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?, Santa Ana Station District, LLB, ? alifarr?ia limited liability company <br />?"Developed'}, has proposed to acquire the Site frarn the Agency, to construct <br />an the bite affordable rental pausing that will be available to and occupied by <br />persons and families of very low incame and extremely low incame, <br />affordable far-sale housing that wili be available to and occupied by persons <br />and families of rnaderate incame, and market rate far-sale pausing thtwill be <br />available to all buyers collectively, the "Developer Project"}; and <br />F. In orderta carry out and in?piementthe Pedevelopent Plan farthe Merged <br />Project and the affordable hauling requirements thereof, the Agency <br />proposes to enter into a Disposition and Development Agreement <br />{`Agreement"? with the Developer, pursuant to which the Agencywauld <br />convey the bite to the Developer and the Developer vuould agree to construct <br />the Developer Project in accordance with the requirements of the Agreement, <br />restrict occupancy of the rental pausing to persons and far?ilies of very law <br />incame and extrerrMely low income, and restrict occupancy of a portion of the <br />far-sale housing to persons and farilies of moderate incor?e, all as mare <br />particularly sot forth in the Agreement; and <br />Pursuant aid subject to the terns ofthe Agreement, the Agency will provide <br />the following financial assistance to the Developer Project: ?i? loans to the <br />Developer in the amount afTen Million Fight Hundred Thousand Dollars <br />?? a,8aa,a0?} far Phase R-? has defined in the Agreement} of the Developer <br />Project and Faur Million Seven Hundred Seventy Thousand Dollars <br />?4,7?a,aaa}for Phase P-? has defined in the Agreement} of the Developer <br />Project collectively, the "Agency Laan?Rental ?on?ponent"};iii} a loan to the <br />Developer ?n the ar?our?t of one Mi???on Five Hundred Thousand ?$1,00,?00}far <br />Phase FS has defined in the Agreement} of the Developer Project Agency <br />Loan ?-Phase FS} and viii} a loan to each qualified Moderate income <br />Hon?ebuyer of an Affordable Far-Sale Unit has defined in the Agreen?ent? in <br />the amount of up to Thirty Thousand Dollars ??,DO?} to be deposited by the <br />Agency into the applicable escrow foreah Hornebuyer of an Affordable Far- <br />ale Unit and disbursed by the escrow agent to the Developer upon each <br />Homebuyer closing and purchase of an Affordable Far-Sale Unit beach, a <br />"Horr?ebuyer Assistance Loan"};and, <br />H, The Agency's financial assistance to the Developer Project, including the <br />Agency Lawn and each Homebuyer Assistance Loan, will be funded from <br />the Agency's Housing Fund} the Developer Project is not financially feasible <br />without the Agency's financial assistance and use of the Agency's Hauling <br />Fund is necessary because Developer has sought and will continue to sonic <br />to obtain otherources of financing farthe Developer Project, including <br />private construction and permanent loans, Federal Low lncon?e Hauling Tax <br />credits, equity financing from private investors, and mortgage financing far <br />homebuyers, but based upon an economic analysis of the Developer Project <br />assetfarth and referenced in the summary report prepared pursuant to CPL <br />Scotian ?4 and the staff report, such sources of financing will be <br />insufficientto finance the entire costs of the Developer Project without the <br />?eso????an ?Va, BRA ? D-? <br />Page 2 of 7