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01-18-2017 CITY OF GRAND TERRACE I. T.gs3 OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY OF THE GRAND TERRACE COMMUNITY REDEVELOPMENT AGENCY AGENDA • JANUARY 18, 2017 Council Chambers Regular Meeting 4:00 PM Grand Terrace Civic Center• 22795 Barton Road CALL TO ORDER Pledge of Allegiance ROLL CALL Attendee Name Present Absent; ,Late Arrived _Chair Darcy McNaboe 1-- ❑ ❑ ' 0 Vice Chair Chuck Morga I 0 ' El 0 Board Member Cindy Saks ❑ ❑ ( 0 Board Member Bobbie Forbes 0 I ❑ 0 j Board Member Lawrence P. Strong 41_ ❑ ' 0 ❑_ Board Member Adreane Freeman I ❑ 0 0 I A. SPECIAL PRESENTATIONS — NONE B. PUBLIC COMMENT This is the opportunity for members of the public to comment on any items not appearing on the regular agenda. Because of restrictions contained in California Law, the Oversight Board may not discuss or act on any item not on the agenda, but may briefly respond to statements made or ask a question for clarification. The Chair may also request a brief response from staff to questions raised during public comment or may request a matter be agendized for a future meeting. C. APPROVAL OF MINUTES 1. Approval of Minutes— Regular Meeting — 09/07/2016 DEPARTMENT: CITY.CLERK D. UNFINISHED BUSINESS — NONE E. NEW BUSINESS 2. Approval of Successor Agency's SERAF Loan Repayment Schedule RECOMMENDATION: 1. Adopt the Successor Agency's Repayment Schedule for the Supplemental Educational Revenue Augmentation Fund (SERAF) Loan totaling $448,636. City of Grand Terrace Page 1 (. 13 2011A TABS Debt Service Reserve Reserves $ - $' -• $' - 14 2011 B TABS Debt Service Reserve Reserves E - 'S - $ - 15 Professional Services-RDA vend down Dissolution Audits $ - $ - - $ - .16 SA Legal consulting . -Admin Costs .. • $ 228,000. . •. . . .. - E $ . "447201tA',TA$B.Bon3Pro;eets:`";..:s ": ;. Professoonv/servioe4",.-.. -$..,., .. i-;$ . _. .$ $:....., .$.:: y ..;. .'.1d 201"40..TA$S Bon¢Pro{eds'Au.::: '" .,;:.;-Prafessinnel serv+c9s:':..• .§ - - $.. S ... _ $..,: ., $._ .., ,§, . .„ $ y ,. -• m "S - . - .. -.,� - $ - - •- - �20 20t1A'.TA$S Bond Projects`,3."4 .•IreprevemknVlniraitructure. .5 .$' $ - - $ - $ - $ $ ' - $ 3,212011A-TABS'Bond PrdleGe-0?:r',,, Impro3emenVlnfrasRunture $ •.S'• $ $ - $ " - $ $ $ - - "-22 2D11A.TABS Bond Projects::i"<'n.o/' . -Improvemanuinirasuuclurc';$ ' ,. $ $- $ $ - 'S $ - - - $ - -23 2011A-TABS Bond Pro/eots"- : 'improvemenMnfrastructure '$' — S $ $ b - $ $ $ - -' ;242011A TABS Band Projects- - 'Imp/aysrnenNinfrestruoture $' "- '-$ $ $ - '$ - $ $ - - - - _ $ " 252011AtTABS"Band Plojecls = "Irnprnvementilnirastn/cture '$ '-$ $ - - $ , $, - $ ' $ - "" . $ - t .29 Stater Brothers OPA;' •Busenass Incenleva '$ $ 'S $ 8 - - $ E - $ - • "30 Residual Receiojs'; , 1'' - "Mrscelianeaus $. $' • - $ .§ $ $ $ .. • . • .$ - • - .. .. 1 31 Employee Costs Admix Costs B 1,164,510 - '$ : .. - $. -- - 32 Employee Costs-PERS Admin Costs $ 349,353 - $ - $. -- 33 Employee Costs-other benefits Admin Costs $ 232,902 - $ - • $- 34 Employee Costs-Insurance;workers'compensa5on Admin Costs $ 58,235 - $ - - S"" - ' •'36 Consulting Services" '•• ' ' Admix Costs . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J Agenda Oversight Board January 18, 2017 2. ADOPT RESOLUTION NO. 2017-XX, A RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE APPROVING A REPAYMENT SCHEDULE FOR THE SUPPLEMENTAL EDUCATIONAL REVENUE AUGMENTATION FUND (SERAF) LOAN. DEPARTMENT: FINANCE 3. Approval of Successor Agency's Residual Receipts Contract Agreement RECOMMENDATION: ADOPT RESOLUTION NO. 2017-XX, A RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE APPROVING A LOW AND MODERATE INCOME SENIOR HOUSING RESIDUAL RECEIPTS SECURITY AGREEMENT AS AN ENFORCEABLE OBLIGATION DEPARTMENT: FINANCE 4. Approval of Successor Agency's Recognized Obligation Payment Schedule (ROPS) 17- 18 in the Amount of$2,925,556 RECOMMENDATION: 1. Adopt the Successor Agency's Recognized Obligation Payment Schedule (ROPS) 17-18 in the amount of$2,925,556. 2. ADOPT RESOLUTION NO. 2017-XX, A RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE APPROVING THE SUCCESSOR AGENCY'S RECOGNIZED OBLIGATION PAYMENT SCHEDULE COVERING THE PERIOD JULY 1, 2017 TO JUNE 30, 2018 (ROPS 17-18) AS REQUIRED BY HEALTH AND SAFETY CODE SECTION 34177. DEPARTMENT: FINANCE F. BOARD MEMBER REPORTS ADJOURN The Next Regular Oversight Board Meeting will be held on Wednesday, February 1, 2017 at 4:00 PM. Agenda item requests must be submitted in writing to the City Clerk's office no later than 14 calendar days preceding the meeting. City of Grand Terrace Page 2 13 2011A TABS Debt Service Reserve Reserves $ - $' -• $' - 14 2011 B TABS Debt Service Reserve Reserves E - 'S - $ - 15 Professional Services-RDA vend down Dissolution Audits $ - $ - - $ - .16 SA Legal consulting . -Admin Costs .. • $ 228,000. . •. . . .. - E $ . "447201tA',TA$B.Bon3Pro;eets:`";..:s ": ;. Professoonv/servioe4",.-.. -$..,., .. i-;$ . _. .$ $:....., .$.:: y ..;. .'.1d 201"40..TA$S Bon¢Pro{eds'Au.::: '" .,;:.;-Prafessinnel serv+c9s:':..• .§ - - $.. S ... _ $..,: ., $._ .., ,§, . .„ $ y ,. -• m "S - . - .. -.,� - $ - - •- - �20 20t1A'.TA$S Bond Projects`,3."4 .•IreprevemknVlniraitructure. .5 .$' $ - - $ - $ - $ $ ' - $ 3,212011A-TABS'Bond PrdleGe-0?:r',,, Impro3emenVlnfrasRunture $ •.S'• $ $ - $ " - $ $ $ - - "-22 2D11A.TABS Bond Projects::i"<'n.o/' . -Improvemanuinirasuuclurc';$ ' ,. $ $- $ $ - 'S $ - - - $ - -23 2011A-TABS Bond Pro/eots"- : 'improvemenMnfrastructure '$' — S $ $ b - $ $ $ - -' ;242011A TABS Band Projects- - 'Imp/aysrnenNinfrestruoture $' "- '-$ $ $ - '$ - $ $ - - - - _ $ " 252011AtTABS"Band Plojecls = "Irnprnvementilnirastn/cture '$ '-$ $ - - $ , $, - $ ' $ - "" . $ - t .29 Stater Brothers OPA;' •Busenass Incenleva '$ $ 'S $ 8 - - $ E - $ - • "30 Residual Receiojs'; , 1'' - "Mrscelianeaus $. $' • - $ .§ $ $ $ .. • . • .$ - • - .. .. 1 31 Employee Costs Admix Costs B 1,164,510 - '$ : .. - $. -- - 32 Employee Costs-PERS Admin Costs $ 349,353 - $ - $. -- 33 Employee Costs-other benefits Admin Costs $ 232,902 - $ - • $- 34 Employee Costs-Insurance;workers'compensa5on Admin Costs $ 58,235 - $ - - S"" - ' •'36 Consulting Services" '•• ' ' Admix Costs . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 1 ‘Nif CITY OF GRAND TERRACE fieP=T:'.f� OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY OF THE GRAND {1� TERRACE COMMUNITY REDEVELOPMENT AGENCY • MINUTES • SEPTEMBER 7, 2016 Council Chambers Regular Meeting 4:00 PM Grand Terrace Civic Center• 22795 Barton Road CALL TO ORDER Chair McNaboe called the Oversight Board Meeting to order at 4:00 p.m. Pledge of Allegiance was let by Chair McNaboe. ROLL CALL 0 Attendee Name 1 Title Status ! Arrived To Darcy McNaboe i Chair Presentt j. 2 Chuck Morga ; Vice Chair Present 1 a Cindy Saks _,____ i Board Member Present i a Bobbie Forbesi_Board Member Absent ! a s Lawrence P. Strong Board Member _ 1 Absent 1 __ o Adreane Freeman Management Analyst 1 Present j G. Harold Duffey _ City Manager � Present w _ N Pat Jacquez-Nares I Secretary [ resent0. Yanni Demitri _ I Public Works Director _ Present Sandra Molina Planning & Development Services Director j Present j— _Cynthia A. Fortune j Finance Director Present 1 Eric Bougie j Financial Analyst --FPresent-I A. SPECIAL PRESENTATIONS - NONE s B. PUBLIC COMMENT - NONE 46. C. APPROVAL OF MINUTES 1. Approval of Minutes - Regular Meeting - 06/15/2016 APPROVED THE MINUTES OF THE 06/15/2016 REGULAR MEETING RESULT: . APPROVED.[UNANIMOUS] MOVER: Cindy Saks, Board Member SECONDER: Chuck Morga, Vice Chair AYES: Darcy McNaboe, Chuck Morga, Cindy Saks, Adreane Freeman ABSENT: Bobbie Forbes,.Lawrence P. Strong D. UNFINISHED BUSINESS - NONE City of Grand Terrace Page 1 Packet Pg.'3 14 2011 B TABS Debt Service Reserve Reserves E - 'S - $ - 15 Professional Services-RDA vend down Dissolution Audits $ - $ - - $ - .16 SA Legal consulting . -Admin Costs .. • $ 228,000. . •. . . .. - E $ . "447201tA',TA$B.Bon3Pro;eets:`";..:s ": ;. Professoonv/servioe4",.-.. -$..,., .. i-;$ . _. .$ $:....., .$.:: y ..;. .'.1d 201"40..TA$S Bon¢Pro{eds'Au.::: '" .,;:.;-Prafessinnel serv+c9s:':..• .§ - - $.. S ... _ $..,: ., $._ .., ,§, . .„ $ y ,. -• m "S - . - .. -.,� - $ - - •- - �20 20t1A'.TA$S Bond Projects`,3."4 .•IreprevemknVlniraitructure. .5 .$' $ - - $ - $ - $ $ ' - $ 3,212011A-TABS'Bond PrdleGe-0?:r',,, Impro3emenVlnfrasRunture $ •.S'• $ $ - $ " - $ $ $ - - "-22 2D11A.TABS Bond Projects::i"<'n.o/' . -Improvemanuinirasuuclurc';$ ' ,. $ $- $ $ - 'S $ - - - $ - -23 2011A-TABS Bond Pro/eots"- : 'improvemenMnfrastructure '$' — S $ $ b - $ $ $ - -' ;242011A TABS Band Projects- - 'Imp/aysrnenNinfrestruoture $' "- '-$ $ $ - '$ - $ $ - - - - _ $ " 252011AtTABS"Band Plojecls = "Irnprnvementilnirastn/cture '$ '-$ $ - - $ , $, - $ ' $ - "" . $ - t .29 Stater Brothers OPA;' •Busenass Incenleva '$ $ 'S $ 8 - - $ E - $ - • "30 Residual Receiojs'; , 1'' - "Mrscelianeaus $. $' • - $ .§ $ $ $ .. • . • .$ - • - .. .. 1 31 Employee Costs Admix Costs B 1,164,510 - '$ : .. - $. -- - 32 Employee Costs-PERS Admin Costs $ 349,353 - $ - $. -- 33 Employee Costs-other benefits Admin Costs $ 232,902 - $ - • $- 34 Employee Costs-Insurance;workers'compensa5on Admin Costs $ 58,235 - $ - - S"" - ' •'36 Consulting Services" '•• ' ' Admix Costs . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J Minutes Oversight Board September 7, 2016 E. NEW BUSINESS 2. Approval of the Successor Agency's Amended Recognized Obligation Payment Schedule (ROPS) 16-17B in the Amount of$1,661,673 1. ADOPT THE SUCCESSOR AGENCY'S RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS) 16-17B IN THE AMOUNT OF $1,661,673. 2. ADOPT RESOLUTION NO. 2016-02, A RESOLUTION OF THE OVERSIGHT BOARD FOR CITY OF GRAND TERRACE AS SUCCESSOR AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY APPROVING AN AMENDED RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS) COVERING THE PERIOD JANUARY 1, 2017 TO JUNE 30, 2017 (ROPS 16-17B) AS REQUIRED BY HEALTH AND SAFETY CODE SECTION 34177. 9- RESULT: ' APPROVED [UNANIMOUS] To MOVER: Chuck Morga, Vice Chair o SECONDER: Adreane Freeman, Management Analyst a AYES: Darcy McNaboe, Chuck Morga, Cindy.Saks, Adreane Freeman ABSENT: Bobbie Forbes, Lawrence P. Strong 2 a F. BOARD MEMBER REPORTS Board Member Saks stated that the Water District was in the process of signing the Taxing Entities Agreement. U) ADJOURN ci d • r Chair McNaboe adjourned the Oversight Board meeting at 4:07 p.m. The Next Regular Oversight Board Meeting will be held on Wednesday, September 21, 2016 at 4:00 PM. a V d Darcy McNaboe, Chair Pat Jacquez-Nares, Secretary City of Grand Terrace Page 2 Packet,Pg.4 YES: Darcy McNaboe, Chuck Morga, Cindy Saks, Adreane Freeman ABSENT: Bobbie Forbes,.Lawrence P. Strong D. UNFINISHED BUSINESS - NONE City of Grand Terrace Page 1 Packet Pg.'3 14 2011 B TABS Debt Service Reserve Reserves E - 'S - $ - 15 Professional Services-RDA vend down Dissolution Audits $ - $ - - $ - .16 SA Legal consulting . -Admin Costs .. • $ 228,000. . •. . . .. - E $ . "447201tA',TA$B.Bon3Pro;eets:`";..:s ": ;. Professoonv/servioe4",.-.. -$..,., .. i-;$ . _. .$ $:....., .$.:: y ..;. .'.1d 201"40..TA$S Bon¢Pro{eds'Au.::: '" .,;:.;-Prafessinnel serv+c9s:':..• .§ - - $.. S ... _ $..,: ., $._ .., ,§, . .„ $ y ,. -• m "S - . - .. -.,� - $ - - •- - �20 20t1A'.TA$S Bond Projects`,3."4 .•IreprevemknVlniraitructure. .5 .$' $ - - $ - $ - $ $ ' - $ 3,212011A-TABS'Bond PrdleGe-0?:r',,, Impro3emenVlnfrasRunture $ •.S'• $ $ - $ " - $ $ $ - - "-22 2D11A.TABS Bond Projects::i"<'n.o/' . -Improvemanuinirasuuclurc';$ ' ,. $ $- $ $ - 'S $ - - - $ - -23 2011A-TABS Bond Pro/eots"- : 'improvemenMnfrastructure '$' — S $ $ b - $ $ $ - -' ;242011A TABS Band Projects- - 'Imp/aysrnenNinfrestruoture $' "- '-$ $ $ - '$ - $ $ - - - - _ $ " 252011AtTABS"Band Plojecls = "Irnprnvementilnirastn/cture '$ '-$ $ - - $ , $, - $ ' $ - "" . $ - t .29 Stater Brothers OPA;' •Busenass Incenleva '$ $ 'S $ 8 - - $ E - $ - • "30 Residual Receiojs'; , 1'' - "Mrscelianeaus $. $' • - $ .§ $ $ $ .. • . • .$ - • - .. .. 1 31 Employee Costs Admix Costs B 1,164,510 - '$ : .. - $. -- - 32 Employee Costs-PERS Admin Costs $ 349,353 - $ - $. -- 33 Employee Costs-other benefits Admin Costs $ 232,902 - $ - • $- 34 Employee Costs-Insurance;workers'compensa5on Admin Costs $ 58,235 - $ - - S"" - ' •'36 Consulting Services" '•• ' ' Admix Costs . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J ` - AGENDA REPORT MEETING DATE: January 18, 2017 Successor Agency Item TITLE: Approval of Successor Agency's SERAF Loan Repayment Schedule PRESENTED BY: Cynthia Fortune, Finance Director RECOMMENDATION: 1. Adopt the Successor Agency's Repayment Schedule for the Supplemental Educational Revenue Augmentation Fund (SERAF) Loan totaling $448,636. 2. ADOPT RESOLUTION NO. 2017-XX, A RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCESSOR AGENCY TO COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF GRAND 'TERRACE APPROVING A REPAYMENT SCHEDULE FOR THE SUPPLEMENTAL EDUCATIONAL REVENUE AUGMENTATION FUND (SERAF) LOAN. 2030 VISION STATEMENT: This staff report supports Goal #1, "Ensuring Our Fiscal Viability", through the repayment of loans and past obligations. BACKGROUND: As required by the California Budget Act of 2009, the then Community Redevelopment Agency of the City of Grand Terrace (RDA) was required to make mandated Supplemental Educational Revenue Augmentation Fund (SERAF) payments to the San Bernardino County Auditor-Controller (Auditor-Controller) in compliance with the State's Prop. 98 obligation to education. The State of California had been taking redevelopment funds since the 1990's in order to balance the state's budget. In FY 2009-10 and FY 2010-11 the State of California took $2.05 billion ($1.7 billion in 2009-10, and $350 million in 2010-11) in statewide Community Redevelopment Agency (CRA) funds. The RDA was required to make these SERAF payments by May 10th of the applicable fiscal year. According to the California Community Redevelopment Law (CRL), Health and Safety Code (HSC) Section 33000, the RDA can use any legally available funds to make the SERAF payment, including loaning funds from the Low and Moderate Income Housing Fund (LMIHF) to make these payments. In FY2010-11 the RDA had insufficient funds to make the mandated SERAF payment of $448,636; however its' LMIHF fund had sufficient resources to make the payment on behalf of the RDA. The RDA approved to establish an interest free loan between the Packet:Pg. 5 '.1d 201"40..TA$S Bon¢Pro{eds'Au.::: '" .,;:.;-Prafessinnel serv+c9s:':..• .§ - - $.. S ... _ $..,: ., $._ .., ,§, . .„ $ y ,. -• m "S - . - .. -.,� - $ - - •- - �20 20t1A'.TA$S Bond Projects`,3."4 .•IreprevemknVlniraitructure. .5 .$' $ - - $ - $ - $ $ ' - $ 3,212011A-TABS'Bond PrdleGe-0?:r',,, Impro3emenVlnfrasRunture $ •.S'• $ $ - $ " - $ $ $ - - "-22 2D11A.TABS Bond Projects::i"<'n.o/' . -Improvemanuinirasuuclurc';$ ' ,. $ $- $ $ - 'S $ - - - $ - -23 2011A-TABS Bond Pro/eots"- : 'improvemenMnfrastructure '$' — S $ $ b - $ $ $ - -' ;242011A TABS Band Projects- - 'Imp/aysrnenNinfrestruoture $' "- '-$ $ $ - '$ - $ $ - - - - _ $ " 252011AtTABS"Band Plojecls = "Irnprnvementilnirastn/cture '$ '-$ $ - - $ , $, - $ ' $ - "" . $ - t .29 Stater Brothers OPA;' •Busenass Incenleva '$ $ 'S $ 8 - - $ E - $ - • "30 Residual Receiojs'; , 1'' - "Mrscelianeaus $. $' • - $ .§ $ $ $ .. • . • .$ - • - .. .. 1 31 Employee Costs Admix Costs B 1,164,510 - '$ : .. - $. -- - 32 Employee Costs-PERS Admin Costs $ 349,353 - $ - $. -- 33 Employee Costs-other benefits Admin Costs $ 232,902 - $ - • $- 34 Employee Costs-Insurance;workers'compensa5on Admin Costs $ 58,235 - $ - - S"" - ' •'36 Consulting Services" '•• ' ' Admix Costs . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J CRA and its' LMIHF fund to pay for the SERAF payment for FY2010-11. In addition, the Auditor-Controller needed to be notified of the manner in which the Agency intended to make the SERAF payment. DISCUSSION: AB x1 26 required the dissolution of all redevelopment agencies in the state; and on January 10, 2012,' the City adopted Resolution 2012-01 electing to serve as the Successor Agency to the Grand Terrace Community Redevelopment Agency (Successor Agency) pursuant to HSC Section 34176. HSC Section 34191.4 (b) states that 1. Loan repayments shall not be made prior to the 2013-14 fiscal year; 2. Beginning in the 2013-14 fiscal year, the maximum repayment amount authorized each fiscal year for repayments shall be equal to one-half or 50% of the increase between the Recognized Obligation Payment Schedule (ROPS) residual amount distributed to the taxing entities in that fiscal year and the amount distributed to taxing entities in the 2012-13 base year; 3. The calculation of the amount distributed to taxing entities during the 2012-13 base year shall not include any amounts distributed to taxing entities pursuant to the due diligence review process. Below is a table showing the proposed repayment schedule: Supplemental Educational Revenue Augmentation Fund (SERAF) Loan Repayment Schedule Pymt Payment Beginning Scheduled Ending Principal Interest No. Date Balance Payment Balance 1 1/15/2018 $448,636 $50,000 $50,000 I $0 $398,636 2 _ 1/15/2019 398,636 50,000 50,000 1 0 348,636 3 1/15/2020 348,636 50,000 _ 50,000 0 298,636 4 1/15/2021 298,636 50,000 50,000 0 248,636 5 1/15/2022 248,636 50,000 50,000 0 198,636 6 1/15/2023 198,636 50,000 50,000 j 0 I 148,636 7 1/15/2024 I 148,636 50,000 50,000 0 98,636 8 1/16/2025 98,636 j 50,000 50,000 0 48,636 9 1/17/2026 48,636 48,636 48,636 0 0 TOTAL j $448,636 1 The Department of Finance (DOF) further requires that a resolution outlining the loan payment schedule be approved by the Successor Agency and its Oversight Board prior 'Packet`Pg:6, ..• .§ - - $.. S ... _ $..,: ., $._ .., ,§, . .„ $ y ,. -• m "S - . - .. -.,� - $ - - •- - �20 20t1A'.TA$S Bond Projects`,3."4 .•IreprevemknVlniraitructure. .5 .$' $ - - $ - $ - $ $ ' - $ 3,212011A-TABS'Bond PrdleGe-0?:r',,, Impro3emenVlnfrasRunture $ •.S'• $ $ - $ " - $ $ $ - - "-22 2D11A.TABS Bond Projects::i"<'n.o/' . -Improvemanuinirasuuclurc';$ ' ,. $ $- $ $ - 'S $ - - - $ - -23 2011A-TABS Bond Pro/eots"- : 'improvemenMnfrastructure '$' — S $ $ b - $ $ $ - -' ;242011A TABS Band Projects- - 'Imp/aysrnenNinfrestruoture $' "- '-$ $ $ - '$ - $ $ - - - - _ $ " 252011AtTABS"Band Plojecls = "Irnprnvementilnirastn/cture '$ '-$ $ - - $ , $, - $ ' $ - "" . $ - t .29 Stater Brothers OPA;' •Busenass Incenleva '$ $ 'S $ 8 - - $ E - $ - • "30 Residual Receiojs'; , 1'' - "Mrscelianeaus $. $' • - $ .§ $ $ $ .. • . • .$ - • - .. .. 1 31 Employee Costs Admix Costs B 1,164,510 - '$ : .. - $. -- - 32 Employee Costs-PERS Admin Costs $ 349,353 - $ - $. -- 33 Employee Costs-other benefits Admin Costs $ 232,902 - $ - • $- 34 Employee Costs-Insurance;workers'compensa5on Admin Costs $ 58,235 - $ - - S"" - ' •'36 Consulting Services" '•• ' ' Admix Costs . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J _2 .. to submittal to the DOF. Only after approval by the DOF of the loan payment schedule can the Successor Agency request that the loan payments be placed on the ROPS. Attached for the Oversight Board's review and approval is the Resolution outlining the loan payment schedule from the Successor Agency to the Housing Successor Agency of$448,636. FISCAL IMPACT: Based on HSC Section 34191.4 (b) (2) repayment formula mentioned above and the projected Redevelopment Property Tax Trust Fund (RPTTF) receipts provided by San Bernardino County, of the total amount of $448,636, it is estimated that sufficient funding will be available from the RPTTF to pay for the annual loan SERAF payment that will be reported on succeeding ROPS schedules until FY2026. ATTACHMENTS: • Resolution Approving SERAF Loan Repayment (DOC) APPROVALS: Cynthia A. Fortune Completed 01/06/2017 5:54 PM Finance Completed 01/06/2017 5:54 PM City Attorney Completed 01/09/2017 4:07 PM City Manager Completed 01/11/2017 11:25 AM Oversight Board Pending 01/18/2017 4:00 PM • PacketsPg.7` table showing the proposed repayment schedule: Supplemental Educational Revenue Augmentation Fund (SERAF) Loan Repayment Schedule Pymt Payment Beginning Scheduled Ending Principal Interest No. Date Balance Payment Balance 1 1/15/2018 $448,636 $50,000 $50,000 I $0 $398,636 2 _ 1/15/2019 398,636 50,000 50,000 1 0 348,636 3 1/15/2020 348,636 50,000 _ 50,000 0 298,636 4 1/15/2021 298,636 50,000 50,000 0 248,636 5 1/15/2022 248,636 50,000 50,000 0 198,636 6 1/15/2023 198,636 50,000 50,000 j 0 I 148,636 7 1/15/2024 I 148,636 50,000 50,000 0 98,636 8 1/16/2025 98,636 j 50,000 50,000 0 48,636 9 1/17/2026 48,636 48,636 48,636 0 0 TOTAL j $448,636 1 The Department of Finance (DOF) further requires that a resolution outlining the loan payment schedule be approved by the Successor Agency and its Oversight Board prior 'Packet`Pg:6, ..• .§ - - $.. S ... _ $..,: ., $._ .., ,§, . .„ $ y ,. -• m "S - . - .. -.,� - $ - - •- - �20 20t1A'.TA$S Bond Projects`,3."4 .•IreprevemknVlniraitructure. .5 .$' $ - - $ - $ - $ $ ' - $ 3,212011A-TABS'Bond PrdleGe-0?:r',,, Impro3emenVlnfrasRunture $ •.S'• $ $ - $ " - $ $ $ - - "-22 2D11A.TABS Bond Projects::i"<'n.o/' . -Improvemanuinirasuuclurc';$ ' ,. $ $- $ $ - 'S $ - - - $ - -23 2011A-TABS Bond Pro/eots"- : 'improvemenMnfrastructure '$' — S $ $ b - $ $ $ - -' ;242011A TABS Band Projects- - 'Imp/aysrnenNinfrestruoture $' "- '-$ $ $ - '$ - $ $ - - - - _ $ " 252011AtTABS"Band Plojecls = "Irnprnvementilnirastn/cture '$ '-$ $ - - $ , $, - $ ' $ - "" . $ - t .29 Stater Brothers OPA;' •Busenass Incenleva '$ $ 'S $ 8 - - $ E - $ - • "30 Residual Receiojs'; , 1'' - "Mrscelianeaus $. $' • - $ .§ $ $ $ .. • . • .$ - • - .. .. 1 31 Employee Costs Admix Costs B 1,164,510 - '$ : .. - $. -- - 32 Employee Costs-PERS Admin Costs $ 349,353 - $ - $. -- 33 Employee Costs-other benefits Admin Costs $ 232,902 - $ - • $- 34 Employee Costs-Insurance;workers'compensa5on Admin Costs $ 58,235 - $ - - S"" - ' •'36 Consulting Services" '•• ' ' Admix Costs . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J ' 2.a RESOLUTION NO. 2017- A RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCESSOR AGENCY TO COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE APPROVING A REPAYMENT SCHEDULE FOR .c THE SUPPLEMENTAL EDUCATIONAL REVENUE AUGMENTATION rn LOAN E WHEREAS, AB x1 26 required the dissolution of all redevelopment agencies in Q the state; and re WHEREAS, on January 10, 2012, the City adopted Resolution 2012-01 electing u. to serve as the Successor Agency to the Grand Terrace Community Redevelopment Agency ("Successor Agency") pursuant to HSC Section 34176; and tll WHEREAS, Health and Safety Code Sections 34171(d)(1)(G) and 34176(e), requires repayment of the Supplemental Educational Revenue Augmentation Fundcp (SERAF) loan; and WHEREAS, the Community Redevelopment Agency of the City of Grand Terrace borrowed $448,636 from the low and moderate income housing fund to make the SERAF payment (the "SERAF Loan"); and N WHEREAS, since Community Redevelopment Agency of the City of Grand N Terrace had not repaid the SERAF Loan prior to its dissolution, the SERAF loan is an enforceable obligation that the Successor Agency is required to repay to the Housing Authority of the City of Grand Terrace, which is serving as the housing successor agency; and cc WHEREAS, since the Successor Agency received its Finding of Completion from c the Department of Finance on May 9, 2013, per Health and Safety Code Section —J 34191.4 (b), repayment of the SERAF Loan to the housing authority is permitted, subject to approval by the Oversight Board of the repayment schedule; and co WHEREAS, Health and Safety Code Section 34191.4 (b) law limits the loan repayment amount to one-half of the increase between the amount distributed to the Q. taxing entities in the FY2012-13 base year versus the amount distributed to taxing a entities in FY2013-14 and each subsequent fiscal year; and o r WHEREAS, on January 10, 2017, the SERAF Loan Repayment Schedule was reviewed and approved by the City of Grand Terrace as Successor Agency to the Community Redevelopment Agency; and E d E 0 Packet Pg.8 - $ - - •- - �20 20t1A'.TA$S Bond Projects`,3."4 .•IreprevemknVlniraitructure. .5 .$' $ - - $ - $ - $ $ ' - $ 3,212011A-TABS'Bond PrdleGe-0?:r',,, Impro3emenVlnfrasRunture $ •.S'• $ $ - $ " - $ $ $ - - "-22 2D11A.TABS Bond Projects::i"<'n.o/' . -Improvemanuinirasuuclurc';$ ' ,. $ $- $ $ - 'S $ - - - $ - -23 2011A-TABS Bond Pro/eots"- : 'improvemenMnfrastructure '$' — S $ $ b - $ $ $ - -' ;242011A TABS Band Projects- - 'Imp/aysrnenNinfrestruoture $' "- '-$ $ $ - '$ - $ $ - - - - _ $ " 252011AtTABS"Band Plojecls = "Irnprnvementilnirastn/cture '$ '-$ $ - - $ , $, - $ ' $ - "" . $ - t .29 Stater Brothers OPA;' •Busenass Incenleva '$ $ 'S $ 8 - - $ E - $ - • "30 Residual Receiojs'; , 1'' - "Mrscelianeaus $. $' • - $ .§ $ $ $ .. • . • .$ - • - .. .. 1 31 Employee Costs Admix Costs B 1,164,510 - '$ : .. - $. -- - 32 Employee Costs-PERS Admin Costs $ 349,353 - $ - $. -- 33 Employee Costs-other benefits Admin Costs $ 232,902 - $ - • $- 34 Employee Costs-Insurance;workers'compensa5on Admin Costs $ 58,235 - $ - - S"" - ' •'36 Consulting Services" '•• ' ' Admix Costs . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J • 2.a, WHEREAS, the Oversight Board for the Successor Agency to the Community Redevelopment Agency (Oversight Board) of the City of Grand Terrace has met on January 18, 2017 and duly considered the SERAF Loan Repayment Schedule. Tu- a, NOW THEREFORE, THE OVERSIGHT BOARD DOES RESOLVE, cn DETERMINE, FIND AND ORDER AS FOLLOWS: E' E SECTION 1. The Oversight Board finds that the above recitations are true and a correct and, accordingly, are incorporated as a material part of this Resolution. cc SECTION 2. The Oversight Board finds that the SERAF Loan Repayment Schedule is true and correct and, accordingly, is hereby considered an enforceable u. obligation. U) N SECTION 3. Pursuant to HSC Section 34177, the SERAF Loan Repayment Schedule, incorporated herein as Attachment A, is hereby approved and adopted in substantially the same form as shown in Attachment A by the Oversight Board. L 8 SECTION 4. The Executive Director is hereby authorized to make such non- substantive changes and adjustments to the SERAF Loan Repayment Schedule, as 0 attached, which may be necessary and appropriate. SECTION 5. The Executive Director is hereby directed to take all necessary and appropriate acts to submit the SERAF Loan Repayment Schedule to the California Department of Finance, State Controller's Office, San Bernardino County Auditor- Controller, and any other agency by February 1, 2017. The Executive Director is further authorized to perform all acts necessary and appropriate which may be required by the California Health & Safety Code. This includes, but is not limited to the requirements set forth by the California Department of Finance, the San Bernardino County Auditor- 0 Controller, or any other applicable agency. u. SECTION .6. The Oversight Board Secretary shall certify to the adoption of this Resolution. a, 0. PASSED APPROVED AND ADOPTED this 18th day of January, 2017 by the following Q vote: 0 AYES: a, NOES: a, E ABSENT: ABSTAIN: Packet'Pg.9 0 Packet Pg.8 - $ - - •- - �20 20t1A'.TA$S Bond Projects`,3."4 .•IreprevemknVlniraitructure. .5 .$' $ - - $ - $ - $ $ ' - $ 3,212011A-TABS'Bond PrdleGe-0?:r',,, Impro3emenVlnfrasRunture $ •.S'• $ $ - $ " - $ $ $ - - "-22 2D11A.TABS Bond Projects::i"<'n.o/' . -Improvemanuinirasuuclurc';$ ' ,. $ $- $ $ - 'S $ - - - $ - -23 2011A-TABS Bond Pro/eots"- : 'improvemenMnfrastructure '$' — S $ $ b - $ $ $ - -' ;242011A TABS Band Projects- - 'Imp/aysrnenNinfrestruoture $' "- '-$ $ $ - '$ - $ $ - - - - _ $ " 252011AtTABS"Band Plojecls = "Irnprnvementilnirastn/cture '$ '-$ $ - - $ , $, - $ ' $ - "" . $ - t .29 Stater Brothers OPA;' •Busenass Incenleva '$ $ 'S $ 8 - - $ E - $ - • "30 Residual Receiojs'; , 1'' - "Mrscelianeaus $. $' • - $ .§ $ $ $ .. • . • .$ - • - .. .. 1 31 Employee Costs Admix Costs B 1,164,510 - '$ : .. - $. -- - 32 Employee Costs-PERS Admin Costs $ 349,353 - $ - $. -- 33 Employee Costs-other benefits Admin Costs $ 232,902 - $ - • $- 34 Employee Costs-Insurance;workers'compensa5on Admin Costs $ 58,235 - $ - - S"" - ' •'36 Consulting Services" '•• ' ' Admix Costs . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 2:a Darcy McNaboe, Oversight Board Chair 3 a) 0 ATTEST: E co c. a) Pat Jacques-Nares, • Oversight Board Secretary cc 7 N O. cc W a1 O L Q. O co a) it . E co w a Packet.Pg:`10 . Packetft,T` eeting. . City of Grand Terrace Page 2 Attachment A a,E co co 0. SUCESSOR AGENCY TO THE re COMMUNITY REDEVELOPMENT AGENCY c OF THE CITY OF GRAND TERRACE U. Supplemental Educational Revenue Augmentation Fund (SERAF) g Loan Repayment Schedule n in u Pymt. Payment i Beginning ; Scheduled Ending I o 0) • Interest a No. Date Balance i Principal Payment I Balance `o cn 1 1/15/2018 $448,636 1 $50,000 $50,000 $0 $398,636 0 2 1/15/2019 398,636 1 50,000 50,0001 0 348;636I N 3 1/15/2020 348,636 ' 50,000 50,000 1 0 298,636 o 4 1/15/2021 298,636 1 50,000 50,000 0 ( 248,636 1 5 1/15/2022 248,636 ; 50,000 i 50,000 0 I 198,636 1 E 6 1/15/2023 i 198,636 1 50,000 50,000 0 148,636 al › i t i a 7 1/15/2024 148,636 i 50,000 50,000 0 ' 98,636 ' cc 8 1/16/2025 98,636 ' 50,000 50,000 0 48,636 I 0 9 1/17/2026 I 48,636 48,636 48,636 0 0 I `� TOTAL $448,636 N rn c 2 a a a c o• r 0 • re c E a) s v 2 r Q Packet Pg-11 plicable agency. u. SECTION .6. The Oversight Board Secretary shall certify to the adoption of this Resolution. a, 0. PASSED APPROVED AND ADOPTED this 18th day of January, 2017 by the following Q vote: 0 AYES: a, NOES: a, E ABSENT: ABSTAIN: Packet'Pg.9 0 Packet Pg.8 - $ - - •- - �20 20t1A'.TA$S Bond Projects`,3."4 .•IreprevemknVlniraitructure. .5 .