FRIENDS OF THE LACY HISTORIC NEIGHBORHOOD-2011

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year. The cultural resource professional conducting the survey will consult with the City to ensure that the Historic Survey is conducted in a manner consistent with the Municipal Code and City practice and procedure. The Historic Survey will be conducted as follows: the selected cultural resource professional will conduct a "preliminary survey" of all relevant properties to identify potentially eligible properties ("Preliminary Survey"). The preliminary survey will be conducted on foot or by vehicle and will gather visual information about all relevant properties. FOL and/or its members may provide information relevant to the historic qualifications of any potentially eligible property that will be surveyed as part of the Historic Survey within thirty (30) days of receiving notice of the initiation of the Preliminary Survey. The results of the Preliminary Survey will be documented with photographs and tabulated information, such as address; building type, style, and integrity; and date of construction. All properties determined to be potentially eligible, either by the aforementioned Preliminary Survey or by previous surveys conducted within five (5) years of the commencement of the Historic Survey and consistent with the standards set forth in Municipal Code Chapter 30 (Places of Historical and Architectural Significance), will be subject to an "intensive-level" survey and will be documented on both State of California Department of Parks and Recreation Historic Resources Inventory Primary Record forms (DPR 523 A) and a Building, Structure and Object Record (DPR 523 B). No forms will be prepared for properties that do not appear to be eligible based on visual inspection, physical integrity, or information provided by FOL. The findings of the survey will be summarized in a Survey Report, which will be available for review at the City's Planning Department and provided to FOL. The Parties agree to accept the determinations and conclusions of the Survey Report as of the time it is prepared, understanding that some properties deemed "ineligible" may become "eligible" with the passage of time. 5. Lacy Neighborhood Housing Fund. Upon the Effective Date of this Agreement, the Agency will establish a $200,000 residential housing fund to encourage home owners in the Lacy Neighborhood to re-invest in their properties (the "Lacy Housing Fund"). The specific terms of the Lacy Housing Fund are attached hereto as Exhibit "F" and fully incorporated by this reference. The Parties acknowledge and agree that the Lacy Housing Fund would replace the $100,000 targeted residential loan program for the Lacy Neighborhood approved by the Agency on June 7, 2010. 5.1. Amount. At the end of each fiscal year (June 30) for five years, beginning June 30, 2012, any funds that remain in the Lacy Housing Fund account will roll over for use in the following fiscal year, such that at the beginning of each fiscal year (July 1) the account will contain $200,000, and no more than $200,000. The Agency will be responsible for ensuring that the account includes $200,000 at the beginning of each fiscal year (July 1) for five years, beginning July 1, 2012. July 1, 2015 is the last date upon which the Agency shall be responsible for ensuring that the fund contains $200,000. 5.2. Administration and Application Requirements. The Lacy Housing Fund will be administered by the Agency and will be subject to all requirements set forth in Exhibit "F", including income eligibility requirements. 9