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<br />{¡; A, ,~ <br /> <br />There will be a regulatory agreement with an affordability covenant recorded against the entire <br />property. <br /> <br />B. <br /> <br />Agency Responsibilities <br /> <br />The Agency's responsibilities under the Agreement by and between the Redwood City <br />Redevelopment Agency and the Developer are as follows: . <br /> <br />. <br /> <br />The Agency will provide the Project with a "Land Grant" of $1.35 million to <br />acquire the site from the Agency. A condition precedent for conveyance of the <br />site will be the securing of all funding sources to complete the project to the <br />satisfaction of the Agency. The land grant has been funded by the following <br />sources: <br /> <br />Agency Housing Funds <br />CDBG and HOME <br /> <br />Land Grant Funding Sources <br />$613,2001 <br />$736.800' <br />$1,350,000 <br /> <br />. <br /> <br />The Agency will provide the Project with a "Development Loan" of $2,627,000. <br />This loan will be used to fund a portion of development costs, excluding any <br />water facility fees. It is anticipated that the Development Loan will be funded by <br />the following sources: <br /> <br />Agency Housing Funds <br />CDBG <br /> <br />Development Loan Funding Sources <br />$2,377,0002 <br />$250.0002 <br />$2,627,000 <br /> <br />The Development Loan will be disbursed on a to be detennined schedule only <br />after FCH has obtained commitments for tax-exempt pennanent debt, Multi- <br />family Housing Program (MHP) funds, tax credit equity and other funds sufficient <br />to fund the project's development costs. FCH must provide the Agency with a <br /> <br />I Based on Agency housing funds of $966,637, COBO of $751 ,082 + HOME funds of $413,057 for land <br />acquisition/demolition costs of$2.16 million for the entire project, prorated by FCH's share of 62.6%. Assumed <br />approximately the remaining $17,000 was funded equally from the Housing Fund and COHO/HOME. <br /> <br />2 The Agency will be applying for other funding sources, such as an allocation of the County's COBO Funds. <br />However, for purposes of this analysis, it has been assumed that only $250,000 of the City's allocation ofCOBO <br />funds would be used and the balance of costs would be funded by the Agency's Housing Fund. <br /> <br />18610.001\028-004.doc; 1/20/2005 <br /> <br />Keyser Marston Associates. Inc. <br />Page 5 <br />