$' $ - - $ - $ - $ $ ' - $ 3,212011A-TABS'Bond PrdleGe-0?:r',,, Impro3emenVlnfrasRunture $ •.S'• $ $ - $ " - $ $ $ - - "-22 2D11A.TABS Bond Projects::i"<'n.o/' . -Improvemanuinirasuuclurc';$ ' ,. $ $- $ $ - 'S $ - - - $ - -23 2011A-TABS Bond Pro/eots"- : 'improvemenMnfrastructure '$' — S $ $ b - $ $ $ - -' ;242011A TABS Band Projects- - 'Imp/aysrnenNinfrestruoture $' "- '-$ $ $ - '$ - $ $ - - - - _ $ " 252011AtTABS"Band Plojecls = "Irnprnvementilnirastn/cture '$ '-$ $ - - $ , $, - $ ' $ - "" . $ - t .29 Stater Brothers OPA;' •Busenass Incenleva '$ $ 'S $ 8 - - $ E - $ - • "30 Residual Receiojs'; , 1'' - "Mrscelianeaus $. $' • - $ .§ $ $ $ .. • . • .$ - • - .. .. 1 31 Employee Costs Admix Costs B 1,164,510 - '$ : .. - $. -- - 32 Employee Costs-PERS Admin Costs $ 349,353 - $ - $. -- 33 Employee Costs-other benefits Admin Costs $ 232,902 - $ - • $- 34 Employee Costs-Insurance;workers'compensa5on Admin Costs $ 58,235 - $ - - S"" - ' •'36 Consulting Services" '•• ' ' Admix Costs . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3 . czzo -- AGENDA REPORT MEETING DATE: January 18, 2017 Successor Agency Item TITLE: Approval of Successor Agency's Residual Receipts Contract Agreement PRESENTED BY: Cynthia Fortune, Finance Director RECOMMENDATION: ADOPT RESOLUTION NO. 2017-XX, A RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCESSOR AGENCY TO COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE APPROVING A LOW AND MODERATE INCOME SENIOR HOUSING RESIDUAL RECEIPTS SECURITY AGREEMENT AS AN ENFORCEABLE OBLIGATION 2030 VISION STATEMENT: This staff report supports Goal #1, "Ensuring Our Fiscal Viability", through the repayment of loans and past obligations. BACKGROUND: In September 22, 2005, the City entered into a Ground Lease Agreement with the Corporation for Better Housing (CBH) to develop affordable housing for Seniors. The scope of the project included the development and operation on the property of: 1. A (One Hundred-Twenty) 120-unit Senior Housing project; 2. A Community Center(approximately 6,500 sq. ft.); and 3. A landscaped open area, park (approximately four(4) acres). The total project cost was originally estimated at $19.2m with the then Community Redevelopment Agency of the City of Grand Terrace (RDA) providing roughly $8.4m in redevelopment project funds. As shown in the table below, actual costs incurred for the development of the project totaled: Description j Amount Low Income Housing Tax Credits $6,084,710 Long-Term Note Payable 5,745,000 Federal Home Loan 972,000 Redevelopment funds 8,848,381 TOTAL $21,650,091 Packet:Pg. 12 v 2 r Q Packet Pg-11 plicable agency. u. SECTION .6. The Oversight Board Secretary shall certify to the adoption of this Resolution. a, 0. PASSED APPROVED AND ADOPTED this 18th day of January, 2017 by the following Q vote: 0 AYES: a, NOES: a, E ABSENT: ABSTAIN: Packet'Pg.9 0 Packet Pg.8 - $ - - •- - �20 20t1A'.TA$S Bond Projects`,3."4 .•IreprevemknVlniraitructure. .5 .$' $ - - $ - $ - $ $ ' - $ 3,212011A-TABS'Bond PrdleGe-0?:r',,, Impro3emenVlnfrasRunture $ •.S'• $ $ - $ " - $ $ $ - - "-22 2D11A.TABS Bond Projects::i"<'n.o/' . -Improvemanuinirasuuclurc';$ ' ,. $ $- $ $ - 'S $ - - - $ - -23 2011A-TABS Bond Pro/eots"- : 'improvemenMnfrastructure '$' — S $ $ b - $ $ $ - -' ;242011A TABS Band Projects- - 'Imp/aysrnenNinfrestruoture $' "- '-$ $ $ - '$ - $ $ - - - - _ $ " 252011AtTABS"Band Plojecls = "Irnprnvementilnirastn/cture '$ '-$ $ - - $ , $, - $ ' $ - "" . $ - t .29 Stater Brothers OPA;' •Busenass Incenleva '$ $ 'S $ 8 - - $ E - $ - • "30 Residual Receiojs'; , 1'' - "Mrscelianeaus $. $' • - $ .§ $ $ $ .. • . • .$ - • - .. .. 1 31 Employee Costs Admix Costs B 1,164,510 - '$ : .. - $. -- - 32 Employee Costs-PERS Admin Costs $ 349,353 - $ - $. -- 33 Employee Costs-other benefits Admin Costs $ 232,902 - $ - • $- 34 Employee Costs-Insurance;workers'compensa5on Admin Costs $ 58,235 - $ - - S"" - ' •'36 Consulting Services" '•• ' ' Admix Costs . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J , 3. The Ground Lease agreement was for the lease of the property located at 22627 Grand Terrace Road for$1 per year for a period of 65 years. Subsequent to the Ground Lease, several more agreements were entered into in order to effectuate the provisions of the Housing Element of the General Plan by providing low and moderate income multi-family residential rental housing for Seniors: 1. A Regulatory Agreement between the City, RDA & CBH, dated 10-27-2005: This agreement authorized the use of RDA funds for the senior housing project totaling $8.4m; 2. An Assignment & Assumption Agreement between the City, RDA & CBH, dated 01-17-2006: This agreements assigned CBH's responsibility to the partnership — "22645 Grand Terrace Road, LP;" 3. A 1st Amendment to the Ground Lease between the City, RDA & 22645 Grand Terrace Road, LP (formerly CBH) dated 08-01-2008: This amendment authorized an additional $448,381 in RDA funds for the project; and 4. A Low & Moderate Income Senior Housing Residual Receipts Security Agreement between the City and RDA dated 02-24-2009. DISCUSSION: REGULATORY AGREEMENT The Regulatory Agreement stated that the Corporation for Better Housing (CBH) shall remit to the City residual receipts derived from operating the senior rental housing units. Residual Receipts as defined in the Ground Lease are: Residual Receipts for a particular Lease Year means Gross Revenues for the corresponding Lease Year less: • Debt Service payments made during such Lease Year on the Construction Loan or the Permanent Loan, including payments under escrow and reserve provisions thereunder in amounts not in excess of the amounts due and payable during such month or year (and not including prepayments), and • The sum of Operating Expenses and, to the extent funded, Chargeable Fees and Reserves made during the corresponding Lease Year. All calculations of Residual Receipts shall be made annually, on or before May 1 for the preceding Lease Year, and the components thereof shall be subject to verification and approval, on an annual basis, based upon conformity with the terms of the Lease, by the City and/or RDA. Packet Pg. 13 vote: 0 AYES: a, NOES: a, E ABSENT: ABSTAIN: Packet'Pg.9 0 Packet Pg.8 - $ - - •- - �20 20t1A'.TA$S Bond Projects`,3."4 .•IreprevemknVlniraitructure. .5 .$' $ - - $ - $ - $ $ ' - $ 3,212011A-TABS'Bond PrdleGe-0?:r',,, Impro3emenVlnfrasRunture $ •.S'• $ $ - $ " - $ $ $ - - "-22 2D11A.TABS Bond Projects::i"<'n.o/' . -Improvemanuinirasuuclurc';$ ' ,. $ $- $ $ - 'S $ - - - $ - -23 2011A-TABS Bond Pro/eots"- : 'improvemenMnfrastructure '$' — S $ $ b - $ $ $ - -' ;242011A TABS Band Projects- - 'Imp/aysrnenNinfrestruoture $' "- '-$ $ $ - '$ - $ $ - - - - _ $ " 252011AtTABS"Band Plojecls = "Irnprnvementilnirastn/cture '$ '-$ $ - - $ , $, - $ ' $ - "" . $ - t .29 Stater Brothers OPA;' •Busenass Incenleva '$ $ 'S $ 8 - - $ E - $ - • "30 Residual Receiojs'; , 1'' - "Mrscelianeaus $. $' • - $ .§ $ $ $ .. • . • .$ - • - .. .. 1 31 Employee Costs Admix Costs B 1,164,510 - '$ : .. - $. -- - 32 Employee Costs-PERS Admin Costs $ 349,353 - $ - $. -- 33 Employee Costs-other benefits Admin Costs $ 232,902 - $ - • $- 34 Employee Costs-Insurance;workers'compensa5on Admin Costs $ 58,235 - $ - - S"" - ' •'36 Consulting Services" '•• ' ' Admix Costs . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J Since the Blue Mountain Senior Villas and the Senior Center have opened, the City has only received one Residential Receipts check for $8,188. This was received on August 25, 2016. LOW & MODERATE INCOME SR. HOUSING RESIDUAL RECEIPTS AGREEMENT As consideration for the performance of the City's obligation under the Ground lease and the Regulatory Agreement on behalf of the RDA, the City and RDA entered into a Low & Moderate Income Senior Housing Residual Receipts Security Agreement to compensate the City for said.performance under both the Ground Lease and Regulatory Agreement. The agreement states that the RDA was to pay the City annually an amount not to exceed $300,000 as security for the City's.Residual Receipts. AB x1 26 required the dissolution of all redevelopment agencies in the state; and on January 10, 2012, the City adopted Resolution 2012-01 electing to serve as the Successor Agency to the Grand Terrace Community Redevelopment Agency (Successor Agency) pursuant to HSC Section 34176. Successor Agencies were required submit a Recognized Obligation Payment Schedule (ROPS) covering each six-month period, following review and approval of the ROPS by their respective Oversight Boards. The Successor Agency submitted 6-month ROPS (ROPS III) to the California Department of Finance (DOF) for the January through June 2013 period which included the request that the City be the $300,000 annual amount stated on the Residual Receipts Agreement. The Department of Finance denied the request stating: • All agreements between the City that created the RDA & the former RDA are not enforceable unless said agreements were entered into within the 1st 2 years of the date of the creation of the RDA; and • This shall remain the case until and unless a Finding of Completion is issued by the Department of Finance and • The Successor Agency's Oversight Board makes a finding that the loan was for legitimate redevelopment purposes. Since then, the Department of Finance issued their Finding of Completion on May 9, 2013. In addition, HSC Section 34191.4 (b) (2) (A) states that loan repayments shall not be made prior to the 2013-14 fiscal year. Although the Low & Moderate Income Senior Housing Residual Receipts Security Agreement is attached as part of the Resolution, staff has also attached the following documents for Oversight Board's Review: 1. Ground Lease 2. Regulatory Agreement 3. Assignment &Assumption Agreement Packet-Pg: 14 .$' $ - - $ - $ - $ $ ' - $ 3,212011A-TABS'Bond PrdleGe-0?:r',,, Impro3emenVlnfrasRunture $ •.S'• $ $ - $ " - $ $ $ - - "-22 2D11A.TABS Bond Projects::i"<'n.o/' . -Improvemanuinirasuuclurc';$ ' ,. $ $- $ $ - 'S $ - - - $ - -23 2011A-TABS Bond Pro/eots"- : 'improvemenMnfrastructure '$' — S $ $ b - $ $ $ - -' ;242011A TABS Band Projects- - 'Imp/aysrnenNinfrestruoture $' "- '-$ $ $ - '$ - $ $ - - - - _ $ " 252011AtTABS"Band Plojecls = "Irnprnvementilnirastn/cture '$ '-$ $ - - $ , $, - $ ' $ - "" . $ - t .29 Stater Brothers OPA;' •Busenass Incenleva '$ $ 'S $ 8 - - $ E - $ - • "30 Residual Receiojs'; , 1'' - "Mrscelianeaus $. $' • - $ .§ $ $ $ .. • . • .$ - • - .. .. 1 31 Employee Costs Admix Costs B 1,164,510 - '$ : .. - $. -- - 32 Employee Costs-PERS Admin Costs $ 349,353 - $ - $. -- 33 Employee Costs-other benefits Admin Costs $ 232,902 - $ - • $- 34 Employee Costs-Insurance;workers'compensa5on Admin Costs $ 58,235 - $ - - S"" - ' •'36 Consulting Services" '•• ' ' Admix Costs . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 4. 1st Amendment to the Ground Lease - FISCAL IMPACT: Staff is recommending that the Oversight Board: 1. Adopt the Resolution approving the Low & Moderate Income Senior Housing Residual Receipts Security Agreement as an enforceable obligation. After approval by the Board, it will be sent to the Department of Finance by February 1, 2017 for their approval. ATTACHMENTS: • Resolution Approving Residual Receipt Agreement (DOC) • 5_Residual Receipts Security Agreement 02-24-2009 (PDF) • 1_Ground Lease 09-22-2005 (PDF) • 2_Regulatory Agreement 10-27-2005 (PDF) • 3_Assignment and Assumption Agreement 01-17-2006 (PDF) • 4_1St Amendment to Ground Lease 08-01-2008 (PDF) APPROVALS: Cynthia A. Fortune Completed 01/06/2017 6:13 PM Finance Completed 01/06/2017 6:13 PM City Attorney Completed 01/09/2017 4:07 PM City Manager Completed 01/11/2017 11:24 AM Oversight Board Pending 01/18/2017 4:00 PM Packet Pg:15 Agencies were required submit a Recognized Obligation Payment Schedule (ROPS) covering each six-month period, following review and approval of the ROPS by their respective Oversight Boards. The Successor Agency submitted 6-month ROPS (ROPS III) to the California Department of Finance (DOF) for the January through June 2013 period which included the request that the City be the $300,000 annual amount stated on the Residual Receipts Agreement. The Department of Finance denied the request stating: • All agreements between the City that created the RDA & the former RDA are not enforceable unless said agreements were entered into within the 1st 2 years of the date of the creation of the RDA; and • This shall remain the case until and unless a Finding of Completion is issued by the Department of Finance and • The Successor Agency's Oversight Board makes a finding that the loan was for legitimate redevelopment purposes. Since then, the Department of Finance issued their Finding of Completion on May 9, 2013. In addition, HSC Section 34191.4 (b) (2) (A) states that loan repayments shall not be made prior to the 2013-14 fiscal year. Although the Low & Moderate Income Senior Housing Residual Receipts Security Agreement is attached as part of the Resolution, staff has also attached the following documents for Oversight Board's Review: 1. Ground Lease 2. Regulatory Agreement 3. Assignment &Assumption Agreement Packet-Pg: 14 .$' $ - - $ - $ - $ $ ' - $ 3,212011A-TABS'Bond PrdleGe-0?:r',,, Impro3emenVlnfrasRunture $ •.S'• $ $ - $ " - $ $ $ - - "-22 2D11A.TABS Bond Projects::i"<'n.o/' . -Improvemanuinirasuuclurc';$ ' ,. $ $- $ $ - 'S $ - - - $ - -23 2011A-TABS Bond Pro/eots"- : 'improvemenMnfrastructure '$' — S $ $ b - $ $ $ - -' ;242011A TABS Band Projects- - 'Imp/aysrnenNinfrestruoture $' "- '-$ $ $ - '$ - $ $ - - - - _ $ " 252011AtTABS"Band Plojecls = "Irnprnvementilnirastn/cture '$ '-$ $ - - $ , $, - $ ' $ - "" . $ - t .29 Stater Brothers OPA;' •Busenass Incenleva '$ $ 'S $ 8 - - $ E - $ - • "30 Residual Receiojs'; , 1'' - "Mrscelianeaus $. $' • - $ .§ $ $ $ .. • . • .$ - • - .. .. 1 31 Employee Costs Admix Costs B 1,164,510 - '$ : .. - $. -- - 32 Employee Costs-PERS Admin Costs $ 349,353 - $ - $. -- 33 Employee Costs-other benefits Admin Costs $ 232,902 - $ - • $- 34 Employee Costs-Insurance;workers'compensa5on Admin Costs $ 58,235 - $ - - S"" - ' •'36 Consulting Services" '•• ' ' Admix Costs . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.a RESOLUTION NO. 2017- 4- A RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCESSOR E AGENCY TO COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE APPROVING A LOW AND MODERATE a INCOME SENIOR HOUSING RESIDUAL RECEIPTS SECURITY AGREEMENT AS AN ENFORCEABLE OBLIGATION 0 v 0. WHEREAS, the City of Grand Terrace ("City") entered into a Ground Lease, dated September 22, 2005, a Regulatory Agreement, dated October 27, 2005, an re Assignment and Assumption Agreement dated January 17, 2006, and a First 7,3 Amendment to the Ground Lease, dated August 1, 2008, with the former Community Redevelopment Agency of the City of Grand Terrace ("Agency") and the Corporation for Better Housing a non-profit affordable development corporation ("Corporation") for the development of a senior housing development; and WHEREAS, the Agency also entered into a Low and Moderate Income Senior Housing Residual Receipts Security Agreement ("Secur,ity Agreement") with the City on o February 24, 2009; and CD 0 WHEREAS, the City and Agency entered into these agreements to effectuate the c'n Redevelopment Plan and Housing Element; and o WHEREAS, under this set of agreements the City leased land to Corporation in consideration of one dollar ($1.00) annual rent and receipt of residual receipt payments; and a, L WHEREAS, the Security Agreement the Agency agreed to secure to the City the amounts owed to City so that low and moderate income housing could continue to be 6 provided by Corporation in the Redevelopment Project Area and redevelopment goals 0 re cold be met; and WHEREAS, without the Security Agreement, the provision of low and moderate income housing is jeopardized in addition to affecting third party rights. 0 L WHEREAS, AB x1 26 required the dissolution of all redevelopment agencies in a the state; and 0 r WHEREAS, on January 10, 2012, the City adopted Resolution 2012-01 electing to serve as the Successor Agency to the Grand Terrace Community Redevelopment Agency ("Successor Agency") pursuant to HSC Section 34176; and c WHEREAS, the Oversight Board for the Successor Agency to the Community Redevelopment Agency ("Oversight Board") finds that the Security Agreement is part of a Packet Pg. 16 $ - $ " - $ $ $ - - "-22 2D11A.TABS Bond Projects::i"<'n.o/' . -Improvemanuinirasuuclurc';$ ' ,. $ $- $ $ - 'S $ - - - $ - -23 2011A-TABS Bond Pro/eots"- : 'improvemenMnfrastructure '$' — S $ $ b - $ $ $ - -' ;242011A TABS Band Projects- - 'Imp/aysrnenNinfrestruoture $' "- '-$ $ $ - '$ - $ $ - - - - _ $ " 252011AtTABS"Band Plojecls = "Irnprnvementilnirastn/cture '$ '-$ $ - - $ , $, - $ ' $ - "" . $ - t .29 Stater Brothers OPA;' •Busenass Incenleva '$ $ 'S $ 8 - - $ E - $ - • "30 Residual Receiojs'; , 1'' - "Mrscelianeaus $. $' • - $ .§ $ $ $ .. • . • .$ - • - .. .. 1 31 Employee Costs Admix Costs B 1,164,510 - '$ : .. - $. -- - 32 Employee Costs-PERS Admin Costs $ 349,353 - $ - $. -- 33 Employee Costs-other benefits Admin Costs $ 232,902 - $ - • $- 34 Employee Costs-Insurance;workers'compensa5on Admin Costs $ 58,235 - $ - - S"" - ' •'36 Consulting Services" '•• ' ' Admix Costs . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.a. a set of agreements for the provision of housing, was properly authorized in compliance with Community Redevelopment Law, and serves a legitimate redevelopment purposes; and E a) a) WHEREAS, the Oversight Board finds that the Security Agreement is an a enforceable obligation and annual payments of $300,000 should be repaid to the City, subject to approval by the Oversight Board and the Department of Finance; and 0 WHEREAS, the Department of Finance, on their Determination Letter dated October 19, 2012, stated that the agreements between the City and former Redevelopment Agency may take effect after a Finding of Completion is issued and that cc the Oversight Board makes a finding that the amount was for legitimate redevelopment purposes; 3 N WHEREAS, the Successor Agency received its Finding of Completion from the Department of Finance on May 9, 2013; and WHEREAS, on January 10, 2017, the annual $300,000 Residual Receipt repayment to the City was reviewed and,approved by the Successor Agency; and `o WHEREAS, the Oversight Board has met on January 18, 2017 and duly 8 considered the annual $300,000 Residual Receipt repayment to the City. co 0 NOW THEREFORE, THE OVERSIGHT BOARD FOR THE SUCESSOR AGENCY TO COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE DOES RESOLVE, DETERMINE, FIND AND ORDER AS FOLLOWS: SECTION 1. The Oversight Board finds that the above recitations are true and a re correct and, accordingly, are incorporated as a material part of this Resolution. SECTION 2. The Oversight Board finds that the annual $300,000 Residual To m Receipt Repayment is true and correct and, accordingly, is hereby considered an enforceable obligation. co SECTION 3. Pursuant to HSC Section 34177, the Low and Moderate Income Senior Housing Residual Receipts Security Agreement, incorporated herein as 2 Attachment A, is hereby approved as an enforceable obligation in substantially the a same form as shown in Attachment A by the Oversight Board. 0 SECTION 4. The Executive Director is hereby directed to take all necessary and appropriate acts to submit the Low and Moderate Income Senior Housing Residualre Receipts Security Agreement to the California Department of Finance, State Controller's Office, San Bernardino County Auditor-Controller, and any other agency by February 1, 2017. The Executive Director is further authorized to perform all acts necessary and appropriate which may be required by the California Health & Safety Code. This a Packet Pg. 17 - 2 $ $ - -' ;242011A TABS Band Projects- - 'Imp/aysrnenNinfrestruoture $' "- '-$ $ $ - '$ - $ $ - - - - _ $ " 252011AtTABS"Band Plojecls = "Irnprnvementilnirastn/cture '$ '-$ $ - - $ , $, - $ ' $ - "" . $ - t .29 Stater Brothers OPA;' •Busenass Incenleva '$ $ 'S $ 8 - - $ E - $ - • "30 Residual Receiojs'; , 1'' - "Mrscelianeaus $. $' • - $ .§ $ $ $ .. • . • .$ - • - .. .. 1 31 Employee Costs Admix Costs B 1,164,510 - '$ : .. - $. -- - 32 Employee Costs-PERS Admin Costs $ 349,353 - $ - $. -- 33 Employee Costs-other benefits Admin Costs $ 232,902 - $ - • $- 34 Employee Costs-Insurance;workers'compensa5on Admin Costs $ 58,235 - $ - - S"" - ' •'36 Consulting Services" '•• ' ' Admix Costs . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.a includes, but is not limited to the requirements set forth by the California Department of Finance, the San Bernardino County Auditor-Controller, or any other applicable agency. E E SECTION 5. The Oversight Board Secretary shall certify to the adoption of this Resolution. a r PASSED APPROVED AND ADOPTED this 18th day of January, 2017 by the following 0 vote: a. C, AYES: • NOES: ABSENT: ABSTAIN: 0) Darcy McNaboe d Oversight Board Chair 8 ATTEST: 0 N w Pat Jacques-Nares Oversight Board Secretary r a C a, re o 0 y d 8) .; • O L Q. O. O r O O: r+ C 41 E V lC Packet;Pg. 18 ' I Y REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE DOES RESOLVE, DETERMINE, FIND AND ORDER AS FOLLOWS: SECTION 1. The Oversight Board finds that the above recitations are true and a re correct and, accordingly, are incorporated as a material part of this Resolution. SECTION 2. The Oversight Board finds that the annual $300,000 Residual To m Receipt Repayment is true and correct and, accordingly, is hereby considered an enforceable obligation. co SECTION 3. Pursuant to HSC Section 34177, the Low and Moderate Income Senior Housing Residual Receipts Security Agreement, incorporated herein as 2 Attachment A, is hereby approved as an enforceable obligation in substantially the a same form as shown in Attachment A by the Oversight Board. 0 SECTION 4. The Executive Director is hereby directed to take all necessary and appropriate acts to submit the Low and Moderate Income Senior Housing Residualre Receipts Security Agreement to the California Department of Finance, State Controller's Office, San Bernardino County Auditor-Controller, and any other agency by February 1, 2017. The Executive Director is further authorized to perform all acts necessary and appropriate which may be required by the California Health & Safety Code. This a Packet Pg. 17 - 2 $ $ - -' ;242011A TABS Band Projects- - 'Imp/aysrnenNinfrestruoture $' "- '-$ $ $ - '$ - $ $ - - - - _ $ " 252011AtTABS"Band Plojecls = "Irnprnvementilnirastn/cture '$ '-$ $ - - $ , $, - $ ' $ - "" . $ - t .29 Stater Brothers OPA;' •Busenass Incenleva '$ $ 'S $ 8 - - $ E - $ - • "30 Residual Receiojs'; , 1'' - "Mrscelianeaus $. $' • - $ .§ $ $ $ .. • . • .$ - • - .. .. 1 31 Employee Costs Admix Costs B 1,164,510 - '$ : .. - $. -- - 32 Employee Costs-PERS Admin Costs $ 349,353 - $ - $. -- 33 Employee Costs-other benefits Admin Costs $ 232,902 - $ - • $- 34 Employee Costs-Insurance;workers'compensa5on Admin Costs $ 58,235 - $ - - S"" - ' •'36 Consulting Services" '•• ' ' Admix Costs . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.a d E m m L C) r C.) C 0 U N O. C, V d Ce ra Attachment A N d N V C d 0) SUCESSOR AGENCY TO THE Lo COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE Low and Moderate Income Senior Housing Residual Receipts Security Agreement 0 c cc d a Nd Li. O L Q. Q 3 - 41 Packet Pg. 19 O r O O: r+ C 41 E V lC Packet;Pg. 18 ' I Y REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE DOES RESOLVE, DETERMINE, FIND AND ORDER AS FOLLOWS: SECTION 1. The Oversight Board finds that the above recitations are true and a re correct and, accordingly, are incorporated as a material part of this Resolution. SECTION 2. The Oversight Board finds that the annual $300,000 Residual To m Receipt Repayment is true and correct and, accordingly, is hereby considered an enforceable obligation. co SECTION 3. Pursuant to HSC Section 34177, the Low and Moderate Income Senior Housing Residual Receipts Security Agreement, incorporated herein as 2 Attachment A, is hereby approved as an enforceable obligation in substantially the a same form as shown in Attachment A by the Oversight Board. 0 SECTION 4. The Executive Director is hereby directed to take all necessary and appropriate acts to submit the Low and Moderate Income Senior Housing Residualre Receipts Security Agreement to the California Department of Finance, State Controller's Office, San Bernardino County Auditor-Controller, and any other agency by February 1, 2017. The Executive Director is further authorized to perform all acts necessary and appropriate which may be required by the California Health & Safety Code. This a Packet Pg. 17 - 2 $ $ - -' ;242011A TABS Band Projects- - 'Imp/aysrnenNinfrestruoture $' "- '-$ $ $ - '$ - $ $ - - - - _ $ " 252011AtTABS"Band Plojecls = "Irnprnvementilnirastn/cture '$ '-$ $ - - $ , $, - $ ' $ - "" . $ - t .29 Stater Brothers OPA;' •Busenass Incenleva '$ $ 'S $ 8 - - $ E - $ - • "30 Residual Receiojs'; , 1'' - "Mrscelianeaus $. $' • - $ .§ $ $ $ .. • . • .$ - • - .. .. 1 31 Employee Costs Admix Costs B 1,164,510 - '$ : .. - $. -- - 32 Employee Costs-PERS Admin Costs $ 349,353 - $ - $. -- 33 Employee Costs-other benefits Admin Costs $ 232,902 - $ - • $- 34 Employee Costs-Insurance;workers'compensa5on Admin Costs $ 58,235 - $ - - S"" - ' •'36 Consulting Services" '•• ' ' Admix Costs . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J • • LOW AND MODERATE INCOME SENIOR HOUSING RESIDUAL RECELPTS SECURITY AGREEMENT a) THIS RESIDUAL RECEIPTS SECURITY AGREEMENT("Agreement")is entered into Q by and between the City of Grand Terrace, a public body, corporate and politic, (hereinafter the "City") and the City of Grand Terrace Community Redevelopment Agency, a public body, ; o corporate politic,(hereinafter the"Agency"). o c. RECITALS a) cc A. In order to effectuate and further the goals and objectives of the City, in implementing the Housing Element of its General Plan and the Agency in implementing its ".a Redevelopment Plan, the City, Agency and Corporation for Better Housing, a non-profit cc affordable development corporation (hereinafter "CBH") have heretofore entered into a to Regulatory Agreement, dated October 27, 2005, a Ground Lease, dated September 22, 2005, a First Amendment to Ground Lease, dated August 1, 2008 and an Assignment and Assumption Agreement, dated January 17, 2006, in order to provide a low and moderate income multi-family residential rental housing facility to be located on property owned by the City (hereinafter the "Site"). a) B. Pursuant to the Regulatory Agreement and the Ground Lease, the City has leased the Site to CBH in exchange for a rental payment and the payment of Residual Receipts, as defined in said Regulatory Agreement. C. As consideration for the performance of the City's obligations under the N Regulatory Agreement and Ground Lease on behalf of the Agency with respect to the Agency's obligation to provide low and moderate income housing pursuant to its Redevelopment Plan, the o City and Agency desire to enter into this Agreement to secure the annual payment to the City of sufficient Residual Receipts to compensate the City for its performance under said Regulatory Agreement and Ground Lease. L NOW THEREFORE, CITY AND AGENCY MUTUALLY AGREE AS FOLLOWS: c, a> SECTION 1. The foregoing Recitals are true and correct and made a part hereof. a SECTION 2. Term.The Term of this Agreement(the "Term")shall commence as of the date of re the approval,but shall provide for payments as provided herein commencing as of the date of Ts the Regulatory Agreement. y d SECTION 3. Remittance. The Agency hereby agrees to pay to the City annually not to exceed re $300,000 as security for the City's receipt of Residual Receipts. SECTION 4. All Residual Receipts received by the City from CBH, or its successors, pursuant • to the Regulatory Agreement, shall be credited to the Agency in calculating the annual payment 1 Packet Pg.LL20 . , Packet Pg. 17 - 2 $ $ - -' ;242011A TABS Band Projects- - 'Imp/aysrnenNinfrestruoture $' "- '-$ $ $ - '$ - $ $ - - - - _ $ " 252011AtTABS"Band Plojecls = "Irnprnvementilnirastn/cture '$ '-$ $ - - $ , $, - $ ' $ - "" . $ - t .29 Stater Brothers OPA;' •Busenass Incenleva '$ $ 'S $ 8 - - $ E - $ - • "30 Residual Receiojs'; , 1'' - "Mrscelianeaus $. $' • - $ .§ $ $ $ .. • . • .$ - • - .. .. 1 31 Employee Costs Admix Costs B 1,164,510 - '$ : .. - $. -- - 32 Employee Costs-PERS Admin Costs $ 349,353 - $ - $. -- 33 Employee Costs-other benefits Admin Costs $ 232,902 - $ - • $- 34 Employee Costs-Insurance;workers'compensa5on Admin Costs $ 58,235 - $ - - S"" - ' •'36 Consulting Services" '•• ' ' Admix Costs . