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Agmt 2006 Mercy Housing California XXXIII (4)
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Agmt 2006 Mercy Housing California XXXIII (4)
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5/10/2007 1:08:01 PM
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5/10/2007 1:07:32 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
6/19/2006
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PERM
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RDA Reso 2006-003
(Approved by)
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\City Clerk\City Council\Resolutions\2006
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<br />precedent to the Agency's obligation to lease the Property to Developer. In addition, <br />Developer anticipates that it will submit an application to the Federal Home Loan Bank of San <br />Francisco for funding under the Affordable Housing Program by October 2006. <br /> <br />If the Developer does not receive an allocation of tax credits in the second TCAC round <br />of funding for the year 2006, Developer shall apply for tax credits in the first TCAC round of <br />funding for the year 2007 (the "Additional Round"), unless the Parties mutually agree within a <br />period not to exceed sixty (60) days (commencing on the date the Developer is notified that the <br />Project did not obtain a TCAC commitment in the second TCAC round of funding for the year <br />2006) that changes to the Project are necessary to apply in the Additional Round. If the Parties <br />mutually agree upon additional work for the Developer or a change of scope for the Project, <br />then the Parties will negotiate in good faith a reasonable developer fee to compensate <br />Developer. If the Developer does not receive a TCAC commitment in the Additional Round, <br />then the Agency shall confer with the Developer in good faith for a period not to exceed ninety <br />(90) days (commencing on the date the Developer is notified that the Project did not obtain a <br />TCAC commitment in the Additional Round) to determine if a feasible and mutually acceptable <br />alternate arrangement can be made to finance the Project; provided however, if Developer does <br />not receive an allocation of tax credits in the second TCAC round of funding for the year 2007, <br />then either party shall have the right to terminate this Agreement upon written notice. <br /> <br />1.3.2 Evidence of Availability of Funds. No later than the date shown in the Schedule <br />of Performance (150 days following the Effective Date), Developer shall submit to the Agency <br />evidence reasonably satisfactory to Agency that (i) all conditions to the release and expenditure <br />of the initial draw of funds described in the approved Financing Plan as the source of <br />construction financing for the Project have been met (or will be met upon lease ofthe Property <br />to Developer and close of the Agency Loan (defined below)) and that such funds will be <br />available upon commencement ofthe term of the Ground Lease, (ii) all approvals, permits, and <br />authorizations which are conditioned upon the lease of the Property will be received promptly <br />after commencement of the term of the Ground Lease, and (iii) all construction financing <br />(including draws subsequent to the initial draw of funds) will be available upon commencement <br />of the term of the Ground Lease. Submission by Developer, and approval by the Agency, of <br />such evidence of funds availability and evidence of issuance of all required approvals, permits <br />and authorizations shall be conditions precedent to the commencement of the term of the <br />Ground Lease. <br /> <br />1.3.3 Scope of Development and Preliminary Site Plan. Prior to the Agency's <br />consideration of this Agreement, the Developer submitted to the Agency a proposed Scope of <br />Development and Preliminary Site Plan for the Project. The Scope of Development is <br />described in Exhibit B attached hereto, and includes the rehabilitation ofthe existing motel <br />located on the Property to include: (i) 68 residential units consisting ofa total of sixty-five (65) <br />studio apartment(s), two (2) one-bedroom units, and one (1) two-bedroom manager's unit, (ii) <br />sixty-two (62) on-site parking spaces, (iii) common area facilities including a lobby and a <br />community meeting room, and (iv) outdoor landscaping, (all ofthe foregoing are collectively <br />hereinafter referred to as the "Improvements"). The Preliminary Site Plan for the Project is <br />attached hereto as Exhibit C, and shows the general location of the Improvements, including the <br />location of the residential units, parking, open space, common areas, landscaping and <br /> <br />803698-6 <br /> <br />6 <br />
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