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Agency?s financial assistance from the Housing Fund in the amounts required <br />by the Agreement; and" <br />1. each qualified Moderate Inconne Hornebuyer of an Affordable For-Sale Unit <br />that is to receive a HarnebuyerAssitance Loan will enter into a Homebuyer <br />Loan Agreen?entwith the Agency substantially in the form attached to the <br />Agreement as Attachment No? ? to the Agreement} and <br />?, vvith respect to the portion of the Developer Project that is located within the <br />Developer PrajectArea of the Merged Project, the acquisition, construction <br />and operation of the Developer Project pursuant to theAgreernentwlll benefit <br />the Project Area by providing affordable housing for persons who currently <br />live and work within the Project Area; with respect to the portion of the <br />Developer Project that is located outside the Project Area afthe Merged <br />Project, the acquisition, construction and operation of the Developer Project <br />pursuant to the Agreement will be of ber?ef if to the Merged Project; and <br />K, The Agency has adopted an Implementation Plan pursuant to L <br />Section 490, which sets forth the objective of providing housing to satisfy <br />the needs and desires of various constituent elements of the connmunity; and <br />L, The Agreementx copies of which the Developer has submitted to the Agency <br />and the pity council copies substantially in the farrr? submitted herewith, <br />furthers the goals ofthe Agency set forth in the In?plen?entatian Plan as It will <br />facilitate the creation of affordable housing which will serve the residents of <br />the neighborhood and the pity; and <br />M. Pursuant to ?RL Section ?, the Agency is authari?ed, with the approval <br />of the pity ounci[ after a duly noticed public hearing} to convey the Site for <br />development pursuant to the I?edevelopn?ent Plan upon a determination by <br />the pity ?auncil that such conveyance will eitherassist in the elimination of <br />blight or provide housing for low- armoderate-income persons} that the <br />consideration for such conveyance is not less than the fair mar[eetv[ue or <br />fair reuse value of the Site ire accordance with the covenants and conditions <br />governing the conveyance of the Site and development costs required <br />thereof, as well as the particular uses to be conducted by the Developer at <br />the Site, and that the conveyance under the terms and conditions set forth in <br />the Agreement is consistent with the Implerr?entation Plan which has been <br />adopted by the Agency for the Merged Project; and <br />N? The proposed Agreement and a summary report meeting the requirements of <br />ILL Section ?3, were available for public inspection prior to the joint <br />public hearing consistent with the requirer?ents of ?RL Section ?4; ar?d <br />?. On dune ?, ?0? D, the Agency and pity council held a joint public hearing vn <br />the proposed Agreement which was duly noticed in accordance with the <br />requirements of ?RL Sections 34?? and ??4?, at which time the Agency <br />reviewed and evaluated all of the inforration, written and oral testimony, and <br />evidence presented during the joint public hearing; and <br />?esolut?on No. BRA ?0??-XX?i <br />Page of 7