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.b AP r C, by the Agency. In no case shall the Agency's obligation to the City exceed $300,000. As indicated herein, this obligation to the City shall commence upon the effective date of the Regulatory Agreement.To the extent any sums are due and owing as of the date of the execution of this Agreement,the Parties hereto may agree to reduce or waive such obligation. F. r L Date: February 24,2009 CITY OF GRAND TERRACE ci _Q By: iros-- Maryett erre,Mayor ra y Dated: February24 ,2009 CITY OF GRAND TERRACE REDEVELOP AGENCY By ,i c Marye Ferre, Mayor co O O O •ct' N N O d r-. a) c. d t0 d re c 2 Packet.Pg.21 d on property owned by the City (hereinafter the "Site"). a) B. Pursuant to the Regulatory Agreement and the Ground Lease, the City has leased the Site to CBH in exchange for a rental payment and the payment of Residual Receipts, as defined in said Regulatory Agreement. C. As consideration for the performance of the City's obligations under the N Regulatory Agreement and Ground Lease on behalf of the Agency with respect to the Agency's obligation to provide low and moderate income housing pursuant to its Redevelopment Plan, the o City and Agency desire to enter into this Agreement to secure the annual payment to the City of sufficient Residual Receipts to compensate the City for its performance under said Regulatory Agreement and Ground Lease. L NOW THEREFORE, CITY AND AGENCY MUTUALLY AGREE AS FOLLOWS: c, a> SECTION 1. The foregoing Recitals are true and correct and made a part hereof. a SECTION 2. Term.The Term of this Agreement(the "Term")shall commence as of the date of re the approval,but shall provide for payments as provided herein commencing as of the date of Ts the Regulatory Agreement. y d SECTION 3. Remittance. The Agency hereby agrees to pay to the City annually not to exceed re $300,000 as security for the City's receipt of Residual Receipts. SECTION 4. All Residual Receipts received by the City from CBH, or its successors, pursuant • to the Regulatory Agreement, shall be credited to the Agency in calculating the annual payment 1 Packet Pg.LL20 . , Packet Pg. 17 - 2 $ $ - -' ;242011A TABS Band Projects- - 'Imp/aysrnenNinfrestruoture $' "- '-$ $ $ - '$ - $ $ - - - - _ $ " 252011AtTABS"Band Plojecls = "Irnprnvementilnirastn/cture '$ '-$ $ - - $ , $, - $ ' $ - "" . $ - t .29 Stater Brothers OPA;' •Busenass Incenleva '$ $ 'S $ 8 - - $ E - $ - • "30 Residual Receiojs'; , 1'' - "Mrscelianeaus $. $' • - $ .§ $ $ $ .. • . • .$ - • - .. .. 1 31 Employee Costs Admix Costs B 1,164,510 - '$ : .. - $. -- - 32 Employee Costs-PERS Admin Costs $ 349,353 - $ - $. -- 33 Employee Costs-other benefits Admin Costs $ 232,902 - $ - • $- 34 Employee Costs-Insurance;workers'compensa5on Admin Costs $ 58,235 - $ - - S"" - ' •'36 Consulting Services" '•• ' ' Admix Costs . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c r m E d m L D) V as i+ _ O U re r+ Q 0 V GROUND LEASE By and Between cp THE CITY OF GRAND TERRACE a) CITY/LESSOR Q L O and N CORPORATION FOR BETTER HOUSING LESSEE 0 N 'CJ O O N N O) 0 d 60 d J _ O L^ _ cd G L V co A•+ MC8008490720122867.00 6 Rer08232005 CONTRACT/AAREEM.FNT NUMBER a('.- --U Packet Pg.22 for a rental payment and the payment of Residual Receipts, as defined in said Regulatory Agreement. C. As consideration for the performance of the City's obligations under the N Regulatory Agreement and Ground Lease on behalf of the Agency with respect to the Agency's obligation to provide low and moderate income housing pursuant to its Redevelopment Plan, the o City and Agency desire to enter into this Agreement to secure the annual payment to the City of sufficient Residual Receipts to compensate the City for its performance under said Regulatory Agreement and Ground Lease. L NOW THEREFORE, CITY AND AGENCY MUTUALLY AGREE AS FOLLOWS: c, a> SECTION 1. The foregoing Recitals are true and correct and made a part hereof. a SECTION 2. Term.The Term of this Agreement(the "Term")shall commence as of the date of re the approval,but shall provide for payments as provided herein commencing as of the date of Ts the Regulatory Agreement. y d SECTION 3. Remittance. The Agency hereby agrees to pay to the City annually not to exceed re $300,000 as security for the City's receipt of Residual Receipts. SECTION 4. All Residual Receipts received by the City from CBH, or its successors, pursuant • to the Regulatory Agreement, shall be credited to the Agency in calculating the annual payment 1 Packet Pg.LL20 . , Packet Pg. 17 - 2 $ $ - -' ;242011A TABS Band Projects- - 'Imp/aysrnenNinfrestruoture $' "- '-$ $ $ - '$ - $ $ - - - - _ $ " 252011AtTABS"Band Plojecls = "Irnprnvementilnirastn/cture '$ '-$ $ - - $ , $, - $ ' $ - "" . $ - t .29 Stater Brothers OPA;' •Busenass Incenleva '$ $ 'S $ 8 - - $ E - $ - • "30 Residual Receiojs'; , 1'' - "Mrscelianeaus $. $' • - $ .§ $ $ $ .. • . • .$ - • - .. .. 1 31 Employee Costs Admix Costs B 1,164,510 - '$ : .. - $. -- - 32 Employee Costs-PERS Admin Costs $ 349,353 - $ - $. -- 33 Employee Costs-other benefits Admin Costs $ 232,902 - $ - • $- 34 Employee Costs-Insurance;workers'compensa5on Admin Costs $ 58,235 - $ - - S"" - ' •'36 Consulting Services" '•• ' ' Admix Costs . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J ta 3.c _ 0.4 GROUND LEASE This GROUND LEASE(the"Lease") is made as of Sept. 22nd,2005 by and between the CITY OF GRAND TERRACE,a public body corporate and politic(the"City"or"Lessor"),and CORPORATION FOR BETTER HOUSING,a California nonprofit affordable housing development company(the"Developer"or"Lessee"). 1. SUBJECT OF LEASE; DEFINITIONS. The City of Grand Terrace hereby enters this Lease to further the goals and objectives of the City and of the City of Grand Terrace Community Redevelopment Agency("Agency"), to effectuate the Redevelopment Plan("Redevelopment Plan") for the Grand Terrace Redevelopment Project(the ca "Redevelopment Project"), which was originally adopted on July 15, 1981 by the o City Council of the City of Grand Terrace, and amended on September 22, 2005 v � y by providing for the lease of the"Site"(as hereinafter defined) to Lessee and the development and operation thereon of certain improvements(the"Improvements"). Concurrently herewith the City of Grand Terrace Community Redevelopment Agency is entering into a Regulatory Agreement to further the Agency's goals and objectives identified in the Redevelopment Plan. 1.1 Definitions: cc "Act"means the Community Redevelopment Law of the State of California,Health and Safety Codc Section 33000, et seq. aoi "Affiliate" means,when used with respect to a Person, any corporation,partnership,joint venture, limited liability company, limited liability partnership,trust or individual controlled by, v under common control with,or which controls such Person (the term "control" for these purposes shall mean the ability,whether by the ownership of shares or other equity interests,by contract or cn otherwise, to elect a majority of the directors of a corporation, or to make management decisions on behalf of,or independently to select to the managing partner or,a partnership,or otherwise to have the power independently to remove and then select a majority of those individuals exercising managerial authority over an entity, and control shall be conclusively presumed in the case of the o ownership of 50%or more of the equity interests). N "Affiliated Person"means an entity formed for the purpose of constructing,owning,and operating the Development,which [] may include tax credit investors as limited partners. It is N contemplated that Corporation for Better Housing will later form a Limited Partnership,wherein CBI•I will be the Managing General Partner and the to-be-identified Tax Credit Investor will be the -o Limited Partner. The City hereby agrees to execute the "Assignment and Assumption Agreement"to 0 allow the formation of the Partnership and syndication of the Project's Tax Credits. ".f ffordable Rent"shall have the meaning set forth in Health and Safety Code Section 50053. a) "Agency"means the City of Grand Terrace Community Redevelopment Agency,a public .c body,corporate and politic,exercising governmental functions and powers and organized and existing under the Community Redevelopment Law of the State of California,and any assignee of or successor to its rights,powers and responsibilities. Packet Pg.23 '$ $ 'S $ 8 - - $ E - $ - • "30 Residual Receiojs'; , 1'' - "Mrscelianeaus $. $' • - $ .§ $ $ $ .. • . • .$ - • - .. .. 1 31 Employee Costs Admix Costs B 1,164,510 - '$ : .. - $. -- - 32 Employee Costs-PERS Admin Costs $ 349,353 - $ - $. -- 33 Employee Costs-other benefits Admin Costs $ 232,902 - $ - • $- 34 Employee Costs-Insurance;workers'compensa5on Admin Costs $ 58,235 - $ - - S"" - ' •'36 Consulting Services" '•• ' ' Admix Costs . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c "Agency Disbursement Amount"means an amount equal to the sum of Eight Million.Four Hundred Thousand and no/100 Dollars($8,400,000.00)disbursed through escrow to CBH,pursuant to an Intercreditor Agreement in a form mutually agreeable to the Agency, City, Lenders, Lessee and Tax Credit Investors, "Agency Executive Director"means the Executive Director of the Agency or his designee. "Application Deadline"means the date(s)established by CDLAC and TCAC for the 2005/2006 funding rounds. L i3) "Area"means the area HUD identifies as regulating the Project Site. co "Audited Financial Statement"means an audited financial statement, including without limitation a profit and loss statement,generated by a third party certified public accountant acceptable to the City in its reasonable discretion,showing, for the previous Lease Year,on a monthly basis and in an easily readable format, Gross Revenues,Operating Expenses, Debt Service, d Operating Reserve,Capital Replacement Reserve and Residual Receipts. Said audit shall be delivered to City on or about May I ("Audit Date"). 3 "Basic Concept Drawings"means those certain plans and drawings submitted to and rr approved by the City. • U) c.) "Bond Regulatory Agreement"shall mean the regulatory agreement which it is contemplated may be required to be recorded against the Site with respect to the issuance of multifamily housing bonds in the event an allocation is obtained from CDLAC. N "Bond Rules"means Section 103(b)of the Internal Revenue Code, the rules and regulations applied by CDLAC in connection with the private activity bond allocation or the issuance Of bonds cn thereunder and as set forth in the Indenture of Trust in connection with the issuance of the Bonds. e) "Bonds"means multi-family housing bonds. "Capital Events"is defined in Section 5.4 hereof. N - N "Capital Replacement Reserve-means a reserve fund to be established by the Lessee as a o capital reserve in the amount not less than$250.00 per Lease Year per unit(e.g. 250 x 120= $30,000) (for the first Lease Year), which shall increase from time to time as reasonably required by the Permanent Lender.The Capital Replacement Reserve is more fully described in Section 10 of -0 this Lease. 0 L "Certificate of Completion"means the document which evidences the Developer's satisfactory completion of the Development. a) "Cert fcate of Continuing Program Compliance"means adequate and reasonable documentation required by the City and/or Agency to ensure Project Compliance. "Chargeable Reserves"means each of the following,within the respective parameters therefor set forth in this Lease: (i)Capital Replacement Reserve;and(ii)Operating Reserve. "City"means the City of Grand Terrace,California,a California municipal corporation. 2 Packet Pg.24 nd powers and organized and existing under the Community Redevelopment Law of the State of California,and any assignee of or successor to its rights,powers and responsibilities. Packet Pg.23 '$ $ 'S $ 8 - - $ E - $ - • "30 Residual Receiojs'; , 1'' - "Mrscelianeaus $. $' • - $ .§ $ $ $ .. • . • .$ - • - .. .. 1 31 Employee Costs Admix Costs B 1,164,510 - '$ : .. - $. -- - 32 Employee Costs-PERS Admin Costs $ 349,353 - $ - $. -- 33 Employee Costs-other benefits Admin Costs $ 232,902 - $ - • $- 34 Employee Costs-Insurance;workers'compensa5on Admin Costs $ 58,235 - $ - - S"" - ' •'36 Consulting Services" '•• ' ' Admix Costs . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J ,3.c qy "City Administrator"means the City Administrator or Manager of the City or his designee. "Closing"means the day on which the Closing occurs. "Commencement"means the commencement of this Lease. "Commencement Date"means the date of Construction Loan closing. c a) E "Construction Loan"means the mortgage loans obtained by the Developer from a state a) agency or instrumentality or a reputable and established bank, savings and loan association, or other c similar financial institution for financing the development(but not the operation) of the Project,and reimbursement obligations to approved lenders and Fannie Mae securing credit enhancement facilities and a Fannie Mae one percent(1%) forward commitment deposit fee deed of trust, if the Bonds are sold publicly. N "County"shall mean the County of San Bernardino,California. "Date of Agreement" means the Commencement Date. Ta 3 "Debt Service"means required debt service payments for the Primary Construction Loan et and/or the Primary Permanent Loan, Deferred Developer fee notes,and Partner loans, including the funding obligations in respect of all reserves or escrows required thereunder. a) "Default"means the failure of a party to perform any action or covenant required by this Lease within the time periods provided herein following any applicable notice and opportunity to c cn cure period,as may be set forth herein. "Design Development Drawings"means those plans and drawings to be submitted to City N for its approval. "Developer"means Corporation for Better Housing. "Development"means the new senior rental complex, community center, and associated improvements required to be: (i)constructed by the Developer upon the Site,with related offsite N improvements,as more particularly described in the Scope of Development and(ii)operated as an affordable housing complex for seniors in conformity with this Lease, the Agency Regulatory N Agreement,TCAC Regulatory Agreement and the Bond Regulatory Agreement. "Executive Director" means the Executive Director of the Agency or his designee or delegate. 2 i "Fannie Mae" means Fannie Mae, a corporation organized and existing under the Federal National Mortgage Association Charter Act, 1 U.S.C. Sections 17I6,et seq., and its successors and assigns. • "Governmental Requirements"means all laws,ordinances, statutes,codes,rules, regulations, orders, and decrees of the United States,the state,the County, the City,or any other political subdivision in which the Site is located,and of any other political subdivision,agency, or instrumentality exercising jurisdiction over the Developer or the Site. 3 Packet Pg.25 this Lease: (i)Capital Replacement Reserve;and(ii)Operating Reserve. "City"means the City of Grand Terrace,California,a California municipal corporation. 2 Packet Pg.24 nd powers and organized and existing under the Community Redevelopment Law of the State of California,and any assignee of or successor to its rights,powers and responsibilities. Packet Pg.23 '$ $ 'S $ 8 - - $ E - $ - • "30 Residual Receiojs'; , 1'' - "Mrscelianeaus $. $' • - $ .§ $ $ $ .. • . • .$ - • - .. .. 1 31 Employee Costs Admix Costs B 1,164,510 - '$ : .. - $. -- - 32 Employee Costs-PERS Admin Costs $ 349,353 - $ - $. -- 33 Employee Costs-other benefits Admin Costs $ 232,902 - $ - • $- 34 Employee Costs-Insurance;workers'compensa5on Admin Costs $ 58,235 - $ - - S"" - ' •'36 Consulting Services" '•• ' ' Admix Costs . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c "Gross Revenues"means the total rental income and all other revenues or income received by the Lessee or its successors or assigns in connection with the Project, including without limitation Housing Rent, laundry charges,parking and storage fees,cable income, and interest earnings,but, except for any interest earned thereon,does not include(i) the proceeds of the sale of Tax Credits to finance the Development or(ii)refinancing proceeds(provided the refinancing is permitted by and is accomplished in accordance with this Lease or(iii)insurance proceeds which are used to repair or reconstruct the Project or condemnation proceeds). E "Hazardous Materials"means any substance, material, or waste which is or becomes regulated by any local governmental authority, the County, the State of California, regional governmental authority,or the United States Government, including, but not limited to,any material or substance which is(i)defined as a"hazardous waste,""extremely hazardous waste,"or"restricted hazardous waste" under Section 25115, 25117 or 25122.7,or listed pursuant to Section 25140 of the California Health and Safety Code, Division 20,Chapter 6.5 (Hazardous Waste Control Law)), (ii)defined as a"hazardous substance"under Section 25316 of the California Health and Safety Code, Division 20,Chapter 6.8(Carpenter-Presley-Tanner Hazardous Substance Account Act), (iii)defined as a"hazardous material,""hazardous substance,"or"hazardous waste" under Section 25501 of the California Health and Safety Code, Division 20, Chapter 6.95(Hazardous Materials Release Response Plans and Inventory), (iv)defined as a"hazardous substance" under Section 25281 of the California Health and Safety Code, Division 20,Chapter 6.7 (Undergroundce Storage of Hazardous Substances), (v)petroleum, (vi) friable asbestos, (vii) polychlorinated N byphenyls, (viii) listed under Article 9 or defined as"hazardous"or"extremely hazardous"pursuant • to Article II of Title 22 of the California Administrative Code, Division 4,Chapter 20, (ix)designated as"hazardous substances" pursuant to Section 311 of the Clean Water Act(33 U.S.C. ` § 1317),(x)defined as a"hazardous waste" pursuant to Section 1004 of the Resource Conservation °n and Recovery Act,42 U.S.C. § 6901 et seq. (42 U.S.C. § 6903)or(xi)defined as"hazardous substances"pursuant to Section 101 of the Comprehensive Environmental Response,Compensation, and Liability Act,42 U.S.C. § 6901 et seq. co U) 0 'Housing Authority"means the Housing Authority of the County of San Bernardino. N U) "Housing Fund"means the Agency's Low and Moderate Income Housing Fund,established g pursuant to Health and Safety Code Section 33334.3. N "Housing Rent"shall mean the total of monthly payments by the tenants of a Housing Unit 0 for(a) use and occupancy for the Housing Unit and facilities associated therewith,(b)any separately ca charged fees or service charges assessed by the Developer which are required of all tenants of the • Housing Units, other than security deposits, (c)a reasonable allowance for utilities not included in c (a) or(b)above, including garbage collection, sewer,water,electricity and gas, as determined by c regulation of the Housing Authority pursuant to 24 CFR Part 813 and(d) possessory interest,taxes or (.9i other fees or charges assessed for the use of the Housing Units and facilities associated therewith by a public or private entity other than the Developer. a) E "Housing Units"means the one hundred twenty(120) individual residential units within the u Development to be constructed and operated by the Developer on the Site, as provided in the Scope of Development,but excluding therefrom one unit which the Lessee may develop and make available to an on-site manager. 4 Packet Pg.26 . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c "HUD"means the United States Department of Housing and Urban Development or its successor(s). "Improvements"means all improvements required to be accomplished by the Developer, as more fully described in the Scope of Development. "Income Verification"means the Income Verification in the form acceptable to the City, Agency and Developer. m a, "Lease"means this Ground Lease, which may also be referred to as the"City Lease." "Lease }ear"means the period commencing as of Commencement Date and ending as of December 31 of that calendar year, then each calendar year thereafler. U "Lower Income Household"shall mean a household earning not greater than eighty percent(80%)of median income for the Area as set forth by regulation of the California Department of Housing and Community Development, pursuant to Health and Safety Code Section 50079.5. To "Lower Income Units"means Units available to and occupied by Lower Income Households. c ce "Median Income"means the median income for the Area as most recently determined by the Secretary of Housing and Urban Development under Section 8 of the United States Housing Act of 1937,as amended,or, if progiams under Section 8 are terminated, Median Income for the Area determined under the method used by the Secretary prior to such termination. L 0 "Memorandum of Lease"means a form Memorandum of Lease acceptable to all parties to this transaction,which shall be recorded with the County Recorder at Closing. "Net Operating Income"means Gross Revenues, less Operating Expenses, and further less Debt Service. o N "Notice"shall mean a notice in the form prescribed. "Operating Expenses"means for any period the sum of the following expenses reasonably N incurred and actually paid during that period, including actual,reasonable and customary costs, fees and expenses directly attributable to operation,maintenance, taxes and management of the Project, N including,without limitation,the following(all of which are deemed customary and reasonable): d onsite administrative costs(including,materials and labor); payments to an operating reserve account; payments to a replacement reserve account, subject to annual increases by the annual percentage increase as reasonably determined by the tax credit investor, not to exceed 3.5%per year;painting, 2 cleaning,repairs and alterations;landscaping; utilities;rubbish removal;certificates,permits and c.9i licenses;sewer charges; costs incurred to third parties in connection with generating laundry charges (but in no event to exceed the laundry charges); maintenance of the storage facilities;real and m personal property taxes and assessments; insurance;security;advertising,promotion and publicity; office,janitorial,cleaning and building supplies; the actual and customary salary payable to any on- site personnel; internet service, cable television, satellite and similar facilities;recreational amenities a supplies,utility charges,services,a property management fee(excluding salaries and benefits payable to any on-site personnel),not to exceed eight percent(8)%of Gross Income; purchase, repair, servicing and installation of appliances, equipment, fixtures and furnishings other than from reserves;and fees and expenses of accountants,attorneys, consultants and other professionals, • 5 Packet Pg.27 ate entity other than the Developer. a) E "Housing Units"means the one hundred twenty(120) individual residential units within the u Development to be constructed and operated by the Developer on the Site, as provided in the Scope of Development,but excluding therefrom one unit which the Lessee may develop and make available to an on-site manager. 4 Packet Pg.26 . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J . eP 3.c including annual audits and tax return preparation costs payable to a third party; the deferred Developer's fee;an annual partnership asset fee of Five Thousand Dollars($5,000), which may be increased annually by the annual percentage increase in the CPI;an annual asset management fee of Five Thousand Dollars($5,000), which may be increased annually by the annual percentage increase in the CPI, but which may only be paid for 15 years following the issuance of a Certificate of Completion. Notwithstanding the foregoing,Operating Expenses shall not include: (i)non-cash expenses, including without limitation,depreciation(ii)payments made from insurance or condemnation proceeds or any costs or expenses paid or reimbursed by others (iii) funds expended from replacement reserves;(iv)the initial cost of constructing the Improvements, less apprised cost a) increases,or any expansion or replacements thereof; (v)any penalties or interest resulting from the Developer's failure to pay when due any sums that the Developer is obligated to pay to third parties (e.g.,penalties and interest for late payment of real property taxes); (vi)debt service or other payments in connection with financing. "Operating Reserve"means a reserve fund to be established by the Lessee as a reserve for operating expenses in the amount to be determined by the Permanent Lender. d ra "Partners or Proposed Partners" means Corporation for Better Housing,(Managing General Partner); Lynx Realty& Management,LLC(Administrative General Partner);and Simpson Housing N Solutions, LLC,(Tax Credit Investor), Limited Partner. The Partners are identified for illustration only and subject to change with the approval of the City Manager. �► "Permanent Loan"means the mortgage loan obtained by the Developer from a state agency or instrumentality or a reputable and established bank, savings and loan association,or other similar a Financial institution,and reimbursement obligations to approved lenders and Fannie Mae securing credit enhancement facilities and a Fannie Mae one percent(1%) forward commitment deposit fee deed of trust, if the Bonds are sold publicly. Additionally, the Permanent Loan will include any Deferred Developer Fee note(s)and any Partner Loans, if either should occur. Cl) "Person"means an individual, estate, trust,partnership, corporation, limited liability N company, limited liability partnership, governmental department or agency or any other entity which has the legal capacity to own property. "Prescribed Rent Levels"means rent that is Affordable Rent for households at the following income levels: (i) forty-seven(47)one-bedroom units and eight(8) two-bedroom units,at or below fifty percent (50%)of Area Median Income; and(ii) forty-six (46)one-bedroom units and seven(7) to two-bedroom units, at or below sixty percent(60%)of Area Median Income(less one unrestricted • manager's unit), the balance of the 120 units,(a) ten(10)one bedroom units and(b)two (2)two c bedroom units, shall be rented at market rent and shall not be regulated by HUD,CDLAC, or TCAC c or HCD. Principal"means Mary Silverstein, on behalf of CBH;Charles Brumbaugh, on behalf of Lynx Realty& Management, LLC. t "Project"means the multi-family residential rental housing development located on the Site to be constructed and operated by the Developer pursuant to this Lease. 6 Packet Pg.28 professionals, • 5 Packet Pg.27 ate entity other than the Developer. a) E "Housing Units"means the one hundred twenty(120) individual residential units within the u Development to be constructed and operated by the Developer on the Site, as provided in the Scope of Development,but excluding therefrom one unit which the Lessee may develop and make available to an on-site manager. 4 Packet Pg.26 . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J , ° 3.c 4 `• "Property"means real propertyy located in Grand Terrace, California,which real property is more particularly described in Exhibit"A"attached hereto. "Property Manager"means the person or organization responsible for the management and operation of the Project, the reasonable approval of which by the City shall be required,and which shall initially be The John Stewart Company,or another manager mutually acceptable to the City and/or Agency and the Lessee. ° "Redevelopment Plan"means the Redevelopment Plan for the Redevelopment Project, as originally adopted by the City Council of the City and amended from time to time,if any, is incorporated herein by reference. "Redevelopment Project"means the Grand Terrace Redevelopment Project,adopted by the City pursuant to the Redevelopment Plan(as amended through the date of this Lease). 0 N "Regulatory Agreement"shall mean the Regulatory Agreement which is to be recorded against the Site,in the form satisfactory to all parties. "Related Entity"means a Principal or an entity in which any interest is held by the 7 Developer or one or more of the Principals. "Rent"is One Dollar per year defined in Section 5.2.3 of this Lease. "Reporting Amount(s)"means the sum of Fifty Hundred Dollars(S50.00)per unit per year a) for each dwelling unit as to which Lessee fails to deliver to Agency,during any Lease Year, a full and adequate report that conforms to Section 33418 of the California Health and Safety Code. N "Required Covenant Period"shall mean the duration of the affordable housing requirements which are set forth in this Lease. U, "Residual Receipts"for a particular Lease Year means Gross Revenues for the corresponding Lease Year less(i)Debt Service payments made during such Lease Year on the Construction Loan or the Permanent Loan,including payments under escrow and reserve provisions thereunder in amounts not in excess of the amounts due and payable during such month or year(and N not including prepayments),and(ii)the sum of Operating Expenses and, to the extent funded, Chargeable Fees and Reserves made during the corresponding Lease Year. All calculations of co Residual Receipts shall be made annually, on or before May 1 for the preceding Lease Year, and the components thereof shall be subject to verification and approval, on an annual basis,based upon conformity with the terms of the Lease,by the City and/or Agency. 3 0 "Schedule of Performance"means the attachment to the Lease entitled"Schedule of 0i Performance". "Scope of Development"means that attachment entitled Scope of Development which describes the scope,amount, and quality of the Development to be constructed by the Developer. The Scope of Development is subject to revision. "Seniors"means those persons meeting the qualifications as set forth in the Fair Housing Act, 42 U.S.C. § 3601,et seq., and 24 CFR 100.300 et seq., and Sections 51.3 and 51.4 of the California Civil Code, as applicable. At least one occupant for each Unit shall be sixty-two(62) 7 Packet Pg.29 of CBH;Charles Brumbaugh, on behalf of Lynx Realty& Management, LLC. t "Project"means the multi-family residential rental housing development located on the Site to be constructed and operated by the Developer pursuant to this Lease. 6 Packet Pg.28 professionals, • 5 Packet Pg.27 ate entity other than the Developer. a) E "Housing Units"means the one hundred twenty(120) individual residential units within the u Development to be constructed and operated by the Developer on the Site, as provided in the Scope of Development,but excluding therefrom one unit which the Lessee may develop and make available to an on-site manager. 4 Packet Pg.26 . