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<br />3. Approves the Reuse Report. <br /> <br />4. Finds that (i) the provision of financial assistance in the amount of the Loan and the <br />Operating Subsidy is necessary to make the Project financially feasible and affordable to very <br />low- and extremely low-income households, (ii) it will not be economically feasible to develop <br />the Project at the proposed level of income-targeting and affordability without such [mancial <br />assistance, and (iii) despite good faith efforts on the part of Developer, no other reasonable <br />means of private or commercial financing is reasonably available to finance the Project at such <br />affordability and income levels. <br /> <br />5. Approves the lease of the Property to Developer pursuant to the terms and conditions set <br />forth in the DDA and the Ground Lease. <br /> <br />6. Approves the DDA and the Ground Lease, authorizes the Executive Director or his or her <br />designee to execute and deliver each such document substantially in the forms on file with the <br />City Clerk, and authorizes the recordation of a Memorandum of the Ground Lease in the Official <br />Records of Alameda County. <br /> <br />7. Approves the provision of the Loan and the Operating Subsidy pursuant to the terms and <br />conditions set forth in the DDA, the Ground Lease, and the Loan Agreement. <br /> <br />8. Approves the Loan Agreement, the Note, the Deed of Trust and the Regulatory <br />Agreement, and authorizes the Executive Director or his or her designee to execute and deliver <br />each such document to which the Agency is a party substantially in the form on file with the City <br />Clerk. <br /> <br />9. Authorizes the Chairperson and the Executive Director to execute and deliver such other <br />instruments and to take such other actions as necessary to carry out the intent of this Resolution. <br /> <br />Introduced by Member Badger and passed and adopted this 19th day of June, 2006, by the <br />following vote: <br /> <br />Members of the Agency: <br /> <br />AYES: Members Badger, Grant, Nardine, Santos, Starosciak, Stephens <br /> <br />(6) <br /> <br />NOES: None <br /> <br />(0) <br /> <br />ABSENT: Chair Young <br /> <br />(1) <br /> <br />ATTEST: <br /> <br />~~ <br /> <br />Marian Handa, Agency Secretary <br /> <br />803825-4 <br />RESOLUTION NO. 2006-003 RDA <br /> <br />3 <br />