and IOC off'! C 4 0067 3v 141200272 -000 1