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c years or older and, to the greatest extent permitted by law, all occupants shall be sixty-two (62)years or older. "Site or Property"means that certain real property which is described in the Site Legal Description and depicted on the Site Map. • "Site Legal Description"means the description of the Site which is attached hereto and CD incorporated herein. CD "Site Map"means the map of the Site which is attached hereto and incorporated herein. "Tax Credit Rules"means Section 42 of the Internal Revenue Code and/or California Revenue and Taxation Code Sections 17057.5, 17058,23610.4 and 23610.5 and California Health and Safety Code Section 50199, et seq.,and the rules and regulations implementing the foregoing. "Tax Credits"shall mean 4%Low Income Tax Credits granted pursuant to Section 42 of the Internal Revenue Code and/or California Revenue and Taxation Code Sections 17057.5, 17058, 23610.4 and 23610.5 and California Health and Safety Code Section 50199,et seq. "TC IC"means the California Tax Credit Allocation Committee. re "Term"or"Term of the City Lease"means that approximately sixty-five(65) year period as so described in this Lease. The Term consists of sixty-four(64)complete calendar years plus one complete or partial year(depending upon the Commencement Date). L O cn "Title Company"means Chicago Title Company or another mutually acceptable title insurer. "Title Policy"means the policy of title insurance to be provided to the Developer for its leasehold interest. T "Title Report"means the preliminary title report for the Site. "Unit"means each of the one hundred twenty(120)dwelling units required to be developed N by the Developer under this Lease. "Very Low Income Household"shall mean a household earning not greater than fifty percent a (50°!0)of median income for the Area,as set forth by regulation of the California Department of Housing and Community Development, pursuant to Health and Safety Code Section 50105. "Very Low Income Units"means Units available to and occupied by Very Low Income 2 Households. "Year"means a fiscal year beginning as of January 1 and ending December 31 of the same calendar year or such other annual period as may be mutually agreed to by City and Lessee. 2. LEASE OF THE SITE. City, for and in consideration of the Low Income Rents, covenants, and agreements hereinafter reserved and contained on the part of Lessee to be paid,kept, performed and observed by Lessee, hereby leases to Lessee, and Lessee hereby leases from City, that certain real property in the 8 Packet.Pg.30 the Development to be constructed by the Developer. The Scope of Development is subject to revision. "Seniors"means those persons meeting the qualifications as set forth in the Fair Housing Act, 42 U.S.C. § 3601,et seq., and 24 CFR 100.300 et seq., and Sections 51.3 and 51.4 of the California Civil Code, as applicable. At least one occupant for each Unit shall be sixty-two(62) 7 Packet Pg.29 of CBH;Charles Brumbaugh, on behalf of Lynx Realty& Management, LLC. t "Project"means the multi-family residential rental housing development located on the Site to be constructed and operated by the Developer pursuant to this Lease. 6 Packet Pg.28 professionals, • 5 Packet Pg.27 ate entity other than the Developer. a) E "Housing Units"means the one hundred twenty(120) individual residential units within the u Development to be constructed and operated by the Developer on the Site, as provided in the Scope of Development,but excluding therefrom one unit which the Lessee may develop and make available to an on-site manager. 4 Packet Pg.26 . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c City of Grand Terrace (the"City")shown on the"Site Map"attached hereto as Exhibit"A"and incorporated herein by this reference,and having the legal description in the"Site Description" attached hereto as Exhibit"B"and incorporated herein by this reference(the "Site"). Except as expressly provided to the contrary in this Lease,reference to the Site is to the described land, exclusive of any improvements now or hereafter located on the land,notwithstanding that any such improvements may or shall be construed as affixed to and as constituting part of the real property. a) 3. LEASE TERM. • a) Lessee shall lease the Site from City and City shall lease the Site to Lessee for a term a commencing on (the"Commencement Date")and continuing for a period of sixty-five(65)years thereafter(the"Term"), unless sooner terminated as provided for herein. 4. USE OF THE SITE. w 4.1 Use of the Site. Lessee covenants and agrees for itself, its successors and assigns, that during the Term, the Lessee shall, by the respective times established therefor in the Schedule of Performance,commence and complete the Development in conformance with the approved Design Development Drawings,all applicable laws and, to the extent applicable,and thereafter the Site and L4 the Improvements shall be devoted to those uses as set forth in the Lease and the Redevelopment Plan. Lessee shall apply for and obtain all necessary permits, and shall complete the Improvements as provided. In the event of any inconsistency between this Lease or the Redevelopment Plan,the most restrictive of the documents shall control. 4.2 Management. Lessee shall manage or cause the Site and the Improvements to be managed in a prudent and business-like manner,consistent with other newly-constructed rental housing projects for Seniors, including market rate projects, in San Bernardino County,California, and in conformity with the Regulatory Agreement. N Lessee has contracted with a management company or manager,which may be an affiliate of N Lessee, to operate and maintain the Site and the Improvements in accordance with the terms of this Lease(hereinafter"Property Manager"or"Management Company"); the selection and hiring of such 0 management company was subjectto, and the selection of any other manager shall be subject to, N approval by City and/or Agency. 0 The Lessee shall submit for the approval of the City and Agency a"Management Plan" cri which sets forth the duties of the Property Manager, Lessee shall submit or shall cause its Property Manager to submit to the City and Agency, c and each anniversary thereof,an annual budget for the ongoing operation of the Project. Each of the Lessee and the Agency shall cause its respective representative(s)to meet during the thirty(30)days following the receipt of the annual budget to review the budget;such review is without obligation to either party to propose or agree to any modification of permitted Operating Expenses. s In the event of"Gross Mismanagement"(as that term is defined below)of the Improvements, City shall have the authority to require that such Gross Mismanagement cease immediately,and further to require the immediate replacement of the Property Manager if such condition is not corrected after expiration of sixty(60)days from the date of written notice to all Partners from City. For purposes of this Lease,the term "Gross Mismanagement"shall mean management of the 9 Packet Pg.31 s the one hundred twenty(120) individual residential units within the u Development to be constructed and operated by the Developer on the Site, as provided in the Scope of Development,but excluding therefrom one unit which the Lessee may develop and make available to an on-site manager. 4 Packet Pg.26 . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c Improvements in a manner which violates the terms and/or intention of this Lease to operate a quality affordable housing complex, and shall include, but is not limited to,the following: Leasing to tenants not in conformity with the Prescribed Income Levels; Leasing to tenants who are not Seniors; Allowing the tenants to exceed the prescribed occupancy levels without taking immediate action to stop such overcrowding; a Under funding the prescribed Capital Replacement or Operating Reserves(Sections 10.8 and 10.9) notwithstanding the generation of cash flow adequate to fully fund such Reserves in conformity with this Lease prior to the disbursement of Residual Receipts to Lessee; o c.) Failing to timely maintain the Improvements and the Site in accordance with the 6. Management Plan and the manner prescribed in Section 10; re Failing to submit timely and/or adequate annual Section 33418 reports as required in Section 6.6; a N Fraud or embezzlement of Improvements moneys;and y Repeatedly failing to fully cooperate with the local law and code enforcement office in maintaining a crime free environment on the Site. Notwithstanding the above, Lessee shall use its best efforts to correct any defects in management at the earliest feasible time and, if necessary,to replace the management company prior to the elapsing of such time period. Further, if General Partner(s) fail to take action,City shall allow co= the Limited Partner a reasonable time to remove General Partner and cure the Gross Management. City and Limited Partner shall meet and agree on an action plan to correct such Gross Management within 15 days after the General Partner failed to correct the Gross Management and the Default has N occurred hereunder. City agrees to stand still and cooperate with Limited Partner so long as Limited Partner progresses on the agreed upon action plan. Further, City agrees to provide any and all notices of default to the Limited Partner, its assigns or delegates. Limited Partner's cure rights will be more formally annunciated in the various Project Agreements after the Partnership Agreement is formed and the Tax Credit Investor(Limited Partner) is identified. 4.3 Only Lawful Uses Permitted. Lessee shall not use the Site or the Improvements for -0 any purpose that is in violation of any law,ordinance or regulation of any federal, state,county or local governmental agency,body or entity. Furthermore, Lessee shall not maintain or commit any 0 nuisance or unlawful conduct(as now or hereafter defined by any applicable statutory or decisional law)on the Site or the Improvements,or any part thereof. 5. RENT. 5.1 Rent. During each Lease Year during the Term, Rent shall be$1.00 per year. 5.2 Payment of Rent. All rent that becomes due and payable pursuant to this Lease shall be paid to City at the address of City listed in Section 26.7 or such other place as City may from time 10 Packet Pg.32 either party to propose or agree to any modification of permitted Operating Expenses. s In the event of"Gross Mismanagement"(as that term is defined below)of the Improvements, City shall have the authority to require that such Gross Mismanagement cease immediately,and further to require the immediate replacement of the Property Manager if such condition is not corrected after expiration of sixty(60)days from the date of written notice to all Partners from City. For purposes of this Lease,the term "Gross Mismanagement"shall mean management of the 9 Packet Pg.31 s the one hundred twenty(120) individual residential units within the u Development to be constructed and operated by the Developer on the Site, as provided in the Scope of Development,but excluding therefrom one unit which the Lessee may develop and make available to an on-site manager. 4 Packet Pg.26 . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c to time designate by written notice to the Lessee without notice or demand, and without setoff, counterclaim,abatement,deferment,suspension or deduction. 6. AFFORDABLE HOUSING REQUIREMENTS. 6.1 Number of Affordable Units. Lessee agrees to make available, restrict occupancy to, and rent one hundred and eight(108)minus the manager's unit(the"Required Affordable Units") of the one hundred eighty(120) units to be located on the Site(the "Housing Units")to be available at an Affordable Rent. All Units shall be rented to Seniors, except the manager's unit. Rental of the a) Required Affordable Units shall conform to the Prescribed Rent Levels. a In the event the Lessee charges rents for one or more of the Required Affordable Units which exceed Affordable Rent,the Lessee shall promptly,and without necessity of notice or request therefor by the City,correct such rent. Any penalties arising from the charging of rents which exceed Affordable Rent shall be paid solely by Lessee. a 0 6.2 Duration of Affordability Requirements. The Housing Units shall be subject to the requirements of this Section 6 for the Term of this Lease. The duration of this requirement shall be known as the"Affordability Period." as 6.3 Selection of Tenants. Lessee shall be responsible for the selection of tenants for the N Housing Units in compliance with the criteria set forth in this Section 6 of this Lease. Preference shall be given to tenants who have been displaced by redevelopment activities of City in the a implementation of the Redevelopment Plan. 6.3.1 Senior Housing. Except for the Manager's unit,all of the Housing Units shall be occupied by Seniors,consistent with all applicable requirements as set forth in the Fair Housing Act,42 U.S.C. §3601,et seq.,and 24 CFR 100.300 et seq., and Sections 51.3 and 51.4 of the California Civil Code,as applicable. At least one person per Housing Unit shall be sixty-two (62) years or older and,to the greatest extent permitted by law,all occupants shall be sixty-two(62) years or older. u) 6.4 Income of Tenants. Prior to the rental or lease of any Lower Income Unit to a tenant, and annually thereafter, the Lessee shall submit to City or its designee, at Lessee's expense, a N completed income computation and certification form,in a form to be provided by City. Each tenant shall be a Very Low Income Household or a Lower Income Household which meets the eligibility y requirements established for the Lower Income Unit,and Lessee shall obtain a certification from cc each tenant leasing a Lower Income Unit which substantiates such fact. Lessee shall verify the -0 _ income certification of the tenant. 0 L In the event a household's income initially complies with the corresponding income restriction(for a Very Low Income Household or a Lower Income Household, whichever is applicable)but the income of such household increases,such increase shall not be deemed to result in a violation by Lessee of the restrictions of this Lease concerning limitations upon income of occupants. r It Packet Pg.33 Gross Mismanagement cease immediately,and further to require the immediate replacement of the Property Manager if such condition is not corrected after expiration of sixty(60)days from the date of written notice to all Partners from City. For purposes of this Lease,the term "Gross Mismanagement"shall mean management of the 9 Packet Pg.31 s the one hundred twenty(120) individual residential units within the u Development to be constructed and operated by the Developer on the Site, as provided in the Scope of Development,but excluding therefrom one unit which the Lessee may develop and make available to an on-site manager. 4 Packet Pg.26 . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c 6.5 Determination of Affordable Rent for the Required Affordable Units. Each Required Lower Income Unit shall be rented at an"Affordable Rent" to be established as provided herein: (a) The maximum monthly rental amount for the Required Lower Income Units to be rented to Very Low Income Households shall be established at one-twelfth(1/12) of thirty percent(30%)of fifty percent(50%)of San Bernardino County median income for a household of a size appropriate to the Housing Unit. (b) The maximum monthly rental amount for the Required Lower Income Units to be rented to Lower Income Households shall be established at one-twelfth (1/12)of thirty percent(30%)of sixty percent(60%)of San Bernardino County median income for a household of a size appropriate to the Housing Unit. v "Household size appropriate to the unit," for the purpose of the calculation of rent herein (and without regard to actual occupancy), shall mean two persons for each one bedroom unit and three persons for each two bedroom unit. The maximum monthly rental amount of the Housing Units shall be adjusted annually by the formula set forth above upon the promulgation of revised San Bernardino County median income figures by regulation of the California Department of Housing y and Community Development. Actual rent charged may be less than such maximum rent. re 6.6 Verifications. 0 a) (a) Income Verification. Lessee shall verify the income of each proposed and existing tenant of the Lower Income Units. U) a) (b) Annual Reports. Following the issuance of the Certificate of Completion,and on or before May I of each Lease Year, Lessee shall submit to City or its designee the reports required pursuant to Health and Safety Code Section 33418,as the same may be amended from time to time,with each such report to be in the form prescribed by City. Each annual report N shall cover the immediately preceding Lease Year. 0 In addition,commencing on May I, in the year after the Project is placed in Service,and N continuing on each May I thereafter during the Term, the Developer shall submit an Audited N Financial Statement for the previous Lease Year(or portion thereof), including all funds from o whatever source provided to the Lessee or any Related Entity in connection with the Project(Audit Date). The Audited Financial Statement shall demonstrate ongoing compliance with this Lease, including without limitation Section 5.2.2 hereof. The Lessee shall maintain on file each tenant's executed lease and Income Verification and rental records for the Project and the Lower Income Units. The Lessee shall maintain complete and accurate records pertaining to the Very Low Income Units, the Lower Income Units,and any other Units and will permit any duly authorized representative of the City to inspect the books and records of the Lessee pertaining to the Project, including those records pertaining to the occupancy of the Very Low Income Units, the Lower Income Units,and any other units. The Lessee shall prepare and submit to the City annually commencing[April 15,2007] and continuing throughout the Term,a Certificate of Continuing Program Compliance. Such documentation shall state for each unit in the Project the unit size,the rental amount, the number of occupants,and the income of the occupants and any other information which may be used to determined compliance with the terms of this Lease. 12 Packet Pg.34 9 Packet Pg.31 s the one hundred twenty(120) individual residential units within the u Development to be constructed and operated by the Developer on the Site, as provided in the Scope of Development,but excluding therefrom one unit which the Lessee may develop and make available to an on-site manager. 4 Packet Pg.26 . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J - 3.c 6.7 Regulatory Agreement. The Lessee shall execute, acknowledge, and deliver to Agency a"Regulatory Agreement." to be recorded with respect to the Site in the official records of San Bernardino County,California. The Lessee shall comply with the Regulatory Agreement, The Regulatory Agreement is subject to notification(which amendment shall have the same priority as the Regulatory Agreement)to conform to the number of Units regulated by the Bond Regulatory Agreement if that number is greater than originally provided in the Regulatory Agreement. The Regulatory Agreement and this Lease shall be construed to be consistent to the greatest feasible extent. In the event of any express conflict,this Lease shall control over the Regulatory Agreement. as 7. UTILITIES AND TAXES. a 7.1 Utilities. Lessee shall pay or cause to be paid all utility and related costs for the Housing Units. Lessor shall pay or cause to be paid all utility and related costs for the community center. 7.2 Real Estate Taxes. Lessee shall pay or cause to be paid all real estate taxes and related costs. It is the intent of the parties hereto that the rent provided herein shall be net to City and that Lessee shall pay the costs, taxes,charges,and expenses against the Housing Units which may 3 arise or become due during the Term,and which,except for execution hereof,would or could have been payable by City. N 7.3 Personal Property. Lessee covenants and agrees to pay before delinquency all c personal property taxes, assessments and liens of every kind and nature upon all personalty as may be owned by Lessee and from time to time situated within the Site and any Improvements. 0 8. OWNERSHIP OF IMPROVEMENTS,FIXTURES AND FURNISHINGS. 0 8.1 Ownership During Term. All Improvements constructed on the Site by Lessee as cn permitted by this Lease shall, during the Term, be and remain the property of Lessee;provided, however, that Lessee shall have no right to waste the Improvements,or to destroy,demolish or N remove the Improvements except as otherwise permitted pursuant to this Lease; and provided further that Lessee's rights and powers with respect to the Improvements are subject to the terms and o limitations of this Lease. City and Lessee covenant for themselves and all persons claiming under or through them that the Improvements are real property. 8.2 Capital Events. The Lessee shall make payments of Rent to the City. In addition, in the event of(i)a sale, assignment or transfer of the Development or(ii) the refinancing of the 0 Development in an amount greater than the outstanding balance of a loan existing as of the time of a such refinancing,the Developer shall treat all such excess proceeds(less 10%processing fee)as o' Residual Receipts and distribute those Receipts as required. Lessee and Lessor agree that,should a t.9 refinancing occur seventeen years from the Commencement Date,the Parties hereto agree that a portion or all of the excess proceeds may be used to refurbish the Project, if reasonably necessary. 8.3 Ownership at Termination. Upon termination of this Lease, whether by expiration of the Term or otherwise,all Improvements, fixtures and furnishings shall, without compensation to Lessee,then become City's property,as is at the time of the termination of the Lease. 13 Packet Pg.35 nd any other information which may be used to determined compliance with the terms of this Lease. 12 Packet Pg.34 9 Packet Pg.31 s the one hundred twenty(120) individual residential units within the u Development to be constructed and operated by the Developer on the Site, as provided in the Scope of Development,but excluding therefrom one unit which the Lessee may develop and make available to an on-site manager. 4 Packet Pg.26 . ... . $ '190,000 "' '" " ' - $ "-' " . " " " ' "'• '" § ' ' - ' ' ' •'37 Office Costs/Supplies/Misc. Admix Costs $ • 20,000 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c 9. MECHANICS LIENS; FAITHFUL PERFORMANCE. Lessee shall not suffer or permit any mechanics' or materialmen's liens to be enforced against the fee simple estate in reversion of City as to the Site and Improvements, nor against Lessee's leasehold interest therein by reason of work, labor, services or materials supplied or claimed to have been supplied to Lessee or anyone holding the Site and the Improvements,or any part thereof,through or under Lessee, and Lessee agrees to defend, indemnify,and hold City,Agency and their respective officers,officials,employees,agents,and representatives, harmless against such liens. If any such lien shall at•any time be filed against the Site or any Improvements, Lessee shall, ;y within thirty(30)days after notice to Lessee of the filing thereof, cause the same to be discharged of record; provided, however, that Lessee shall have the right to contest the amount or validity, in whole (13 or in part,of any such lien by appropriate proceedings but in such event, Lessee shall notify City and promptly bond such lien in the manner authorized by law with a responsible surety company qualified to do business in the State of California or provide other security acceptable to City. Lessee shall prosecute such proceedings with due diligence. Nothing in this Lease shall be deemed to be, a nor shall be construed in any way to constitute, the consent or request of City, express or implied, by inference or otherwise, to any person, firm or limited partnership for the performance of any labor or the furnishing of any materials for any construction,rebuilding,alteration or repair of or to the Site, the Improvements, or any part thereof. Prior to commencement of construction of the Improvements y on the Site,or any repair or alteration thereto having a cost in excess of S 10,000, Lessee shall give City not less than thirty(30)days advance notice in writing of intention to begin said activity in order that non-responsibility notices may be posted and recorded as provided by State and local laws. a, a) 10. MAINTENANCE AND REPAIR; CAPITAL REPLACEMENT RESERVE. 0 Lessee agrees to assume full responsibility for the management,operation and maintenance of the Improvements and the Site throughout the Term without expense to City, and to perform all g repairs and replacements necessary to maintain and preserve the Improvements and the Site in good �!? repair, in a neat,clean,safe and orderly condition reasonably satisfactory to City and in compliance c with all applicable laws. Lessee agrees that City shall not be required to perform any maintenance, N repairs or services or to assume any expense in connection with the Improvements and the Site. Lessee hereby waives all rights to make repairs or to cause any work to be performed at the expense N of City as provided for in Section 1941 and 1942 of the California Civil Code. N The following standards shall be complied with by Lessee and its maintenance staff, d contractors or subcontractors: y a) • -J (1) Lessee shall maintain the Improvements, including individual Affordable Units,all common areas,all interior and exterior facades,and o all exterior project site areas,in a safe and sanitary fashion suitable for a high quality, t.9 rental housing project. The Lessee agrees to provide utility services,administrative services, supplies,contract services, maintenance, maintenance reserves,and management for the Housing Units including interior tenant spaces, common area spaces and exterior common areas. The services provided by the Lessee shall include,but not be limited to, providing all common area electricity,gas, water, television, cable television,property, fire and liability insurance in the amounts set forth in this Lease,all property taxes and personal property taxes, any and all assessments,maintenance and replacement of all exterior landscaping,and all administration and overhead required for the property manager. 14 Packet Pg.36, 00 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3:c (2) Landscape maintenance shall include,but not be limited to: watering/irrigation; fertilization; mowing, edging, and trimming of grass; tree and shrub pruning; trimming and shaping of trees and shrubs to maintain a healthy,natural appearance and safe road conditions and visibility,and optimum irrigation coverage; replacement,as needed,of all plant materials;control of weeds in all planters, shrubs, lawns,ground covers,or other planted areas;and staking for support of trees. a) E (3) Clean-up maintenance shall include,but not be limited to: maintenance of all private paths,parking areas,driveways and other paved areas in clean and weed-free condition; maintenance of all such areas clear of dirt,mud, trash,debris or other matter which is unsafe or unsightly;removal of all trash, litter and other debris from improvements and landscaping prior to mowing;clearance and v cleaning of all areas maintained prior to the end of the day on which the maintenance operations are performed to ensure that all cuttings,weeds, leaves and other debris are properly disposed of by maintenance workers. (4) The Improvements shall be maintained in 3 conformance and in compliance with the approved construction and architectural plans and design scheme,as the same may be amended from time to time with the approval of the City(and Agency, if such approval is required). �► (5) All maintenance work shall conform to all applicable federal and state Occupation Safety and Health Act standards and regulations for the performance of maintenance. U) a) (6) Any and all chemicals, unhealthful substances,and pesticides used in and during maintenance shall be applied only by persons in strict c'n accordance with all governing regulations. c r (7) Parking lots, lighting fixtures, trash enclosures, and all N areas shall be kept free from any accumulation of debris or waste materials by o regularly scheduled maintenance. N . (8) Lessee shall,or shall cause the Property Manager to, o set aside in an Operating Reserve,which shall be maintained as a separate interest- bearing trust account, in an amount as prescribed under the Primary Permanent Loan. a To the extent this Lease requires that an Operating Reserve be funded at a level in excess of that required under the Primary Permanent Loan, such excess amount shall c be funded by Lessee from Residual Receipts. Lessee shall provide,on not less than an annual basis,evidence reasonably satisfactory to City of compliance herewith, and shall thereafter cause such amount to be retained in the Operating Reserve,to cover c shortfalls between Improvements income and actual project operating expenses. The Operating Reserve shall be replenished to the full.amount prior to any further disbursement of Residual Receipts to the Lessee. Any moneys in such Operating Reserve which are not expended as of the termination of this Lease shall be treated as • Residual Receipts. 