FRIENDS OF THE LACY HISTORIC NEIGHBORHOOD-2011

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D. On or about June 7, 2010, the City Council of the City ("City Council") certified the Transit Zoning Code (SD 84A and SD 84B) Environmental Impact Report ("EIR") (SCH No. 2006071100) prepared by the City under the California Environmental Quality Act ("CEQA", Public Resources Code § 21000, et seq.), which analyzed the environmental impacts of the TZC at a programmatic level and the Station District Project at a project- specific level. On or about June 7, 2010, the City Council also adopted certain resolutions and ordinances necessary to implement the TZC. E. On or about June 7, 2010, the Board of the Agency ("Board") approved the Disposition and Development Agreement ("DDA"), attached hereto as Exhibit "G", between the Agency and the Developer for development of the Station District Project by Resolution No. CRA 2010-002, and the City Council consented to the approval of the DDA by Resolution No. 2010-027. F. Certain parcels within the Station District and the Lacy Neighborhood, on the northeast corner of Santa Ana Boulevard and Garfield Street (APN 398-303-04, APN 398-303-05, APN 398-303-06, and APN 398-303-07), may be developed for special needs affordable housing (the "Mercy House Project") or another form of affordable housing or other use. G. The City has identified an approximately 1.5 acre site within the Station District and the Lacy Neighborhood for potential future park/open space uses ("Potential Park Site"). The site is bound by Sixth Street on the north, Fifth Street on the south, Porter Street on the west and Lacy Street on the east, as shown on the Site Map (Exhibit "A"). H. On July 8, 2010, FOL filed a Petition for Writ of Mandamus against the City and Agency challenging the certification of the EIR and approval of the TZC, the Station District Project and the related purchase and demolition of certain structures in the Lacy Neighborhood in Orange County Superior Court Case No. 30-2010-00388033-CU-WM- CXC (the "Litigation"). 1. Financing of the affordable rental housing component of the Station District Project is dependent on receipt of an allocation of federal low income tax credits granted pursuant to section 42 of the Internal Revenue Code and/or, if applicable, state tax credits pursuant to California Revenue and Taxation Code Sections 17057.5, 17058, 23610.4 and 23610.5 and California Health & Safety Code Section 50199, et seq. ("Tax Credits"), as allocated by the California Tax Credit Allocation Committee ("TCAC"). TCAC will hold two application cycles for awarding Tax Credits in 2011, unless circumstances warrant a reduction in the number of cycles. The Developer has submitted an application for the first funding cycle, and an award may be issued, if at all, on or about June 8, 2011 ("First Round"). Only rental housing projects are eligible for Tax Credits. Tax Credits can be allocated to new construction projects or existing properties undergoing rehabilitation. Tax Credits are allocated on a competitive basis so that those meeting the highest housing priorities and public policy objectives, as determined by TCAC, have first access to Tax Credits. 2