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Agmt 2013 Alameda Housing Associates LC
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Agmt 2013 Alameda Housing Associates LC
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4/11/2014 11:08:38 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
12/2/2013
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Document Relationships
Agmt 2009 Alameda Housing Associates LP
(Amended)
Path:
\City Clerk\City Council\Agreements\2009
Reso 2013-155
(Approved by)
Path:
\City Clerk\City Council\Resolutions\2013
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6. The second, third and fourth paragraph of Section 3.7 of the Agreement are <br /> hereby deleted and replaced with the following: <br /> "Consistent with the Financing Plan, Developer agrees to apply for an allocation of 9% federal <br /> low-income housing tax credits. As an alternative to the foregoing, Developer may submit <br /> applications to the California Debt Limit Allocation Committee ("CDLAC") for an allocation <br /> that will permit the issuance of tax-exempt bonds to finance the Project and to the California Tax <br /> Credit Allocation Committee ("TCAC") for 4% federal and State low-income housing tax credits <br /> and/or for other sources of financing provided by the California Department of Housing and <br /> Community Development if the use of such alternate financing sources would not materially <br /> reduce the total financing sources for the Project, impair Developer's ability to repay the Loan, <br /> or delay the development schedule contemplated by this Agreement. <br /> Developer shall submit to the City copies of Developer's applications for tax credits and tax- <br /> exemptfinancing for the Project concurrently with Developer's submittal of such applications to <br /> TCAC and CDLAC, and as applicable, shall provide to City updates to the Financing Plan <br /> including updated schedules of sources and uses and updated development and operating pro <br /> formas,accompanied by evidence that all Project financing has been firmly committed by <br /> Developer,or lending institutions, subject only to commercially reasonable conditions." <br /> 7. Section 3.7.1 is hereby added to the Agreement: <br /> "Prop. IC Transit Oriented Development Grant Funds. Pursuant to the Transit Oriented <br /> Development Housing Grant Program, established pursuant to Part 13 of Division 31 of the <br /> Health & Safety Code, commencing with Section 53560 (the"TOD Grant Program"), the State <br /> -Department of Housing and Community Development("HCD") has agreed to provide a grant in <br /> the amount of up to $10,320,000 (the"TOD Grant")jointly to BRIDGE Housing Corporation, a <br /> California nonprofit public benefit corporation("BRIDGE") and City to finance the cost of <br /> certain capital improvements required for the Project. Developer pledges to comply with all <br /> requirements associated with the receipt and use of the TOD Grant and applicable to Developer <br /> or the Project, including without limitation, all applicable terms and conditions set forth in that <br /> certain Standard Agreement executed by and between HCD and City, the Disbursement <br /> Agreement to be executed by and among HCD, BRIDGE and City, and all other documents that <br /> HCD requires in connection therewith (collectively, the "HCD Documents"). If requested by <br /> Developer, City agrees to loan the TOD Grant funds to Developer pursuant to loan documents <br /> approved by HCD if required. Developer agrees to indemnify, defend (with counsel approved <br /> by City) and hold the Indemnitees harmless from and against any and all Claims arising in <br /> connection with any breach of any term or condition of the HCD Documents by Developer or <br /> any affiliate of Developer or any contractor, subcontractor, agent or employee of Developer or <br /> any affiliate of Developer. Developer's indemnification obligations under this Section 3.7.1 <br /> shall not extend to Claims resulting solely from the gross negligence or willful misconduct of <br /> Indemnitees. The provisions of this Section 3.7.1 shall survive the issuance of a Certificate of <br /> Completion for the Project and the expiration or earlier termination of this Agreement and/or the <br /> HCD Documents. It is further agreed that City does not and shall not waive any rights against <br /> Developer that it may have by reason of this indemnity and hold harmless agreement because of <br /> the acceptance by City, or the deposit with City by Developer, of any of the insurance policies <br /> described in this Agreement. <br /> 1441221\1345333.2 3 <br />
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