15 Packet Pg.37 Units,all common areas,all interior and exterior facades,and o all exterior project site areas,in a safe and sanitary fashion suitable for a high quality, t.9 rental housing project. The Lessee agrees to provide utility services,administrative services, supplies,contract services, maintenance, maintenance reserves,and management for the Housing Units including interior tenant spaces, common area spaces and exterior common areas. The services provided by the Lessee shall include,but not be limited to, providing all common area electricity,gas, water, television, cable television,property, fire and liability insurance in the amounts set forth in this Lease,all property taxes and personal property taxes, any and all assessments,maintenance and replacement of all exterior landscaping,and all administration and overhead required for the property manager. 14 Packet Pg.36, 00 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c.. (9) Lessee shall also,or cause the Property Manager or permanent lender to,commencing as of the first month following the first anniversary of the completion of the first Housing Unit(as such completion is evidenced by the issuance of a certificate of occupancy by the City as to the corresponding building) set aside the Capital Replacement Reserve. The Capital Replacement Reserve shall be deposited into a separate interest-bearing trust account. Funds in the Capital Replacement Reserve shall be used for capital replacements to the Improvements' d fixtures and equipment which are normally capitalized under generally accepted CD accounting principles. As capital repairs and improvements of the Project become necessary, the Capital Replacement Reserve shall be the first source of payment therefor;provided, however, that Lessee may first use other funds for payment with the prior consent of City, which approval shall not be unreasonably withheld. The non-availability of funds in the Capital Replacement Reserve does not in any manner relieve Lessee of the obligation to undertake necessary capital repairs and 0. improvements and to continue to maintain the Site in the manner prescribed in this Section 10. Lessee,at its expense, shall submit to City on not less than an annual basis an accounting for the Capital Replacement Reserve. Any amounts of the Capital Replacement Reserve in excess of the level of such reserve required by the a Primary Permanent Lender shall be funded from Residual Receipts. Any moneys in the Capital Replacement Reserve which are not expended as of the termination of this Lease shall be treated as Residual Receipts. Capital repairs to and replacement of the Improvements shall include only those items with a long useful life, including without limitation the following: (b) Appliance replacement; a) c.) 3 (c) Hot water heater replacement; N (d) Plumbing fixtures replacement, including tubs and showers, toilets, lavatories, sinks, faucets; o o (e) Air conditioning and heating replacement; N (f) Concrete or Asphalt replacement; (g) Roofing replacement; (h) Landscape tree replacement and irrigation pipe and controls 'o replacement; (i) Gas line pipe replacement; d (j) Lighting fixture replacement;and co (k) Miscellaneous motors and blowers. 16 Packet Pg. 38 annual basis,evidence reasonably satisfactory to City of compliance herewith, and shall thereafter cause such amount to be retained in the Operating Reserve,to cover c shortfalls between Improvements income and actual project operating expenses. The Operating Reserve shall be replenished to the full.amount prior to any further disbursement of Residual Receipts to the Lessee. Any moneys in such Operating Reserve which are not expended as of the termination of this Lease shall be treated as • Residual Receipts. 15 Packet Pg.37 Units,all common areas,all interior and exterior facades,and o all exterior project site areas,in a safe and sanitary fashion suitable for a high quality, t.9 rental housing project. The Lessee agrees to provide utility services,administrative services, supplies,contract services, maintenance, maintenance reserves,and management for the Housing Units including interior tenant spaces, common area spaces and exterior common areas. The services provided by the Lessee shall include,but not be limited to, providing all common area electricity,gas, water, television, cable television,property, fire and liability insurance in the amounts set forth in this Lease,all property taxes and personal property taxes, any and all assessments,maintenance and replacement of all exterior landscaping,and all administration and overhead required for the property manager. 14 Packet Pg.36, 00 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c 11. ENVIRONMENTAL MATTERS. 1 1.1 Definitions. For the purposes of this Lease, unless the context otherwise specifies or requires,the following terms shall have the meanings herein specified: (a) The term"Hazardous Materials"shall mean any substance, material,or waste which is or becomes regulated by any local governmental authority, the County of San Bernardino,the State of California, regional governmental authority or the United States E Government, including,but not limited to, any material or substance which is(i)defined as a "hazardous waste,""extremely hazardous waste,"or"restricted hazardous waste" under Section 25115,25117 or 25122.7,or listed pursuant to Section 25140 of the California Health and Safety Code, Division 20, Chapter 6.5 (Hazardous Waste Control Law),(ii) defined as a"hazardous substance" under Section 25316 of the California Health and Safety Code, Division 20, Chapter 6.8 (Carpenter-Presley-Tanner Hazardous Substance Account Act),(iii)defined as a"hazardous material," "hazardous substance," or"hazardous waste" under Section 25501 of the California Health and Safety Code, Division 20, Chapter 6.95 (Hazardous Materials Release Response Plans and Inventory),(iv)defined as a "hazardous substance" under Section 25281 of the California Health and Safety Code, Division 20,Chapter 6.7(Underground Storage of Hazardous Substances), 3 (v)petroleum, (vi) friable asbestos, (vii) polychlorinated byphenyls, (viii) listed under Article 9 or defined as"hazardous"or"extremely hazardous" pursuant to Article II of Title 22 of the California Administrative Code, Division 4,Chapter 20, (ix)designated as"hazardous substances"pursuant to Section 31 I of the Clean Water Act(33 U.S.C. §1317),(x)defined as a"hazardous waste" pursuant to Section 1004 of the Resource Conservation and Recovery Act,42 U.S.C. §6901 et seq.(42 U.S.C. o) §6903)or(xi)defined as"hazardous substances" pursuant to Section 101 of the Comprehensive Environmental Response, Compensation,and Liability Act,42 U.S.C. §9601 et seq. y a) (b) The term "Hazardous Materials Contamination"shall mean the contamination(whether presently existing or hereafter occurring)of the improvements, facilities, co soil,groundwater,air or other elements on, in or of the Site by Hazardous Materials,or the c contamination of the buildings, facilities,soil, groundwater,air or other elements on, in or of any other property as a result of Hazardous Materials at any time(whether before or after the Date of Lease) emanating from the Site. N (c) The term"Governmental Requirements" shall mean all past, present and future laws, ordinances, statutes,codes, rules,regulations, orders and decrees of the United States, the state, the county, the city, or any other political subdivision in which the Site is located, and any other state,county,city, political subdivision, agency, instrumentality or other entity exercising jurisdiction over City, Lessee or the Site. _ O 11.2 Site Evaluation. Lessee assumes any and all responsibility and Liabilities(as defined in Section 11.3 of this Lease) for all Hazardous Materials Contamination of the Site which occurs during the Term of this Lease or extension thereof. a) 11.3 Indemnification; Lessee's Indemnity. Lessee shall save,protect,defend,indemnify and hold harmless City, Agency and its officers,officials, employees,and agents from and against any and all liabilities,suits, actions,claims,demands, penalties,damages(including, without limitation, penalties, fines and monetary sanctions),losses,costs or expenses(including,without limitation, consultants' fees, investigation and laboratory fees, reasonable attorneys' fees and remedial and response costs)(the foregoing are hereinafter collectively referred to as"Liabilities") 17 Packet-Pg.39 assessments,maintenance and replacement of all exterior landscaping,and all administration and overhead required for the property manager. 14 Packet Pg.36, 00 - •$ - E - ..38 Annual Audit and Reporting •Admix Costs $ 152,000 - $ $ - '39 Property Disposition Plan' ' 'Property Dispositions $ .' - - • $' -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c which may now or in the future be incurred or suffered by City and its officers,officials,employees, or agents by reason of, resulting from, in connection with,or arising in any manner whatsoever as a direct or indirect result of the presence on or under,or escape, seepage, leakage,spillage, discharge, emission or release from the Site of any Hazardous Materials or Hazardous Materials Contamination after the commencement of this Lease, including any Liabilities incurred under any Governmental Requirements relating to such Hazardous Materials or Hazardous Materials Contamination. Lessee's obligations under this Section 11.3.1 shall survive the expiration of this Lease and shall not merge with any grant deed. a) 1 1.4 Duty to Prevent Hazardous Material Contamination. Lessee shall take all necessary precautions to prevent the release of any Hazardous Materials into the environment. Such 15 precautions shall include compliance with all Governmental Requirements with respect to Hazardous 1- Materials. In addition, Lessee shall install and utilize such equipment and implement and adhere to v such procedures as are consistent with the standards generally applied by apartment complexes in San Bernardino County, California as respects the disclosure,storage, use, removal,and disposal of a Hazardous Materials. 73 1 1.5 Obligation of Lessee to Remediate Premises. Notwithstanding the obligation of Lessee to indemnify City and Agency pursuant to Section 11.3 of this Lease, Lessee shall,at its sole N cost and expense,promptly take(i)all actions required by any federal,state, regional,or local governmental agency or political subdivision or any Governmental Requirements and(ii)all actions necessary to make full economic use of the Site for the purposes contemplated by this Lease,which requirements or necessity arise from the presence upon, about or beneath the Site of any Hazardous rn Materials or Hazardous Materials Contamination no matter when occurring. Such actions shall include,but not be limited to, the investigation of the environmental condition of the Site,the preparation of any feasibility studies or reports and the performance of any cleanup,remedial, removal or restoration work. Lessee shall take all actions necessary to promptly restore the Site to an environmentally sound condition for the uses contemplated by this Lease,-notwithstanding any lesser co standard of remediation allowable under applicable Governmental Requirements. N 11.6 Storage or Handling of Hazardous Materials. Lessee,at its sole cost and expense, shall comply with all Governmental Requirements for the storage, use, transportation,handling and N disposal of Hazardous Materials on or about the Site. In the event Lessee does store, use, transport, handle or dispose of any Hazardous Materials, Lessee shall notify City and Agency in writing at least ten (10) days prior to their first appearance on the Site and Lessee's failure to do so shall constitute a material default under this Lease. Lessee shall conduct all monitoring activities required or prescribed by applicable Governmental Requirements,and shall,at its sole cost and expense, comply with all posting requirements of Proposition 65 or any other similarly enacted Governmental c Requirements. In addition, in the event of any complaint or governmental inquiry, or if otherwise o deemed necessary by City in its reasonable judgment,City may require Lessee,at Lessee's sole cost chi and expense, to conduct specific monitoring or testing activities with respect to Hazardous Materials on the Site. Lessee's monitoring programs shall be in compliance with applicable Governmental Requirements,and any program related to the specific monitoring of or testing for Hazardous E Materials on the Site,shall be satisfactory to City, in City's reasonable discretion. Lessee shall further be solely responsible,and shall reimburse City, for all costs and expenses incurred by City arising out of or connected with the removal,clean-up and/or restoration work and materials necessary to return the Site and any property adjacent to the Site affected by Hazardous Materials emanating from the Site to their condition existing at the time of the Lessee's Site Evaluation. 18 Packet Pg.40 -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c Lessee's obligations hereunder shall survive the termination of this Lease and shall not merge with any grant deed. 11.7 Environmental Inquiries. Lessee shall notify City, and provide to City a copy or copies,of the following environmental permits,disclosures,applications,entitlements or inquiries relating to the Site: notices of violation,notices to comply,citations, inquiries,clean-up or abatement orders,cease and desist orders,reports filed pursuant to self-reporting requirements,and reports filed or applications made pursuant to any Governmental Requirement relating to Hazardous Materials and underground tanks,and Lessee shall report to City, as soon as possible after each incident,any unusual,potentially important incidents. In the event of a release of any Hazardous Materials into the environment, Lessee shall,as soon as possible after the release, furnish to City a copy of any and all reports relating thereto and copies of all correspondence with governmental agencies relating to the release. Upon request of r City,.Lessee shall furnish to City a copy or copies of any and all other environmental entitlements or c- inquiries relating to or affecting the Site including,but not limited to, all permit applications, permits and reports including,without limitation, those reports and other matters which may be characterized as confidential. y 12. ALTERATION OF IMPROVEMENTS. N Upon completion of the Improvements, Lessee shall not make or permit to be made any material structural alteration of,addition to or change in the Improvements(which shall be deemed to ts) be material if the cost or value of such alteration(s)or addition(s)exceeds S10,000.00 as to any item or S25,000.00 as all such items are aggregated),nor demolish all or any part of the ImprovementsCD without the prior written consent of City;provided,however, that the foregoing shall not prohibit or restrict the repair and/or replacement of the Improvements by Lessee in accordance with Section 10 hereof. In requesting such consent Lessee shall submit to City detailed plans and specifications of co the proposed work and an explanation of the need and reasons therefor. T N This provision shall not limit or set aside any obligation of Lessee under this Lease to maintain the Improvements and the Site in a clean and safe condition, including structural repair and c restoration of damaged Improvements. City shall not be obligated by this Lease to make any improvements to the Site or to assume any expense therefor. Lessee shall not commit or suffer to be committed any waste or impairment of the Site or the Improvements, or any part thereof, except as otherwise permitted pursuant to this Lease. Lessee agrees to keep the Site and the Improvements clean and clear of refuse and obstructions, and to c dispose of all garbage, trash and rubbish in a manner satisfactory to City. 13. DAMAGE OR DESTRUCTION. 13.I Obligation to Repair and Restore Damage Due to Casualty Covered by E Insurance. Subject to Section 13.3 below, if the Improvements shall be totally or partially destroyed or rendered wholly or partly uninhabitable by fire or other casualty required to be insured against by Lessee, Lessee shall promptly proceed to obtain insurance proceeds and take all steps necessary to a begin reconstruction and, immediately upon receipt of insurance proceeds, to promptly and diligently commence the repair or replacement of the Improvements to substantially the same condition as the Improvements are required to be maintained in pursuant to this Lease,whether or not the insurance 19 Packet Pg.41 ental Requirements,and any program related to the specific monitoring of or testing for Hazardous E Materials on the Site,shall be satisfactory to City, in City's reasonable discretion. Lessee shall further be solely responsible,and shall reimburse City, for all costs and expenses incurred by City arising out of or connected with the removal,clean-up and/or restoration work and materials necessary to return the Site and any property adjacent to the Site affected by Hazardous Materials emanating from the Site to their condition existing at the time of the Lessee's Site Evaluation. 18 Packet Pg.40 -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J ,3 C, proceeds are sufficient to cover the actual cost of repair, replacement,or restoration,and Lessee shall complete the same as soon as possible thereafter so that the Improvements can continue to be operated and occupied as an affordable housing project in accordance with the Lease. Subject to Section 26.23, in no event shall the repair,replacement,or restoration period exceed fourteen(14) months from the date Lessee obtains insurance proceeds unless City or Agency's Executive Director, in his or her sole and absolute discretion, approves a longer period of time. City shall cooperate with Lessee,at no expense,to City, in obtaining any governmental permits required for the repair, replacement,or restoration. If, however, the then-existing laws of any other governmental agencies with jurisdiction over the Site do not permit the repair, replacement,or restoration, Lessee may elect a) not to repair,replace,or restore the Improvements by giving notice to City(in which event Lessee will be entitled to all insurance proceeds but Lessee shall be required to remove all debris from the Site)or Lessee may reconstruct such other improvements on the Site as are consistent with applicable land use regulations and approved by the City, Agency,and the other governmental agency or agencies with jurisdiction. In the event Lessee elects not to repair,replace,or restore and give City notice of such election as provided herein, this Lease shall terminate. 0 a) 13.2 Continued Operations. During any period of repair, Lessee shall continue,or cause o: the continuation of, the operation of the Improvements on the Site to the extent reasonably practicable from the standpoint of prudent business management. N a) 13.3 Damage or Destruction Due to Cause Not Required to be Covered by Insurance. If the Improvements are completely destroyed or substantially damaged by a casualty for which Lessee is not required to (and has not) insured against,then Lessee shall not be required to repair, replace, or restore such improvements. L 0 a, 14. SALE,ASSIGNMENT,SUBLEASE OR OTHER TRANSFER. a 3 Except for(a)leases of particular dwelling units to tenants,and (b)the lease of or grant of an easement or license to the City,or public utility or the like,Lessee shall not sell,assign, sublease,or otherwise transfer this Lease or any right therein, nor make any total or partial sale,assignment, sublease,or transfer in any other mode or form of the whole or any part of the Site or the Improvements(each of which events is referred to in this Lease as an"Assignment"), without prior o written approval of City. Any purported assignment without the prior written consent of City shall be made null and void and shall confer no rights whatsoever upon any purported assignee or transferee. o d N a3 Notwithstanding any other provision of this Lease to the contrary, the City shall not unreasonably withhold its approval of an assignment of this Lease or conveyance of the Site or Improvements, or any part thereof, in connection with any of the following: (a) Any transfers to an entity or entities in which Lessee retains management and control of the transferee entity or entities, including transfers to allow the entry into the Partnership by the tax credit investor, Limited Partner. (b) The conveyance or dedication of any portion of the Site to the City or other appropriate governmental agency,or the granting of easements or permits to facilitate construction of the Improvements for public utility access. 20 Packet Pg.42 zardous E Materials on the Site,shall be satisfactory to City, in City's reasonable discretion. Lessee shall further be solely responsible,and shall reimburse City, for all costs and expenses incurred by City arising out of or connected with the removal,clean-up and/or restoration work and materials necessary to return the Site and any property adjacent to the Site affected by Hazardous Materials emanating from the Site to their condition existing at the time of the Lessee's Site Evaluation. 18 Packet Pg.40 -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c In the event of a proposed assignment by Lessee under subparagraphs (a) through(b), inclusive,above,Lessee agrees that at least thirty(30)days prior to such assignment it shall give written notice to City including a request for approval of such assignment and satisfactory evidence that the assignee has assumed the obligations of this Lease. Notwithstanding any provision in this Section 14 to the contrary, in no event shall Lessee make any assignment which would or could be effective beyond the Term without the prior consent of the City. d a) 15. (INTENTIONALLY OMITTED! 16. INDEMNITY. - During the Term, Lessee agrees that City and Agency, their agents, officers,representatives and employees, shall not be liable for any claims, liabilities,penalties, fines or for any damage to the goods,properties or effects of Lessee, its sublessees or representatives, agents, employees,guests, licensees, invitees,patrons or clientele or of any other person whomsoever, nor for personal injuries re to, or deaths of any persons,whether caused by or resulting from any act or omission of Lessee or its sublessees or any other person on or about the Site and the Improvements,or in connection with the operation thereof,or from any defect in the Site or the Improvements, or from any displacement of re tenants or liability for relocation assistance pursuant to Government Code Section 7260, et seq.,due N to the acts of Lessee hereunder. Lessee agrees to indemnify and save free and harmless Agency and City and their authorized agents,officers,representatives and employees against any and all claims, as • actions,damages, liability(including reasonable expenses and attorneys' fees) concerning loss of life,personal injury and/or damage to property arising from or out of any occurrence in,upon or at the Site and/or the Improvements or the occupancy or use by Lessee of the Site and/or the a Improvements or any part thereof, or arising from or out of Lessee's failure to comply with any provision of this Lease or otherwise occasioned wholly or in part by any act or omission of Lessee, �!? its agents,representatives,contractors,employees, servants,customers or licensees. Lessee shall not o be responsible for(and such indemnity shall not apply to)any acts, errors or omissions of Agency, City,or their respective agents, officers, representatives or employees. 17. INSURANCE. N O! 17.1 Insurance to be Provided by Lessee. During the Term, Lessee,at its sole cost and expense, shall: w (a) Maintain or cause to be maintained a policy or policies of c insurance against loss or damage to the Improvements of all property of an insurable nature located o upon the Site, resulting from fire, lightning,vandalism,malicious mischief, and such other perils 0 ordinarily included in extended coverage fire insurance and casualty loss policies. (b) Maintain or cause to be maintained use and occupancy or 01 business interruption or rental income insurance against the perils of fire, lighting,vandalism, malicious mischief, and such other perils ordinarily included in extended coverage fire insurance policies, in an amount equal to not less than twelve(12)months' gross rental income payable to Lessee from tenants on the Site, assuming one hundred percent(100%)occupancy. 21 Packet Pg.43 the Partnership by the tax credit investor, Limited Partner. (b) The conveyance or dedication of any portion of the Site to the City or other appropriate governmental agency,or the granting of easements or permits to facilitate construction of the Improvements for public utility access. 20 Packet Pg.42 zardous E Materials on the Site,shall be satisfactory to City, in City's reasonable discretion. Lessee shall further be solely responsible,and shall reimburse City, for all costs and expenses incurred by City arising out of or connected with the removal,clean-up and/or restoration work and materials necessary to return the Site and any property adjacent to the Site affected by Hazardous Materials emanating from the Site to their condition existing at the time of the Lessee's Site Evaluation. 18 Packet Pg.40 -.- '.. - .. 0. - 402011'ATABS'B4nd.PiojeclS'' ' "' -IiepievemenNnfrasuuvture' $ •' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c (c) Maintain or cause to be maintained,comprehensive general liability insurance with respect to the Site and the Improvements and the operations of the Lessee in, on or about the Site and the Improvements, including, but not limited to, owned and hired motor vehicle liability, cross liability and severability of interests, personal injury, XC&U,blanket contractual,owners protective broad form property damage,and product/completed operations liability coverage in an amount not less than Two Million Dollars($2,000,000),combined single limit,public liability insurance to protect against loss from liability for damages on account of personal injury, including death therefrom, suffered or alleged to be suffered by any person or persons whomsoever on or about the Site and the Improvements, or in connection with the operation 15) thereof,resulting directly or indirectly from any acts or activities of Lessee or its sublessees,or any person acting for Lessee,or under their respective control or direction, and also to protect against 15 loss from liability imposed by law for damages to any property of any person occurring on or about the Site and the Improvements,or in connection with the operation thereof,caused directly or indirectly by or from acts or activities of Lessee of its sublessees,or any person acting for Lessee, or under their respective control or direction. Such property damage and personal injury insurance shall also provide for and protect against incurring any legal cost in defending claims for alleged loss. The re required amount of insurance shall be subject to increases as Agency may reasonably require from time to time,but not more frequently than every twenty-four(24) months. In no event shall such z - increase or increases exceed the increase during such period in the United States Department of Fa- CD Labor,Bureau of Labor Statistics,Consumer Price Index for Urban Wage Earners and Clerical ce Workers,Subgroup"All Items," in the geographical area applicable to the Bellflower area. Lessee .51), agrees that provisions of this paragraph as to maintenance of insurance shall not be construed as limiting in any way the extent to which Lessee may be held responsible for the payment of damages Q to persons or property resulting from Lessee's activities,activities of its sublessees or the activities of any other person or persons for which Lessee is otherwise responsible. (d) Maintain or cause to be maintained worker's compensation z insurance issued by a responsible carrier authorized under the laws of the State of California to insure `o employers against liability for compensation under the workers' compensation laws now in force in c California, or any laws hereafter enacted as an amendment or supplement thereto or in lieu thereof. Such workers' compensation insurance shall cover all persons employed by Lessee in connection c with the Site and the Improvements and shall cover full liability for compensation under any such act aforesaid,based upon death or bodily injury claims made by, for on behalf of any person incurring or suffering injury or death in connection with the Site or the Improvements or the operation thereof by d Lessee. lC 17.2 Definition of"Full Insurable Value". The term "Full Insurable Value" as used in this Section 17 shall mean the actual replacement cost(excluding the cost of excavation, foundation and footings below the lowest floor and without deduction for depreciation)of the Improvements, 2 including the cost of construction of the Improvements, architectural and engineering fees,and inspection and supervision. To ascertain the amount of coverage required, Lessee shall cause the Full Insurable Value to be determined from time to time by appraisal by the insurer or, if no such appraisal is available,by an appraiser mutually acceptable to City and Lessee, not less often than once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c • insurance policies shall include the interest of any Lessee's Mortgagee,and may provide that any loss is payable to Lessee's Mortgagee in which event such policies shall contain standard mortgage loss payable clauses. Lessee agrees to timely pay all premiums for such insurance and,at its sole cost and expense, to comply and secure compliance with all insurance requirements necessary for the maintenance of such insurance. Lessee agrees to submit policies of all insurance required by this Section 17 of this Lease,or certificates evidencing the existence thereof, to City on or before the effective date of this Lease, indicating full coverage of the contractual liability imposed by this Lease. At least thirty(30)days prior to expiration of any such policy, copies of renewal policies,or certificates evidencing the existence thereof, shall be submitted to City. All policies of insurance a, required of Lessee herein shall be issued by insurance companies with a general policy holder's rating of not less.than A and a financial rating of not less that Class XV, as rated in the most current available`Best's Key Rating Guide". All policies or certificates of insurance shall also: (i)provide that such policies shall not be canceled or limited in any manner without at least thirty(30)days prior v written notice to City;and(ii)provide that such coverage is primary and not contributing with any a insurance as may be obtained by City and shall contain a waiver of subrogation for the benefit of the City and Agency. Coverage provided hereunder by Lessee shall be primary insurance and not be contributing with any insurance maintained by Agency or City,and the policy shall contain such an endorsement. The insurance policy or the endorsement shall contain a waiver of subrogation for the benefit of the City and Agency. None of the above-described policies shall require Developer to meet a deductible or self-insured retention amount of more than Ten Thousand Dollars($10,000,00)unless first approved in writing by the City. All policies shall be written by good and solvent insurers and shall have a policyholder's rating of A or better in the most recent edition of"Best's Key Rating Guide — Property and Casualty." The required certifcate shall be furnished by Lessee at the time set forth herein. 