Agmt21 ROEM Project at 353 Main - Laserfiche WebLink

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G. The Developer intends to finance the remainder of the costs of the development of the Improvements with public and private sources as more particularly set forth in Exhibit D attached to this Agreement, which provides the Developer's Financing Plan for the anticipated financing of the construction of the Improvements. H. The City has determined that the Developer has the necessary expertise, skill and ability to carry out the commitments set forth in this Agreement and that this Agreement is in the best interests, and will materially contribute to the implementation of, the Redevelopment Plan by increasing the supply of low and moderate income housing available at affordable housing cost. I. The Developer's construction and operation of the Development are not financially feasible without the City's financial assistance. The City therefore desires to provide the Developer with the Loan to provide construction funding in consideration for the Developer's agreement to construct and operate the Development consistent with this Agreement and the Regulatory Agreement, including (without limitation) the occupancy and affordability restrictions. The amount of the Loan provided pursuant to this Agreement does not exceed the amount of City's assistance necessary to make the Developer's construction and operation of the Development, as restricted by this Agreement, financially feasible. J. Pursuant to the California Environmental Quality Act and its implementing guidelines, the City (in its capacity as "lead agency"), filed a "Notice of Exemption" under Section 15332 of the CEQA Guidelines, concluding that the project is exempt as an infill development project that is consistent with the local General Plan and Zoning requirements and has a negligible environmental impact. The Notice of Exemption served as the environmental documentation for the City's consideration and approval of this Agreement and the transactions contemplated by this Agreement. THEREFORE, the City and the Developer agree as follows: ARTICLE 1. DEFINITIONS AND EXHIBITS Section 1.1 Definitions. In addition to the terms defined elsewhere in this Agreement, the following definitions shall apply throughout this Agreement. (a) "Agreement" means this Loan Agreement, including the attached exhibits and all subsequent operating memoranda and amendments to this Agreement. (b) "Annual Operating Expenses" with respect to a particular calendar year means the following costs reasonably and actually incurred for operation and maintenance of the Development to the extent that they are consistent with an annual independent audit performed by a certified public accountant reasonably acceptable to the City using generally accepted accounting principles: REV: 06-17-2020 PR 1199\09\2727850.8 ATTY/AGR.2020.100/353 Main Street Apartments LP (Page 7 of 143)