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<br />c. <br /> <br />(0. A .11 <br /> <br />finD construction contract and other documentation to the satisfaction of the <br />Agency. IfFCH is unable to secure sufficient financing to complete the Project <br />without additional funding by the Agency, then the DDA will terminate, the <br />property will not transfer to FCH, and FCH will not receive any cash assistance <br />from the City. <br /> <br />. <br /> <br />The Agency will provide the project with a water facility fee subsidy ("Fee <br />Subsidy") to be used solely to pay water facility fees charged to the project. The <br />fee amount for the project has not yet been detennined but the Fee Subsidy shall <br />not exceed $533,000. The subsidy shall be structured as a residual receipts loan. <br />For purposes of this report, it has been assumed that the fee will total $533,000 <br />and will be funded with Agency tax increment. <br /> <br />Developer Responsibilities <br /> <br />The Developer is responsible for developing the Projects in accordance with the tenDS of the <br />Disposition and Development Agreement, as follows: <br /> <br />. <br /> <br />Secure all necessary entitlements for the Project. <br /> <br />I <br /> <br />Developer must provide the Agency with a finD construction contract and other <br />documentation to the satisfaction of the Agency prior to conveyance of the site. <br /> <br />. <br /> <br />The $2,627,000 Development Loan and the Fee Subsidy loan will cany a 3% <br />simple interest rate and 40-year tenD. FCH will repay the Development Loan, <br />Fee Subsidy Loan and annual interest from available annual net cash flow, as <br />defined in the DDA, to be generated by the Project. The Agency will receive <br />70% of the Project's net cash flow and net sales proceeds until the Agency's loans <br />and interest are fully repaid. <br /> <br />. <br /> <br />FCH will be required to obtain commitments for tax-exempt pennanent debt, <br />MHP funds, tax credit equity, and other sources sufficient to fund the project's <br />development costs prior to the conveyance of the property and the funding of the <br />Agency's loans. IfFCH is unable to secure sufficient financing to complete the <br />Project without additional funding by the Agency, then the DDA will tenninate, <br />the property will not transfer to FCH, and FCH will not receive any cash <br />assistance from the City. <br /> <br />. <br /> <br />Developer shall incorporate "green building" features and construction techniques <br /> <br />as set forth in the DDA. <br /> <br />18610.001\028-004.doc; 1/20/2005 <br /> <br />Keyser Marston Associates. Inc. <br />Page 6 <br />