0 17.4 Failure to Maintain Insurance. If Lessee fails or refuses to procure or maintain insurance as required by this Lease,City shall have the right,at Agency's election,and upon ten(10) o days prior notice to Lessee,to procure and maintain such insurance. The premiums paid by City shall be treated as added rent due from Lessee,to be paid on the first day of the month following the o date on which the premiums were paid. City shall give prompt notice of the payment of such N premiums,stating the amounts paid and the name of the insured(s). N 17.5 Insurance Proceeds Resulting from Loss or Damage to Improvements. All d proceeds of insurance with respect to loss or damage to the Improvements during the term of this Lease shall be payable,under the provisions of the policy of insurance,to Lessee, and said proceeds shall constitute a trust fund to be used for the restoration, repair and rebuilding of the Improvements 3 in accordance with plans and specifications approved in writing by City. To the extent that such o proceeds exceed the cost of such restoration,repair or rebuilding, then such proceeds shall be chi retained by the party that purchased the insurance. Notwithstanding the foregoing,within the period during which there is an outstanding mortgage upon the Improvements,such proceeds shall be payable in accordance with Section 17.3 of this Lease. o 18. EMINENT DOMAIN. (a) The City agrees that during the Term,provided that this Lease shall remain in effect, the City shall not exercise eminent domain powers as to the Site or the Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c • 19. OBLIGATION TO REFRAIN FROM DISCRIMINATION. There shall be no discrimination against or segregation of any person or group of persons,on account of sex, marital status, race,color,creed, religion, national origin or ancestry in the leasing, subleasing, transferring, use,occupancy,tenure or enjoyment of the Site and the Improvements,and Lessee itself or any person claiming under or through it shall not establish or permit any such ., practice or practices of discrimination or segregation with reference to the selection,location, CD number, use or occupancy of tenants, lessees, subtenants, sublessees, or vendees thereof or any portion thereof, or in the providing of goods, services, facilities,privileges,advantages and accommodation. ca Lessee shall refrain from restricting the rental, sale,or lease of the Site and the Improvements,or any portion thereof,on the basis of sex, marital status, race,color,creed, religion, ancestry or national origin of any person. All such leases or contracts shall contain or be subject to substantially the following nondiscrimination or nonsegregation clauses: d (a) In Leases: "The lessee herein covenants by and for itself, its heirs, executors, administrators and assigns, and all persons claiming under or through it,and this lease is made and accepted upon and subject to ce the following conditions: A "That there shall be no discrimination against or segregation of any person or group of persons, on account of sex, marital status, race,color,creed, religion, national origin, or ancestry, in the leasing, subleasing, transferring, use,occupancy, tenure, or enjoyment of the premises herein leased nor shall the lessee itself,or any person claiming under or through it, establish or permit any d such practice or practices of discrimination or segregation with reference to the selection, location, number,use,or occupancy,of tenants, lessees, sublessees, subtenants,or vendees in the premises N herein leased." r N (b) In Contracts: "There shall be no discrimination against or segregation of,any person or group of persons on account of sex,marital status, race,color,creed,religion, national origin or ancestry in the sale, lease,sublease, transfer, use,occupancy,tenure or enjoyment of the premises,nor shall the transferee o itself or any person claiming under or through it,establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use of occupancy of tenants, lessees, subtenants,sublessees or vendees of the premises." 20. NONDISCRIMINATION IN EMPLOYMENT. it Lessee, for itself and its successors and assigns,agrees that during the operation of the Improvements provided for in this Lease, and during any work of repair or replacement, Lessee shall not discriminate against any employee or applicant for employment because of race,color,creed, religion,sex,marital status,physical or mental disability,sexual orientation,ancestry or national origin,or on the basis of any other category or status not permitted by law. 21. [INTENTIONALLY OMITTED!. 24 Packet.Pg.46 by City. To the extent that such o proceeds exceed the cost of such restoration,repair or rebuilding, then such proceeds shall be chi retained by the party that purchased the insurance. Notwithstanding the foregoing,within the period during which there is an outstanding mortgage upon the Improvements,such proceeds shall be payable in accordance with Section 17.3 of this Lease. o 18. EMINENT DOMAIN. (a) The City agrees that during the Term,provided that this Lease shall remain in effect, the City shall not exercise eminent domain powers as to the Site or the Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c 22. COMPLIANCE WITH LAW. 'Lessee agrees,at its sole cost and expense,to comply and secure compliance by all contractors and tenants of the Site and Improvements with all the requirements now in force,or which may hereafter be in force,of all municipal,county, state and federal authorities,pertaining to the Site and the Improvements,as well as operations conducted thereon, and to faithfully observe and secure compliance by ail contractors and tenants of the Site and Improvements with, in the use of the Site and the Improvements all applicable county and municipal ordinances and state and federal statutes now in force or which may hereafter be in force, and to pay before delinquency all taxes, a assessments, and fees, if any, assessor levied upon Lessee or the Site or the Improvements, including the land and any buildings, structures, machines,appliances or other improvements of any nature as whatsoever, erected, installed or maintained by Lessee or by reason of the business or other activities of Lessee upon or in connection with the Site and the Improvements. Lessee shall use good faith efforts to prevent tenants from maintaining any nuisance or other unlawful conduct on or about the Property,and shall take such actions as are reasonably required to abate any such violations by tenants of the Site and Improvements. The judgment of any court of competent jurisdiction,or the admission of Lessee or any sublessee or permittee in any action or proceeding against them,or any of them, whether City be a party thereto or not, that Lessee, sublessee or permittee has violated any such ordinance or statute in the use of the Site or the Improvements shall be conclusive of that fact as between City and Lessee,or such sublessee or permittee. Lessee shall comply with all applicable laws, regulations,and any applicable labor standards, all of which laws and regulations shall be deemed to be incorporated herein by reference. Lessee shall comply with the Tax Credit Rules. The Lease shall further comply with the Bond Rules and the Bond Regulatory Agreement, 23. ENTRY AND INSPECTION. a) In addition to and without limitation to such rights as the Agency or City may have as a cn matter of law, the City reserves and shall have the right between the hours of 8:00 a.m.and 8:00 p.m.,upon twenty-four(24)hours prior notice(except in cases of emergency in which case o entry may be made at any time and without notice)to Lessee by the City,to enter the Site and the Improvements for the purpose of viewing and ascertaining the condition of the same,or to protect its interests in the Site and the Improvements or to inspect the operations conducted thereon. N 24. RIGHT TO MAINTAIN. a) In the event that the entry or inspection by City pursuant to Section 23 hereof discloses that the Site or the improvements are not in a decent,safe, and sanitary condition, City shall have the right, after thirty(30)days written notice to Lessee(except in case of emergency, in which event no c notice shall be necessary), to have any necessary maintenance work done for and at the expense of o Lessee and Lessee hereby agrees to pay promptly any and all costs incurred by City in having such necessary maintenance work done in order to keep the Site and the Improvements in a decent,safe and sanitary condition. The rights reserved in this Section shall not create any obligations on City or increase obligations elsewhere in this Lease imposed on City. as 23 Packet Pg.47 e Improvements,such proceeds shall be payable in accordance with Section 17.3 of this Lease. o 18. EMINENT DOMAIN. (a) The City agrees that during the Term,provided that this Lease shall remain in effect, the City shall not exercise eminent domain powers as to the Site or the Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c 25. EVENTS OF DEFAULT AND REMEDIES. 25.1 Events of Default by Lessee. The occurrence of any one (1) or more of the following shall constitute an event of default hereunder. (a) Lessee shall fail to construct the Improvements in accordance with the terms and within the times set forth; or a) E (b) Lessee shall abandon or surrender the Site, or the d Improvements;or a (c) Lessee shall fail or refuse to pay, within ten(10)days of notice from City that the same is due, any installment of rent or any other sum required by this Lease v to be paid by Lessee; or a (d) Lessee shall fail to pay when due any Capital Events ci Payment(s); or (e) Lessee shall fail to perform any covenant or condition of this Lease other than as set forth in subparagraphs(a)or(b)above or paragraphs(f), (i) or(j)below, and any such failure shall not be cured within thirty(30)days following the service on Lessee of a written notice from City specifying the failure complained of,or if it is not practicable to cure or remedy such failure within such thirty(30)day period, then Lessee shall not be deemed to be in default if Lessee shall commence such cure within such thirty(30)day period and thereafter diligently prosecute such cure to completion;or N a1 (I) Subject to any restrictions or limitations placed on City by applicable laws governing bankruptcy, Lessee's(i)application for,consent to or suffering of the v� appointment of a receiver,trustee or liquidator for all or for a substantial portion of its assets; (ii)making a general assignment for the benefit of creditors; (iii) admitting in writing its inability to N pay its debts or its willingness to be adjudged a bankrupt; (iv)becoming unable to or failing to pay its debts as they mature; (v) being adjudged a bankrupt; (vi) filing a voluntary petition or suffering an c involuntary petition under any bankruptcy, arrangement,reorganization or insolvency law (unless in N the case of an involuntary petition, the same is dismissed within ninety(90)days of such filing); Cl (vii) convening a meeting of its creditors or any class thereof for purposes of effecting a moratorium, o extension or composition of its debts; or(viii),suffering or permitting to continue unstayed and in ea effect for sixty(60)consecutive days any attachment, levy, execution or seizure of all or a portion of Lessee's assets or of Lessee's interest in this Lease, or with respect to the Lower Income Units; c z 0 (g) Lessee shall charge or accept rent that is in excess of c9 Affordable Rent; or (h) Lessee shall charge or accept rent that is in excess of the Prescribed Rent Levels; or (i) Lessee shall rent to a tenant, or allow occupancy by a person or household, that is not a Very Low Income Household or a Lower Income Household; or (j) Lessee shall rent to a household which does not qualify as Seniors; 26 Packet Pg.48 incurred by City in having such necessary maintenance work done in order to keep the Site and the Improvements in a decent,safe and sanitary condition. The rights reserved in this Section shall not create any obligations on City or increase obligations elsewhere in this Lease imposed on City. as 23 Packet Pg.47 e Improvements,such proceeds shall be payable in accordance with Section 17.3 of this Lease. o 18. EMINENT DOMAIN. (a) The City agrees that during the Term,provided that this Lease shall remain in effect, the City shall not exercise eminent domain powers as to the Site or the Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c then, upon notice having been given by City and the failure to cure within sixty(60)of such notice, such event shall constitute an event of default under this Lease. Notwithstanding any of the foregoing,any Event of Default shall be stayed upon City receiving notice from the tax credit investor that the tax credit investor shall take steps necessary to cure the Event of Default. City will provide notice to the tax credit investor of any and all Event(s) E of Default. Upon receiving same,tax credit investor will propose a plan of action to City to cure the Event of Default. City will reasonably approve such plan of action and will allow the tax credit investor reasonable time to effectuate the plan. The Tax Credit Investor's Cure Rights shall be 7.5 further annunciated in the to be formed Limited Partnership Agreement. The City will be provided an opportunity to review and comment and approve the Limited Partnership Agreement and will be bound by its terms as they affect this Lease and other Project Documents. cn 25.2 Remedies of Lessor. In the event of any such default as described in Section 25.1 which default has not been To timely cured,Lessor may, at its option: - a C (I) Correct or cause to be corrected said default and n charge the costs thereof(including costs incurred by City in enforcing this provision) to the account of Lessee,which charge shall be due and payable within sixty(60) a days after presentation by City of a statement of all or part of said costs; (2) Correct or cause to be corrected said default and pay the costs thereof(including costs incurred by City in enforcing this provision) from the proceeds of any insurance; co o (3) Exercise its right to maintain any and all actions at law or suits in equity to compel Lessee to correct or cause to be corrected said default; o N (4) Have a receiver appointed to take possession of N Lessee's interest in the Site and the Improvements,with power in said receiver to c administer Lessee's interest in the Site and the Improvements,to collect all funds N available to Lessee in connection with its operation and maintenance of the Site and the Improvements; and to perform all other consistent with Lessee's obligation under -0 this Lease as the court deems proper; o 2 (5) Maintain and operate the Site and the Improvements, c?i without terminating this Lease;or (6) Terminate this Lease by written notice to Lessee of its z intention to do so. Notwithstanding anything hereinabove to the contrary, City will not exercise any of the above Remedies without first providing the tax credit investor notice of Default and allowing the tax 27 Packet Pg.49 s of the Prescribed Rent Levels; or (i) Lessee shall rent to a tenant, or allow occupancy by a person or household, that is not a Very Low Income Household or a Lower Income Household; or (j) Lessee shall rent to a household which does not qualify as Seniors; 26 Packet Pg.48 incurred by City in having such necessary maintenance work done in order to keep the Site and the Improvements in a decent,safe and sanitary condition. The rights reserved in this Section shall not create any obligations on City or increase obligations elsewhere in this Lease imposed on City. as 23 Packet Pg.47 e Improvements,such proceeds shall be payable in accordance with Section 17.3 of this Lease. o 18. EMINENT DOMAIN. (a) The City agrees that during the Term,provided that this Lease shall remain in effect, the City shall not exercise eminent domain powers as to the Site or the Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J ;3.c. credit investor an opportunity to cure the Event of Default in a reasonable manner, as stated in the to be formed Limited Partnership Agreement. 25.3 Right of City in the Event of Termination of Lease. Upon termination of this Lease pursuant to Section 25.2 or Section 15, it shall be lawful for City to re-enter and repossess the Site and the Improvements and Lessee, in such event,does hereby waive any demand for possession thereof,and agrees to surrender and deliver the Site and the Improvements peaceably to City immediately upon such termination in good order,condition and repair, except for reasonable wear and tear. Lessee agrees that upon such termination, title to all the Improvements on the Site shall ;v vest in City pursuant to Section 8.2. 03 Even though Lessee has breached the Lease and abandoned the Site, this Lease shall continue in effect for so long as City does not terminate Lessee's right to possession,and City may enforce all v of its right and remedies under this Lease, including,but not limited to,the right to recover the rent as it becomes due under this Lease. No ejectment, re-entry or other act by or on behalf of City shall constitute a termination unless City gives Lessee notice of termination in writing. Termination of this Lease shall not relieve or release Lessee from any obligation incurred pursuant to this Lease prior to the date of such termination. Termination of this Lease shall not relieve Lessee from the obligation to pay any sum due to City or from any claim for damages against Lessee. City shall not exercise this right without first providing the tax credit investor with notice co and an opportunity to cure. a) a 25.4 Damages. Should City elect to terminate this Lease pursuant to the provisions of this Section 25,Agency may recover from Lessee, as damages, the following: (a)The worth at the time of the award of any unpaid rent which had been earned at the time of the termination,plus(b) the worth at the time of the award of the amount by which the unpaid rent which would have been earned after termination until the time of the award exceeds the amount of rent loss Lessee proves could N have been reasonably avoided,plus(c)the worth at the time of award of the amount by which the unpaid rent for the balance of the Term after the time of award exceeds the amount of rent loss that N Lessee proves could be reasonably avoided,plus(d)any other amounts necessary to compensate City for all the detriment proximately caused by Lessee's failure to perform its obligations under this Lease or which, in the ordinary course of things,would be likely to result therefrom including,but not limited to, any costs or expenses incurred by City in(i)retaking possession of the Site and the Improvements, including reasonable attorneys' fees therefor, (ii)maintaining or preserving the Site and the Improvements after default,(iii)preparing the Site and the Improvements for reletting to a03 new tenant, including repairs or alterations to the Site and the Improvements, (iv) leasing commissions, or(v)any other costs necessary or appropriate to relet the Site and the Improvements, plus(e)at City's election,any other amounts in addition to or in lieu of the foregoing as may be o permitted from time to time by the law of the State of California. 0i As used in subparagraphs(a)and (b)above,the"worth at the time of award" is computed by allowing interest at the maximum lawful rate. As used in subparagraph(c)above,the"worth at the time of award" is computed by discounting such amount at the discount rate of the Federal Reserve a Bank situated nearest to the location of the Site at the time of the award plus one percent(1°h). Damages under this section shall be waived unless City provides tax credit investor with notice and an opportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c 25.5 Rights and Remedies are Cumulative. The remedies provided by this Section 25 are not exclusive and shall be cumulative to all other rights and remedies possessed by City. The exercise by City of one or more such rights or remedies shall not preclude the exercise by it,at the same or different times,of any other rights or remedies for the same default or any other default by Lessee. 26. MISCELLANEOUS. E 26.1 Governing Law; Interpretation. The laws of the State of California shall govern the interpretation and enforcement of this Lease. This Lease shall be reasonably interpreted in light of its purposes to provide affordable housing for Seniors and to afford the City those rents and other revenues as are provided for herein. N This Lease shall be interpreted as if jointly prepared by both parties. c) This Lease shall be construed as consistent with the Regulatory Agreement to the greatest extent.feasible. 26.2 Legal Actions. In addition to any other rights or remedies,either party may institute legal action to cure,correct or remedy any default,to recover damages for any default,or to obtain any other remedy consistent with the purpose of this Lease. Such legal actions must be instituted in c; the Superior Court of San Bernardino County,State of California, in any other appropriate court in that County, or in the Federal District Court in the District of California in which the Site is located. 26.3 Acceptance of Service of Process. In the event that any legal action is commenced by Lessee against City,service of process on City shall be made by personal service upon the City Clerk,or in such other manner as may be provided by law. cn In the event that any legal action is commenced by City against Lessee,service of process on N Lessee shall be made by personal service upon Lessee or in such other manner as may be provided by law, and shall be effective whether made within or without the State of California. o 26.4 Attorneys' Fees And Court Costs. In the event that either Lessor or Lessee shall N bring or commence an action to enforce the terms and conditions of this Lease or to obtain damages against the other party arising from any default under or violation of this Lease,then the prevailing party shall be entitled to and shall be paid reasonable attorneys' fees and court costs therefor in addition to whatever other relief such prevailing party may be entitled. I 29a Packet Pg. 51 ly caused by Lessee's failure to perform its obligations under this Lease or which, in the ordinary course of things,would be likely to result therefrom including,but not limited to, any costs or expenses incurred by City in(i)retaking possession of the Site and the Improvements, including reasonable attorneys' fees therefor, (ii)maintaining or preserving the Site and the Improvements after default,(iii)preparing the Site and the Improvements for reletting to a03 new tenant, including repairs or alterations to the Site and the Improvements, (iv) leasing commissions, or(v)any other costs necessary or appropriate to relet the Site and the Improvements, plus(e)at City's election,any other amounts in addition to or in lieu of the foregoing as may be o permitted from time to time by the law of the State of California. 0i As used in subparagraphs(a)and (b)above,the"worth at the time of award" is computed by allowing interest at the maximum lawful rate. As used in subparagraph(c)above,the"worth at the time of award" is computed by discounting such amount at the discount rate of the Federal Reserve a Bank situated nearest to the location of the Site at the time of the award plus one percent(1°h). Damages under this section shall be waived unless City provides tax credit investor with notice and an opportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.6 26,5 Financial Statement; Inspection of Books And Records. Lessee shall submit to the City on an annual basis, not later than May 1,an Audited Financial Statement for the operation of the Site and Improvements,which is prepared by a certified public accounting firm, including without limitation the information described in Section 6.6 hereof. In addition,City shall have the right(at Lessee's office,upon not less than forty-eight(48)hours' notice,and during normal business hours)to inspect the books and records of Lessee pertaining to the Site as pertinent to the purposes of this Lease. Lessee also has the right(at City's office, upon not less than forty-eight(48)hours' notice,and at all reasonable times) to inspect the books and records of City pertaining to the Site as pertinent to the purposes of this Lease. 26.6 Interest. Any amount due City that is not paid when due shall bear interest from the date such amount becomes due until it is paid. Interest shall be at a rate equal to the lesser of [(i) seven percent(7%)]per annum,compounded annually,on the first day of the month such amount becomes due,and(ii) the maximum rate permitted by applicable law. c. 26.7 Notices. All notices,statements,demands, requests,consents,approvals, authorizations, offers,agreements,appointments or designations hereunder by either party to the other shall be in writing and shall be given either by(i)personal service, (ii)delivery by reputable document delivery service such as Federal Express that provides a receipt showing date and time of delivery, or(iii)mailing in the United States mail,certified or registered mail,return receipt requested,postage prepaid,and addressed as follows: N V Agency: City of Grand Terrace Community Redevelopment Agency co 22795 Barton Rd. L Grand Terrace,CA 92313 ° N Attention: Thomas J. Schwab a with a copy to: 3 (delivery of which Cl) copy shall not constitute notice to Agency) John Harper, Esq. clo City of Grand Terrace N 22795 Barton Road Grand Terrace,California 92313 Tel.: (714) 771-7728 Lessee: Corporation for Better Housing 15303 Ventura Blvd. Suite 1100 Sherman Oaks, CA 91403 0 Attention: Mary Silverstein c01 Copy to: E The Tax Credit Investor 4o r r or to such other address as either party shall later designate for such purposes by written notice to the other party. Notices shall be deemed effective upon receipt provided that the party to whom notice is 30 Packet Pg. 52 ving the Site and the Improvements after default,(iii)preparing the Site and the Improvements for reletting to a03 new tenant, including repairs or alterations to the Site and the Improvements, (iv) leasing commissions, or(v)any other costs necessary or appropriate to relet the Site and the Improvements, plus(e)at City's election,any other amounts in addition to or in lieu of the foregoing as may be o permitted from time to time by the law of the State of California. 0i As used in subparagraphs(a)and (b)above,the"worth at the time of award" is computed by allowing interest at the maximum lawful rate. As used in subparagraph(c)above,the"worth at the time of award" is computed by discounting such amount at the discount rate of the Federal Reserve a Bank situated nearest to the location of the Site at the time of the award plus one percent(1°h). Damages under this section shall be waived unless City provides tax credit investor with notice and an opportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c being given has notified the other party of its current address,and otherwise upon the earlier of personal receipt or within seven(7)days after delivery thereof to the address(es)as provided above; provided,however that refusal to accept delivery after reasonable attempts thereto shall constitute receipt. Any notices attempted to be delivered to an address from which the receiving party has moved without notice to the delivering party shall be effective on the third day after the attempted delivery or deposit in the United States mail. as 26.8 Time-is of the Essence. Time is of the essence in the performance of the terms and conditions of this Lease. L 26.9 Non-Merger of Fee And Leasehold Estates. If both City's and Lessee's estates in the Site or the Improvements or both become vested in the same owner,this Lease shall nevertheless not be destroyed by application of the doctrine of merger except at the express election of City and Lessee's Mortgagee. The voluntary or other surrender of this Lease by Lessee,or a mutual cancellation thereof,shall not work as a merger and shall,at the option of City,terminate all or any o. existing sublease or subtenancies or may, at the option of City, operate as an assignment to City of any or all such existing subleases or subtenancies. 26.10 Holding Over. The occupancy of the Site after the expiration of the Term of this y Lease shall be construed to be a tenancy from month to month,and all other terms and conditions of this Lease shall continue in full force and effect. a 26.11 Conflict of Interest. No member,official or employee of City shall have any a, personal interest,direct or indirect, in this Lease nor shall any such member, official or employee participate in any decision relating to the Lease which affects his personal interests or the interests of any limited partnership,partnership or association in which he is directly or indirectly interested. a) Lessee warrants that it has not paid or given,and will not pay or give,any third party any c'n money or other consideration for obtaining this Lease. o 26.12 Non-Liability of City Officials And Employees. No member,official,officer, employee,agent,or representative of City shall be personally liable to Lessee,or any successor in c interest, in the event of any default or breach by City or for any amount which may become due to N Lessee or successor or on any obligations under the terms of this Lease. 0 26.13 Relationship. The relationship between the parties hereto shall at all times be deemed to be that of landlord and tenant. The parties do not intend nor shall this Lease be deemed to create a partnership or joint venture. a O 26.14 Transactions with Affiliates. Lessee shall not have the right to enter into t.D transactions with subsidiaries,affiliates and other related entities for the purpose of leasing space, providing cleaning, maintenance and repair services, insurance policies and other purposes related to the use and development of the Site and the Improvements, without the prior written approval of the E City,which approval shall be given only if the City reasonably concludes that all such costs,charges and rents are competitive with the costs,charges,rent and other sums which would be paid by or to, as the case may be, an unrelated third party. 26.15 Waivers And Amendments. All waivers of the provisions of this Lease must be in writing and signed by the appropriate authorities of City or Lessee. The waiver by City of any 31 Packet Pg. 53 a Bank situated nearest to the location of the Site at the time of the award plus one percent(1°h). Damages under this section shall be waived unless City provides tax credit investor with notice and an opportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J ,3.c breach of any term,covenant, or condition herein contained shall not be deemed to be a waiver of such term, covenant or condition,or any subsequent breach of the same or any other term,covenant or condition herein contained. The subsequent acceptance of rent hereunder by City shall not be deemed to be a waiver of any preceding breach of Lessee of any term,covenant or condition of this Lease,regardless of City's knowledge of such preceding breach at the time of acceptance of such rent. Failure on the part of City to require or exact full and complete compliance with any of the covenants or conditions of this Lease shall not be construed as in any manner changing the terms hereof and shall not prevent City from enforcing any provision hereof. All amendments or modifications hereto must be in writing and signed by the appropriate authorities of City and Lessee. The Lessee's mortgagee permitted by this Lease shall not be bound by any waiver or amendment to this Lease without Lessee's mortgagee giving its prior written consent. N 26.16 Entire Agreement; Duplicate Originals; Counterparts. Except as set forth in Section 26.16, this Lease sets forth the entire understanding of the parties with respect to Lessee's ground lease of the Site. This Lease is executed in three (3)duplicate originals and counterparts, each of which is deemed to be an original. This Lease includes pages and N exhibits, . The Exhibits are incorporated by referencecc herein. N 26.17 Severability. If any provision of this Lease or the application thereof to any person or circumstances shall be invalid or unenforceable to any extent,the remainder of this Lease and the application of such provisions to other persons or circumstances shall not be affected thereby and y shall be enforceable to the greatest extent permitted by law. a) 26.18 Terminology. All personal pronouns used in this Lease, whether used in the co masculine, feminine,or neuter gender,shall include all other genders; the singular shall include the plural, and vice versa. Titles of sections are for convenience only, and neither limit nor amplify the provisions of the Lease itself. 26.19 Recordation. A short form memorandum of this Lease should be recorded at or within one (1)day after the time the Lease is executed. The failure to record such Memorandum shall not affect this Lease. a) 26.20 Binding Effect. This Lease,and the terms,provisions,promises,covenants and • conditions hereof, shall be binding upon and shall inure to the benefit of the parties hereto and their c respective heirs, legal representatives, successors and assigns. c 26.21 Estoppel Certificate. Each of the parties shall at any time and from time to time,but not more frequently than twice during any calendar year, upon not less than twenty(20)days' prior notice by the other,execute, acknowledge and deliver to such other party a statement in writing E certifying that this Lease is unmodified and is in full force and effect(or if there shall have been modifications that this Lease is in full force and effect as modified and stating the modifications),and r the dates to which the rent has been paid (which may be based upon the best knowledge of the party providing the certificate), and stating whether or not to the best knowledge of the signer of such certificate such other party is in default in performing or observing any provision of this Lease,and, if in default,specifying each such default of which the signer may have knowledge, and such other 32 Packet Pg. 54 Packet Pg. 53 a Bank situated nearest to the location of the Site at the time of the award plus one percent(1°h). Damages under this section shall be waived unless City provides tax credit investor with notice and an opportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c matters as such other party may reasonably request, it being intended that any such statement delivered by Lessee may be relied upon by City or any successor in interest to City or any prospective mortgagee or encumbrancer thereof,and it being further intended that any such statement delivered by City may be relied upon by any prospective assignee of Lessee's interest in this Lease or any prospective mortgagee or encumbrancer thereof. Reliance on any such certificate may not extend to any default as to which the signer of the certificate shall have had no actual knowledge. �, C 26.22 Force Majeure. The time within which City or Lessee is obligated herein to perform any obligation hereunder,other than an obligation that may be performed by the payment of money, shall be extended and the performance excused when the delay is caused by fire,earthquake or other acts of God, strike, lockout, acts of public enemy, riot, insurrection or other cause beyond the control of the applicable party. O U 26.23 Quiet Enjoyment. City does hereby covenant,promise and agree to and with Lessee that Lessee, for so long as Lessee is not in default hereof; shall and may at all times peaceably and quietly have,hold, use,occupy and possess the Site throughout the Term. a ra 26.24 City and Agency Approvals and Actions. Whenever a reference is made herein to an action or approval to be undertaken by City,the Agency Executive Director or his or her designee is authorized to act on behalf of the City unless specifically provided otherwise or the law otherwise re requires. y c) 26.25 No Third Parties Benefited Except for Asencv and Approved Leasehold a Mortgagee. This Lease is made for the purpose of setting forth rights and obligations of Lessee and City,and no other person (except for the Agency)shall have any rights hereunder or by reason N hereof. Except for the Agency,and each leasehold mortgagee approved by City,each of which shall be deemed to be a third party beneficiary of this Lease,there shall be no third party beneficiaries of this Lease. O U, O O N N N O, O a) N a a) -J C O l C C) G t V a) i.. 33 Packet Pg. 55 less than twenty(20)days' prior notice by the other,execute, acknowledge and deliver to such other party a statement in writing E certifying that this Lease is unmodified and is in full force and effect(or if there shall have been modifications that this Lease is in full force and effect as modified and stating the modifications),and r the dates to which the rent has been paid (which may be based upon the best knowledge of the party providing the certificate), and stating whether or not to the best knowledge of the signer of such certificate such other party is in default in performing or observing any provision of this Lease,and, if in default,specifying each such default of which the signer may have knowledge, and such other 32 Packet Pg. 54 Packet Pg. 53 a Bank situated nearest to the location of the Site at the time of the award plus one percent(1°h). Damages under this section shall be waived unless City provides tax credit investor with notice and an opportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c IN WITNESS WHEREOF,the parties hereto have caused this Lease to be executed by their lawfully authorized officers. CITY: THE CITY OF GRAND TERRACE, a public body corporate and politic a) e Q V By: L ( • c U Q. C1 a3 " 7 ATTEST: • (M.P,nit/.4._At LESSEE: a1 CORPORATION FOR BETTER HOUSING, a California nonprofit affordable housing development �!? company • c r N U, N N By: Mary Silve st in,Executive Vice President co 0 (9 a) • E • 34 Packet Pg.56 venant,promise and agree to and with Lessee that Lessee, for so long as Lessee is not in default hereof; shall and may at all times peaceably and quietly have,hold, use,occupy and possess the Site throughout the Term. a ra 26.24 City and Agency Approvals and Actions. Whenever a reference is made herein to an action or approval to be undertaken by City,the Agency Executive Director or his or her designee is authorized to act on behalf of the City unless specifically provided otherwise or the law otherwise re requires. y c) 26.25 No Third Parties Benefited Except for Asencv and Approved Leasehold a Mortgagee. This Lease is made for the purpose of setting forth rights and obligations of Lessee and City,and no other person (except for the Agency)shall have any rights hereunder or by reason N hereof. Except for the Agency,and each leasehold mortgagee approved by City,each of which shall be deemed to be a third party beneficiary of this Lease,there shall be no third party beneficiaries of this Lease. O U, O O N N N O, O a) N a a) -J C O l C C) G t V a) i.. 33 Packet Pg. 55 less than twenty(20)days' prior notice by the other,execute, acknowledge and deliver to such other party a statement in writing E certifying that this Lease is unmodified and is in full force and effect(or if there shall have been modifications that this Lease is in full force and effect as modified and stating the modifications),and r the dates to which the rent has been paid (which may be based upon the best knowledge of the party providing the certificate), and stating whether or not to the best knowledge of the signer of such certificate such other party is in default in performing or observing any provision of this Lease,and, if in default,specifying each such default of which the signer may have knowledge, and such other 32 Packet Pg. 54 Packet Pg. 53 a Bank situated nearest to the location of the Site at the time of the award plus one percent(1°h). Damages under this section shall be waived unless City provides tax credit investor with notice and an opportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J Page LIST OF EXHIBITS Exhibit A Site Map Pages Exhibit B Site Legal Description Pages Exhibit C Memorandum of Lease ,Pages Exhibit D Schedule of Performance Pages ' Q r as Exhibit E Scope ofDevelopment Pages Exhibit F Ground Lease Rider _ Pages Q a a> V ai O L O 11') N N N N d 3 as Q Packet 57 City of Grand Terrace Page 2 :276- 4� .. 3.c Grande Tract, Wi°B' Colat y ._Ptn. vista Gran _ 17/10 Cif �# Colton - �• a.r • !1 MS YAPS tat In rCarDSE Y Grand • Terrace' t a moue patriot mar. City of Grand Arca Ai3-st-4! a,f:! as '15 3 8 F , I'• 1 c°.) 09. 1c40, . VI �.�/'3- t fa V d . for t� IX i 1 rti• III ,d,.11-11 it ' Ni. 1i- Y 0215 _ fur In-1i_Ju rJi- u. J I4 6 a re ® 141.11f , ,. ++ co 'ill -!Il PAC. p�J ++ ' 1 e 1.1.J.1u - 1 f ' 1 co • —-1_ —toy,! c M it •__ __....IN-CI*NU'•Tt:P<Qikt ——--••-—--•--——�.-————— •- — S a.u1$.44L11 co.e. — —CAM— Ii1aB 1..n1,1 0 cn 1 �. a)1.4 4C fy ]i.» t As Jr.,,, V ,� / to Par. ' AC t 7p•rr • Par. 4 f ��!•6 1 • • t7�„ 4,. iJ , Irks] +' In 1 + Pare �' ii . Y]JC. N ,. i7 Z A 4.ii IC. N �,�.. ?"' Par. S '+ q� 1��• .. 4 Ch I as J 28 q7.rs oct u 6 11ns1i o • • C9 d 29 i Assossor's VcP w Boost 0276 Page 46 San gernardlno Counlq rn s • 0 P.Y. 7111 R Palcel flap Na. i66,' Q tfraim4lr l00b Packet Pg.58 U, O O N N N O, O a) N a a) -J C O l C C) G t V a) i.. 33 Packet Pg. 55 less than twenty(20)days' prior notice by the other,execute, acknowledge and deliver to such other party a statement in writing E certifying that this Lease is unmodified and is in full force and effect(or if there shall have been modifications that this Lease is in full force and effect as modified and stating the modifications),and r the dates to which the rent has been paid (which may be based upon the best knowledge of the party providing the certificate), and stating whether or not to the best knowledge of the signer of such certificate such other party is in default in performing or observing any provision of this Lease,and, if in default,specifying each such default of which the signer may have knowledge, and such other 32 Packet Pg. 54 Packet Pg. 53 a Bank situated nearest to the location of the Site at the time of the award plus one percent(1°h). Damages under this section shall be waived unless City provides tax credit investor with notice and an opportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J • 3.c EXHIBIT B SITE LEGAL DESCRIPTION PARCEL A: PARCEL 4 OF PARCEL MAP NO. 766,IN THE COUNTY OF SAN BERNARDINO, STATE OF CALIFORNIA,AS PER PLAT RECORDED IN BOOK 7 PAGE 24 OF PARCEL MAPS, Q RECORDS OF SAID COUNTY. O PARCEL B: a THE WEST 125 FEET OF LOT 17 MEASURED PARALLEL TO THE WEST LINE OF SAID LOT,OF VISTA GRANDE TRACT,AS PER PLAT RECORDED IN BOOK 17 OF MAPS,PAGE ra 10,RECORDS OF SAID COUNTY,EXCEPTING THEREFROM THAT PORTION CONVEYED TO THE COUNTY OF SAN BERNARDINO BY DEED RECORDED JANUARY 23, 1969 IN BOOK 7170 PAGE 26 OF OFFICIAL RECORDS. re U) U to 0, a L 0 U) to tU V V tt) O r v It) 0 O tV tV O tV N as tD J O V r tV E 0 R Exhibit"B" Page 1ofI • Packet_Pg: 59 q� 1��• .. 4 Ch I as J 28 q7.rs oct u 6 11ns1i o • • C9 d 29 i Assossor's VcP w Boost 0276 Page 46 San gernardlno Counlq rn s • 0 P.Y. 7111 R Palcel flap Na. i66,' Q tfraim4lr l00b Packet Pg.58 U, O O N N N O, O a) N a a) -J C O l C C) G t V a) i.. 33 Packet Pg. 55 less than twenty(20)days' prior notice by the other,execute, acknowledge and deliver to such other party a statement in writing E certifying that this Lease is unmodified and is in full force and effect(or if there shall have been modifications that this Lease is in full force and effect as modified and stating the modifications),and r the dates to which the rent has been paid (which may be based upon the best knowledge of the party providing the certificate), and stating whether or not to the best knowledge of the signer of such certificate such other party is in default in performing or observing any provision of this Lease,and, if in default,specifying each such default of which the signer may have knowledge, and such other 32 Packet Pg. 54 Packet Pg. 53 a Bank situated nearest to the location of the Site at the time of the award plus one percent(1°h). Damages under this section shall be waived unless City provides tax credit investor with notice and an opportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c EXHIBIT C MEMORANDUM OF LEASE RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: a) CITY OF GRAND TERRACE E 22795 Barton Rd. Grand terrace, CA 92313 c/o City Clerk Exempt from Recording Fee Pursuant to Government U Code Section 27383, rn a) MEMORANDUM OF LEASE a z THIS MEMORANDUM OF LEASE("Memorandum") is hereby made as of September 22, 2005 by and between the CITY OF GRAND TERRACE,a public body, corporate and politic(the"City"or"Lessor"),and CORPORATION FOR BETTER HOUSING, a v, California not for profit company(the"Developer"or"Lessee"). RECITALS a A. City and the Lessee have entered into a ground lease dated as of 09/2 2/ , 2005, for that certain parcel of real property(the`'Property") which is legally described in Exhibit"A" g attached hereto and incorporated herein by reference (the ground lease,as amended is hereafter cnn referred to as the"Lease"). A copy of the Lease is available for public inspection at City's office at 22795 Barton Rd., Grand Terrace, California. The term of the Lease is approximately sixty-five(65) N years. U) B. The Lease provides that a short form memorandum of the Lease shall be executed N and recorded in the Official Records of San Bernardino County, California. N C. The Lease includes restrictions which limit the rents chargeable, the incomes of ninety percent (90%)of the units minus the manager's unit,and which further limit the eligible renters to"Seniors",except the manager's unit as more fully set forth in the Lease. -0 D, The Lease provides that Lessee shall pay taxes upon the assessed value of the entire 2 Property,and not merely a leasehold interest,as provided pursuant to Section 33673 of the California Health and Safety Code. a) • to Exhibit"C" Packet Pg.60 Palcel flap Na. i66,' Q tfraim4lr l00b Packet Pg.58 U, O O N N N O, O a) N a a) -J C O l C C) G t V a) i.. 33 Packet Pg. 55 less than twenty(20)days' prior notice by the other,execute, acknowledge and deliver to such other party a statement in writing E certifying that this Lease is unmodified and is in full force and effect(or if there shall have been modifications that this Lease is in full force and effect as modified and stating the modifications),and r the dates to which the rent has been paid (which may be based upon the best knowledge of the party providing the certificate), and stating whether or not to the best knowledge of the signer of such certificate such other party is in default in performing or observing any provision of this Lease,and, if in default,specifying each such default of which the signer may have knowledge, and such other 32 Packet Pg. 54 Packet Pg. 53 a Bank situated nearest to the location of the Site at the time of the award plus one percent(1°h). Damages under this section shall be waived unless City provides tax credit investor with notice and an opportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c NOW,THEREFORE,the parties hereto certify as follows: Agency,pursuant to the Lease,has leased the Property to the Lessee upon the terms and conditions provided for therein. This Memorandum of Lease is not a complete summary of the Lease,and shall not be used to interpret the provisions of the Lease. - w THE CITY OF GRAND TERRACE, a public body corporate and politic • a By: �1 0 +6 ATTEST: 'd a) re � 7 N a) Corporation for Better Housing, a California nonprofit public benefit corporation a) L_ V By: n a Silve ste' O Its: Execu iv Vice President N to O • O (11 + N 0) O d N ai 0 -J 7 O ,L^ V a) E V ai r Exhibit"C" Packet-Pg.61 N C. The Lease includes restrictions which limit the rents chargeable, the incomes of ninety percent (90%)of the units minus the manager's unit,and which further limit the eligible renters to"Seniors",except the manager's unit as more fully set forth in the Lease. -0 D, The Lease provides that Lessee shall pay taxes upon the assessed value of the entire 2 Property,and not merely a leasehold interest,as provided pursuant to Section 33673 of the California Health and Safety Code. a) • to Exhibit"C" Packet Pg.60 Palcel flap Na. i66,' Q tfraim4lr l00b Packet Pg.58 U, O O N N N O, O a) N a a) -J C O l C C) G t V a) i.. 33 Packet Pg. 55 less than twenty(20)days' prior notice by the other,execute, acknowledge and deliver to such other party a statement in writing E certifying that this Lease is unmodified and is in full force and effect(or if there shall have been modifications that this Lease is in full force and effect as modified and stating the modifications),and r the dates to which the rent has been paid (which may be based upon the best knowledge of the party providing the certificate), and stating whether or not to the best knowledge of the signer of such certificate such other party is in default in performing or observing any provision of this Lease,and, if in default,specifying each such default of which the signer may have knowledge, and such other 32 Packet Pg. 54 Packet Pg. 53 a Bank situated nearest to the location of the Site at the time of the award plus one percent(1°h). Damages under this section shall be waived unless City provides tax credit investor with notice and an opportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c EXHIBIT"D" SCHEDULE OF PERFORMANCE The following timeline is subject to project approval by City Council by 9/22/05. In the event the approval occurs later than September 22, a delay of roughly six months for all items will occur as the next funding cycle will occur in March and April for most of the sources. d E Anticipated Development Timeline— r as L it Planning Commission 08/04/05 Approved Architectural and Site Review r Q City Council 08/11/05 First Readingre City Council 09/08/05 Continued City Council 09/22/05 Second Reading re AHP Application 09/27/05 Fall Round apps due c a) Tax-exempt bond Application 09/30/05 Fall Round apps due a LIHTC Application 10/10/05 Fall Round apps due Construction Loan Close 12/28/05 Subject to award of above. in Relocation of Senior Center January 2006 Permits Issued/Construction February/March 2006 c Commences N N N Pre-leasing Begins November 2006 a> Construction Complete March 2007 Residential Units —' c Construction Complete April 2007 2 Community Center 0i . . r Construction Complete open June 2007 space/landscaped area In the event Lessee is not awarded the anticipated funding within one year of City Council project approval,Agency may terminate said agreement. Packet Pg.62 d value of the entire 2 Property,and not merely a leasehold interest,as provided pursuant to Section 33673 of the California Health and Safety Code. a) • to Exhibit"C" Packet Pg.60 Palcel flap Na. i66,' Q tfraim4lr l00b Packet Pg.58 U, O O N N N O, O a) N a a) -J C O l C C) G t V a) i.. 33 Packet Pg. 55 less than twenty(20)days' prior notice by the other,execute, acknowledge and deliver to such other party a statement in writing E certifying that this Lease is unmodified and is in full force and effect(or if there shall have been modifications that this Lease is in full force and effect as modified and stating the modifications),and r the dates to which the rent has been paid (which may be based upon the best knowledge of the party providing the certificate), and stating whether or not to the best knowledge of the signer of such certificate such other party is in default in performing or observing any provision of this Lease,and, if in default,specifying each such default of which the signer may have knowledge, and such other 32 Packet Pg. 54 Packet Pg. 53 a Bank situated nearest to the location of the Site at the time of the award plus one percent(1°h). Damages under this section shall be waived unless City provides tax credit investor with notice and an opportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c EXHIBIT"E" SCOPE OF DEVELOPMENT • The scope of development shall be consistent with General Plan Amendment GPA-05-01, more particularly described in Specific Plan SP-05-01,Site and Architectural Review SA 05-14, and. Environmental Assessment E-05-16 and shall be subject to the Conditions of Approval. d E Project Description. Lessee intends to develop and operate on the property a one hundred and L twenty(120) unit senior housing project,comprised of one hundred and three(103)one- bedroom rental units and seventeen(17) two-bedroom rental units,a community center, consisting of approximately 6,500 square feet; and a landscaped open area, encompassing r roughly four (4) acres. 0 0 Project Financing. Lessee shall apply for construction and permanent funding to construct and a operate said improvements. Anticipated funding sources include,but not limited to 1) construction loan in the form of variable rate tax-exempt bonds that will adjust with the re market during construction and be fixed by means of a rate lock during the permanent period; 2)low income housing tax credits(LIH'TC)in the form of 4%credits awarded by the California Tax Credit Allocation Committee(TCAC);3)Federal Home Loan Bank(FHLB) Affordable Housing Program(AHP) fully forgivable grant; and 4)Agency Funds.Lessee may apply for additional sources of funds if necessary and appropriate. Actual funding amounts and sources shall be provided to Agency for review and approval prior to loan closing. Anticipated Source of Funds. The following table contains estimates,subject to change at the `o cn time of actual funding. 0 Estimated Estimated cn Construction Permanent 0 T Tax Exempt Bonds issued by CSCDA $10,500,000 $4,700,000 LIHTC(4%) $200,000 $5,160,000 FHLB AHP $972,000 $972,000 Agency Funds $7,560,000 $8,400,000 J Estimated Total $19,232,000 $19,232,000 2 Funding Applications. Lessee shall submit all applications for funding in good faith and in a timely manner. Fachrbit"E" Packet Pg. 63 N N O, O a) N a a) -J C O l C C) G t V a) i.. 33 Packet Pg. 55 less than twenty(20)days' prior notice by the other,execute, acknowledge and deliver to such other party a statement in writing E certifying that this Lease is unmodified and is in full force and effect(or if there shall have been modifications that this Lease is in full force and effect as modified and stating the modifications),and r the dates to which the rent has been paid (which may be based upon the best knowledge of the party providing the certificate), and stating whether or not to the best knowledge of the signer of such certificate such other party is in default in performing or observing any provision of this Lease,and, if in default,specifying each such default of which the signer may have knowledge, and such other 32 Packet Pg. 54 Packet Pg. 53 a Bank situated nearest to the location of the Site at the time of the award plus one percent(1°h). Damages under this section shall be waived unless City provides tax credit investor with notice and an opportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c EXHIBIT"F" GROUND LEASE RIDER THIS GROUND LEASE RIDER (the"Rider") is attached to and forms a part of that certain Ground Lease (the "Lease") by and between the City of Grand Terrace, as lessor(the "Landlord") and Corporation for Better Housing, as lessee (the "Tenant"). All capitalited terms used herein and not otherwise defined shall have the meanings given that term in the Lease. 1. TENANT'S RIGHT TO MORTGAGE: w 1.1 Tenant shall have the right, with Landlord's prior written consent, which shall not be unreasonably withheld, conditioned or delayed, to mortgage the Lease and Tenant's leasehold interest by one or more deeds of trust (each, a "Leasehold Mortgage"). No foreclosure (or deed or c.) other transfer in lieu of foreclosure) under any Leasehold Mortgage shall require the consent of the Landlord under, or constitute a breach or default under, the Lease, 1.2 If Tenant shall mortgage the Lease and Tenant's leasehold estate hereunder, then Tenant or the holder(each,a"Leasehold Mortgagee")of such mortgage shall forward to Landlord: a) (a) an executed counterpart of the mortgage or mortgages, in form proper for recording,or, at Tenant's option,a true copy of such mortgage or mortgages; and m (b) a written notice setting forth the name and address of the holder of such a mortgage. y a) In the event of any assignment of the mortgage or mortgages held by a Leasehold Mortgagee, or change in its name and/or address, the assignee of the Leasehold Mortgagee shall give written notice co thereof to Landlord, changing the name of the Leasehold Mortgagee and/or the address to which copies of notices are to be sent. N 1.3 Until the time, if any, that each Leasehold Mortgage shall be satisfied of record, or each Leasehold Mortgagee shall give to Landlord written notice that the Leasehold Mortgage held by it has been satisfied: C) 0 a. no surrender or acceptance of the Demised Premises, or cancellation, N amendment or modification of the Lease, shall be binding upon any Leasehold Mortgagee, or affect a any Leasehold Mortgage, if the same is effectuated without the prior written consent of such -0 Leasehold Mortgagee; c b. if Landlord shall give any notice of default and/or termination to Tenant 0i under the Lease, Landlord shall, at the same time and in the same manner,give a copy of such notice to each Leasehold Mortgagee at the respective address theretofore designated by each of them; and E c. no notice of default and/or termination given by Landlord to Tenant shall be binding upon, or affect, any Leasehold Mortgagee, unless a copy of such notice shall be given to such Leasehold Mortgagee. 1.4 Each Leasehold Mortgagee shall be afforded the right, but not the obligation, to perform any term, covenant, or condition of the Lease to be performed by Tenant, as well as to Exhabit Packet Pg. 64 ng the modifications),and r the dates to which the rent has been paid (which may be based upon the best knowledge of the party providing the certificate), and stating whether or not to the best knowledge of the signer of such certificate such other party is in default in performing or observing any provision of this Lease,and, if in default,specifying each such default of which the signer may have knowledge, and such other 32 Packet Pg. 54 Packet Pg. 53 a Bank situated nearest to the location of the Site at the time of the award plus one percent(1°h). Damages under this section shall be waived unless City provides tax credit investor with notice and an opportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c remedy any default by Tenant hereunder, and Landlord shall accept such performance by any Leasehold Mortgagee with the same force and effect as if furnished by Tenant, provided, however, that the Leasehold Mortgagee shall not thereby or hereby be subrogated to the rights of Landlord. Additionally, Tenant may delegate irrevocably to any Leasehold Mortgagee(s) the authority to exercise any or all of Tenant's rights hereunder, including, but not limited to the right of the Leasehold Mortgagee to participate (in conjunction with or to the exclusion of Tenant) in any proceeding, arbitration or settlement involving condemnation or eminent domain affecting Tenant's leasehold interest in the Demised Premises, but no such delegation shall be binding upon Landlord unless and until either Tenant or the Leasehold Mortgagee in question shall give to Landlord a true copy of a written instrument effecting such delegation, in form required for recording. Such delegation of authority may be effected by the terms of a Leasehold Mortgage itself, in which event the service upon Landlord of an executed counterpart or certified copy of the Leasehold Mortgage in accordance with Section 2, together with a written notice specifying the provisions therein that delegate such authority to such Leasehold Mortgagee, shall be sufficient to give Landlord notice of such delegation. Any provision of the Lease that gives a Leasehold Mortgagee the privilege of exercising a particular right of Tenant hereunder on condition that Tenant shall have failed tore exercise such right shall not be deemed to diminish any privilege that any Leasehold Mortgagee may have, by virtue of a delegation of authority from Tenant, to exercise such right without regard to .� whether or not Tenant shall have failed to exercise such right. No foreclosure (or deed or other transfer of foreclosure) under any Leasehold Mortgage shall require the consent of Landlord under, re or constitute a breach or default under, the Lease. 1.5 If: (a) Tenant shall default under the provisions of the Lease and Landlord shall give N notice of such default as provided under the provisions of the Lease; U (b) such default shall not be remedied within any applicable grace and/or cure co period pursuant to the provisions of the Lease;and T CZ, (c) Landlord, by reason of such default, shall become entitled to (i) re-enter the Demised Premises or the improvement thereon, or(ii) terminate the Lease or(iii)bring a proceeding to dispossess Tenant and/or any other occupants of the Demised Premises or improvements thereon, re-enter the Demised Premises and/or improvements thereon and/or terminate the Lease, then, before so re-entering the Demised Premises or the improvements, terminating the Lease or commencing such proceeding, and as a condition precedent thereto, Landlord shall: . (x) give to each Leasehold Mortgagee not less than thirty (30) days o additional written notice as to a monetary default (specifying the amount and description thereof to the extent then known to Landlord)or default in furnishing any insurance required to be furnished by Tenant hereunder, or ninety (90) days' additional written notice of any non-monetary default (which shall specify in detail the nature of such default);and (y) allow each Leasehold Mortgagee: (A) such thirty (30) days or ninety(90) days (as the case may be) within which to cure the default; or Exhibit•"F'• Packet Pg.65 Packet Pg. 54 Packet Pg. 53 a Bank situated nearest to the location of the Site at the time of the award plus one percent(1°h). Damages under this section shall be waived unless City provides tax credit investor with notice and an opportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c. (B) if such default is a non-monetary default (other than a default in furnishing any insurance required to be furnished by Tenant hereunder) and cannot, with the exercise of due diligence,be cured by such Leasehold Mortgagee within such ninety (90)day period, then provided: (i) prior to the expiration of such ninety (90) day period, such Leasehold Mortgagee has delivered to Landlord an instrument in writing duly executed and acknowledged wherein it agrees to use reasonable efforts to cure such default;and a) (ii) such default is susceptible of being cured by Leasehold Mortgagee and such Leasehold Mortgagee shall,prior to the expiration of such ninety(90) day period, have commenced curing such default, then such ninety(90)day period shall be extended, as long as such Leasehold Mortgagee diligently pursues the curing of such default with continuity, for such period as may be necessary to cure same provided that such period of time shall not be so 40. extended if to do so would subject Landlord to any criminal or civil liability or the cancellation of any insurance required to be maintained by Tenant or the inability to obtain any such insurance. re Nothing herein contained shall affect the right of Landlord, upon occurrence of any subsequent default, to exercise any right or remedy herein reserved to Landlord, subject, however, to y the provisions of this Section. re 1.6 If: c (a) Tenant shall default in the performance or observance of any term, covenant, or condition of the Lease on Tenant's part to be performed or observed, other than a term, covenant or condition requiring the payment of a sum of money; and (b) such default is of such a nature that the same either: cn (i) cannot practicably be cured by a Leasehold Mortgagee without taking N possession of the Demised Premises and/or the improvements thereon; or (ii) is not susceptible of being cured by any Leasehold Mortgagee, then N Landlord shall not: d) 0 (x) re-enter the Demised Premises and/or the improvements thereon or serve a notice of election to terminate the Lease; J -a (y) bring a proceeding to dispossess Tenant and/or any other occupants of the Demised Premises or the improvements, re-enter the Demised Premises and/or the improvements and/or terminate the Lease;or (z) otherwise terminate the leasehold estate of Tenant hereunder, If, and for so long as: (A) a Leasehold Mortgagee'shall deliver to Landlord, prior to the date on which Landlord shall be entitled to give notice of election to terminate the Lease or re-enter the Demised Premises and/or the improvements, a written instrument, duly executed and acknowledged, in which the Leasehold Mortgagee agrees that: Blubst Packet Pg.66 as to a monetary default (specifying the amount and description thereof to the extent then known to Landlord)or default in furnishing any insurance required to be furnished by Tenant hereunder, or ninety (90) days' additional written notice of any non-monetary default (which shall specify in detail the nature of such default);and (y) allow each Leasehold Mortgagee: (A) such thirty (30) days or ninety(90) days (as the case may be) within which to cure the default; or Exhibit•"F'• Packet Pg.65 Packet Pg. 54 Packet Pg. 53 a Bank situated nearest to the location of the Site at the time of the award plus one percent(1°h). Damages under this section shall be waived unless City provides tax credit investor with notice and an opportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c- (X) it will use reasonable efforts to cure such default to the extent the same is susceptible of being cured by the Leasehold Mortgagee, nominee or purchaser; and (Y) if the Lease thereafter is terminated, or Landlord thereafter re- enters the Demised Premises and/or the improvements prior to the curing of such default, the Leasehold Mortgagee shall pay to Landlord the cost of curing such default; and I (B) if the default is of such a nature that same cannot practicably be cured a) by a Leasehold Mortgagee without taking possession of the Demised Premises and/or the a improvements, a Leasehold Mortgagee shall proceed diligently, subject to any stay in any proceedings involving the insolvency of Tenant or any other person, to obtain possession of the 03 Demised Premises and/or the improvements by foreclosure or deed in lieu of foreclosure, and, upon obtaining such possession,shall promptly cure such default;and 0 (C) if the default is of such a nature that the same is not susceptible of a being cured by any Leasehold Mortgagee, a Leasehold Mortgagee shall institute foreclosure proceedings and diligently prosecute the same to completion, subject to any stay in any proceedings involving the insolvency of Tenant or other proceeding or injunction (unless, in the meantime, the Leasehold Mortgagee shall acquire Tenant's estate hereunder, either in its own name or through a N nominee,by assignment in lieu of foreclosure). N 1.7 No Leasehold Mortgagee shall be required to continue to proceed to obtain possession,or to continue in possession as mortgagee, of the Demised Premises or the Improvements pursuant to subsection (b)(B) of Section 6 or to continue to prosecute foreclosure proceedings pursuant to subsection (b)(C) of Section 6 if and when Tenant's default shall be cured. Nothing contained in Section 6 shall preclude Landlord from exercising any of its rights or remedies with a respect to any other default by Tenant during any period of Landlord's forbearance under Section 6 3 but, in such event, if any Leasehold Mortgagee, any nominee thereof, or any purchaser at a cn foreclosure sale shall: (a) acquire title to Tenant's leasehold estate hereunder;and 0 (b) cure all defaults of Tenant hereunder that are susceptible of being cured by such Leasehold Mortgagee, nominee or purchaser, as the case may be, then the defaults of any prior o holder of Tenant's leasehold estate hereunder that are not susceptible of being cured by such Leasehold Mortgagee, nominee or purchaser shall no longer be deemed to be defaults hereunder, 03 provided, however, that nothing herein shall be deemed to relieve such Leasehold Mortgagee, a nominee or purchaser from the obligation to cure any monetary defaults of Tenant hereunder,as well c as all non-monetary defaults that are susceptible of being cured by such Leasehold Mortgagee. 'o 0 1.8 If, for any reason, the Lease shall be terminated at the election of Landlord prior to the Expiration Date, Landlord will, on written request of any Leasehold Mortgagee made within thirty (30) days of such termination, enter into a new lease of the Demised Premises with such Leasehold Mortgagee, within thirty (30) days after the receipt of such request, for the remainder of c the term, effective as of the date of such termination, at the rent and additional rent, and upon the other terms,covenants and conditions herein contained, subject, however, to the rights, if any,of the parties then in possession of any part of the Demised Premises, provided that such Leasehold Mortgagee shall: Exhibit'V' Packet Pg. 67 pportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c a gyp' (a) contemporaneously with such written request upon Landlord for such new lease, pay to Landlord or its attorney the net rent and additional rent due and payable by Tenant hereunder as of the date of termination of the Lease (which payments shall be specified in reasonable written detail by Landlord to the Leasehold Mortgagee, and such payments shall be held in escrow until such time as Tenant submits such new lease of the Demised Premises to such Leasehold Mortgagee at which time such payment shall .be released from escrow and, if held by Landlord's attorney,shall be paid over to Landlord); and E (b) on or before execution and delivery of said new lease, and as a condition to the execution and delivery thereof by Landlord: - Q w (i) pay to Landlord: (x) any and all sums which would have been due under the Lease but for such termination from the date of termination of the Lease to the date of execution and delivery of said new lease;and (y) any reasonable expenses (including, without limitation, Tti reasonable attorneys' fees, disbursements and court costs) to which Landlord shall have been subjected by reason of such default; (ii) perform and observe all the other covenants and conditions herein contained on Tenant's part to be performed and observed, to the extent that Tenant shall have failed at to perform and observe the same,except that: (z) with respect to any default that cannot be cured by a a Leasehold Mortgagee until it obtains possession of the Demised Premises, the Leasehold Mortgagee shall have a reasonable time,after the Leasehold Mortgagee obtains possession, to cure such default, c'n provided that such Leasehold Mortgagee shall first agree, in writing, to proceed diligently to remedy ,i; such default after it obtains possession of the Demised Premises, provided, however, that such extension of time shall not subject Landlord to either civil or criminal liability;and 0 (aa) in no event shall the Leasehold Mortgagee be required to cure N a default not susceptible of cure by the Leasehold Mortgagee or its nominee or purchaser; and a) In the event that more than one Leasehold Mortgagee qualifies to receive a new lease pursuant to the cc terms of this Section, such new lease shall be entered into with the holder of the Leasehold Mortgagee that is most senior in priority. Upon the execution and delivery of such new lease, any subleases that may have theretofore been assigned and transferred to Landlord shall thereupon be o assigned and transferred,without recourse by Landlord,to the new tenant; and 2 (c) return such new lease to Landlord, duly executed and acknowledged, within ten(10)days after receipt thereof from Landlord. 1.9 Except as otherwise provided in Section 8 of the Lease, the rights hereunder of the Leasehold Mortgagees shall be exercisable by them in order of priority of lien of their respective Leasehold Mortgages. The liability of any Leasehold Mortgagee acquiring Tenant's interest hereunder shall be limited to such Leasehold Mortgagee's then interest in the Demised Premises. Exhibit"F" Packet Pg. 68 f the Demised Premises with such Leasehold Mortgagee, within thirty (30) days after the receipt of such request, for the remainder of c the term, effective as of the date of such termination, at the rent and additional rent, and upon the other terms,covenants and conditions herein contained, subject, however, to the rights, if any,of the parties then in possession of any part of the Demised Premises, provided that such Leasehold Mortgagee shall: Exhibit'V' Packet Pg. 67 pportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.c 1.10 No Leasehold Mortgagee shall be liable, as tenant, under the provisions of the Lease unless and until such time as it becomes, and then only for as long as it remains, the owner of Tenant's interest hereunder. 1.11 Notwithstanding anything to the contrary contained in the Lease, all proceeds arising from any casualty insurance, business interruption insurance, rental loss insurance or similar insurance policy relating to the Demised Premises and/or any improvements now or hereafter located thereon, and all proceeds of any award or payment made in connection with any condemnation or eminent domain proceeding (or deed or other transfer under threat of the same or in lieu thereof) e involving all or any part of the Demised Premises and/or any improvements now or hereafter located thereon, shall be paid to the Leasehold Mortgagees for application in accordance with their respective • Leasehold Mortgages. 1.12 Landlord shall, within thirty (30) days after the written request of any Leasehold Mortgagee: a. a)(a) acknowledge in writing to them, or to any of them, the receipt by Landlord of cc any notice or instrument given, sent, or delivered to Landlord pursuant to the provisions of this Article; and/or U1 ce (b) furnish to them, or to any of them,a written statement,duly acknowledged,of the following items: m (i) the amount of net rental and additional rent due, if any; (ii) whether the fire and other insurance required by the Lease have been supplied in compliance therewith; co (iii) whether the Lease is unmodified and in full force and effect (or, if there have been modifications, that the same are in full force and effect as modified and stating the modifications); (iv) whether, to the best knowledge and belief of Landlord, Tenant is in default, specifying the nature of any known default and any pertinent facts with respect thereto;and (v) whether Landlord has given Tenant any notice of default under the y lease,and if given,whether the default set forth therein remains uncured. a Any such statement shall be for the sole benefit of the Leasehold Mortgagee and shall have no effect, as an estoppel or otherwise, with respect to any third party. ° 0 1.13 In no event shall Landlord terminate the Lease as a result of any failure by Tenant to pay any Capital Events payments when due (or any failure by any Leasehold Mortgagee to timely cure any such failure). Furthermore, in no event shall Landlord terminate this Lease as a result of any default by Tenant under the Regulatory Agreement or the Bond Regulatory Agreement (or any failure by any Leasehold Mortgagee to timely cure any such failure). 2. Notwithstanding anything to the contrary contained elsewhere herein, upon the acquisition by any Leasehold Mortgagee of leasehold title to the Demised Premises, whether by foreclosure,deed in lieu of foreclosure, acceptance of a new lease pursuant to the terms of the Lease or otherwise, the Exhibit"F' Packet Pg.69 gagee's then interest in the Demised Premises. Exhibit"F" Packet Pg. 68 f the Demised Premises with such Leasehold Mortgagee, within thirty (30) days after the receipt of such request, for the remainder of c the term, effective as of the date of such termination, at the rent and additional rent, and upon the other terms,covenants and conditions herein contained, subject, however, to the rights, if any,of the parties then in possession of any part of the Demised Premises, provided that such Leasehold Mortgagee shall: Exhibit'V' Packet Pg. 67 pportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 31c obligation to pay rent under the Lease(or any such new lease), including, without limitation,any past due rents due under any such lease, shall irrevocably terminate, excepting only in the event Corporation for Better Housing or an Affiliate thereof shall become owner of the Site (whether of a leasehold or greater interest). 3. Notwithstanding anything to the contrary contained elsewhere herein, upon the acquisition by any Leasehold Mortgagee of leasehold title to the Demised Premises, whether by foreclosure,deed in lieu of foreclosure, acceptance of a new lease pursuant to the terms of the Lease or otherwise, the d restrictions, limitations and obligations set forth in Article 6 of the Lease (or any such new lease) shall irrevocably terminate, excepting only in the event Corporation for Better Housing or an a) Affiliate thereof shall become owner of the Site(whether of a leasehold or greater interest). 4. Notwithstanding anything to the contrary contained elsewhere herein, upon the acquisition by any Leasehold Mortgagee of leasehold title to the Demised Premises, whether by foreclosure,deed in lieu of foreclosure, acceptance of a new lease pursuant to the terms of the Lease or otherwise, the Q restrictions, limitations and obligations set forth in Article 1 of this Rider, as incorporated into the Lease (or any such new lease), shall irrevocably terminate, excepting only in the event Corporation cc for Better Housing or an Affiliate thereof shall become owner of the Site (whether of a leasehold or greater interest). a) N C C7 L O d V V co t1y N O N O L t c.) to • Exhibl"F" Packet Pg.70 er Landlord has given Tenant any notice of default under the y lease,and if given,whether the default set forth therein remains uncured. a Any such statement shall be for the sole benefit of the Leasehold Mortgagee and shall have no effect, as an estoppel or otherwise, with respect to any third party. ° 0 1.13 In no event shall Landlord terminate the Lease as a result of any failure by Tenant to pay any Capital Events payments when due (or any failure by any Leasehold Mortgagee to timely cure any such failure). Furthermore, in no event shall Landlord terminate this Lease as a result of any default by Tenant under the Regulatory Agreement or the Bond Regulatory Agreement (or any failure by any Leasehold Mortgagee to timely cure any such failure). 2. Notwithstanding anything to the contrary contained elsewhere herein, upon the acquisition by any Leasehold Mortgagee of leasehold title to the Demised Premises, whether by foreclosure,deed in lieu of foreclosure, acceptance of a new lease pursuant to the terms of the Lease or otherwise, the Exhibit"F' Packet Pg.69 gagee's then interest in the Demised Premises. Exhibit"F" Packet Pg. 68 f the Demised Premises with such Leasehold Mortgagee, within thirty (30) days after the receipt of such request, for the remainder of c the term, effective as of the date of such termination, at the rent and additional rent, and upon the other terms,covenants and conditions herein contained, subject, however, to the rights, if any,of the parties then in possession of any part of the Demised Premises, provided that such Leasehold Mortgagee shall: Exhibit'V' Packet Pg. 67 pportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.d. Recording Requested By and when recorded return to: The City of Grand Terrace Community Redevelopment Agency 22795 Barton Rd. Grand Terrace,CA 92313 Attention: City Clerk I- L i+ C 0 U Exempt from recording fees pursuant to Government Code Sec. 6103 and 27383 a cc .y REGULATORY AGREEMENT re ff! C) C THIS REGULATORY AGREEMENT(this"Agreement"), is entered into as of ()tell 2,1 ,2005,by and between CORPORATION FOR BETTER HOUSING(CBH), a nonprofit affordable development corporation(hereinafter"Owner"),the CITY OF GRAND TERRACE, a public body,corporate and politic(hereinafter the"City") and the CITY OF GRAND TERRACE COMMUNITY REDEVELOPMENT AGENCY,a public body, corporate co and politic(hereinafter the"Agency"). O RECITALS N A.. The City adopted its"Redevelopment Plan"on or about N ti ' N O B. Agency desires to effectuate the provisions of the Housing Element of the General Plan of the City by providing funds to expand the supply of housing affordable to very low and E lower income people. C. In an effort to effectuate the provisions of the Housing Element and Redevelopment Plan("Plan"),the Agency has agreed to bestow to CBH certain agency funds r necessary to develop the Property as identified in the City of Grand Terrace Ground Lease Agreement("Lease"). The Legal Description is attached hereto as Exhibit"A". cc D. Owner intends to develop and operate on the Property a one hundred and twenty r (120)unit senior housing project, comprised of one hundred and three (103)one-bedroom rental d units and seventeen(17)two-bedroom rental units,ninety percent(90%)of the units will be leased at very low and low income levels,except one(1)manager's unit,ten percent(10%)of the units will be leased at market rates; a community center, consisting of approximately 6,500 square feet; and a landscaped area, encompassing roughly four(4)acres. SR !A p NUMBER �L Packet N.71 0 1.13 In no event shall Landlord terminate the Lease as a result of any failure by Tenant to pay any Capital Events payments when due (or any failure by any Leasehold Mortgagee to timely cure any such failure). Furthermore, in no event shall Landlord terminate this Lease as a result of any default by Tenant under the Regulatory Agreement or the Bond Regulatory Agreement (or any failure by any Leasehold Mortgagee to timely cure any such failure). 2. Notwithstanding anything to the contrary contained elsewhere herein, upon the acquisition by any Leasehold Mortgagee of leasehold title to the Demised Premises, whether by foreclosure,deed in lieu of foreclosure, acceptance of a new lease pursuant to the terms of the Lease or otherwise, the Exhibit"F' Packet Pg.69 gagee's then interest in the Demised Premises. Exhibit"F" Packet Pg. 68 f the Demised Premises with such Leasehold Mortgagee, within thirty (30) days after the receipt of such request, for the remainder of c the term, effective as of the date of such termination, at the rent and additional rent, and upon the other terms,covenants and conditions herein contained, subject, however, to the rights, if any,of the parties then in possession of any part of the Demised Premises, provided that such Leasehold Mortgagee shall: Exhibit'V' Packet Pg. 67 pportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J • `3.d� E. To help finance the development of such improvements,Corporation for Better Housing(CBH)has applied to Agency for agency funds(hereinafter the"Agency Funds")for the development of the Property and,pursuant to the terms of this Regulatory Agreement, Agency has agreed to confer the sum of EIGHT MILLION FOUR HUNDRED THOUSAND DOLLARS ($8,400,000.00). Said Agency Funds will be evidenced and secured by this Regulatory Agreement in favor of Agency. F. The proposed development of the Property will effectuate the Plan. G. As an inducement to Agency to enter into this Agreement,Owner has agreed to 0 enter into this Agreement and has consented thereby to be regulated and restricted by Agency as 0 provided herein. c) NOW,THEREFORE,Agency and Owner mutually agree as follows: CD 1. Recitals. The foregoing recitals are a part of this Agreement. N d 2. Term. The term of this Agreement(the"Term")shall commence on the date of recordation of this Agreement,and shall continue in full force and effect until the 65th anniversary of the recordation hereof in the Official Records of the San Bernardino County Recorder(the"Expiration Date"). 3. Remittance. Commencing at the beginning of the first calendar year after the issuance of a Certificate of Occupancy for the project,Developer shall remit to City on or before May 1 of every subsequent calendar year,ninety percent(90%)of all Residual Receipts,as cn defined herein, for the preceding calendar year.As an example,remittance of Residual Receipts for the period ending December 31 shall be due on or before May 1. N 0 4. Nature of Covenants,Reservations and Restrictions. N (a) Owner hereby subjects the Property to the covenants,reservations and restrictions set forth in this Agreement. During construction and thereafter for the Term set forth in Section 2 hereof,Owner, such successors and assigns shall devote the Property only to the uses specified in the Lease and this Agreement. Each and every contract,deed or other instrument hereafter executed covering Owner's interest in the Property,or any portion thereof, including,without limitation,any leases,shall conclusively be held to have been executed, 0 delivered and accepted subject to such covenants,reservations and restrictions,regardless of whether such covenants,reservations and restrictions are set forth in such lease,assignment, contract,deed or other instruments. re N (b) Owner covenants by and for itself,its representatives,its successors and assigns and every successor in interest to the Property or any part thereof,that during E construction of the improvements on the Property and thereafter Owner shall not use or permit the use of the Property in violation of the Redevelopment Plan. Owner further covenants and agrees to comply in all respects with the terms,provisions, and obligations of Owner set forth in this Agreement. Owner further covenants and agrees for itself, and its successors and its assigns, that Owner,such successors, and such assignees shall use the Property and every part thereof for REV 08232005 2 Packet Pg.72 gagee's then interest in the Demised Premises. Exhibit"F" Packet Pg. 68 f the Demised Premises with such Leasehold Mortgagee, within thirty (30) days after the receipt of such request, for the remainder of c the term, effective as of the date of such termination, at the rent and additional rent, and upon the other terms,covenants and conditions herein contained, subject, however, to the rights, if any,of the parties then in possession of any part of the Demised Premises, provided that such Leasehold Mortgagee shall: Exhibit'V' Packet Pg. 67 pportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 34 • the construction of the Project and operation of a low income housing project affordable to persons of very low or lower income, as further provided herein. Owner further covenants and agrees that upon completion of the project described in this Agreement and Lease and other agreement by or among the Agency and/or City and CBH as further described in the Scope of c Development,Owner shall maintain the Property(including landscaping)in the manner consistent with other similar affordable senior housing projects in the greater San Bernardino area. 5. Use and Rental of the Property. Owner covenants and agrees for itself,its L successors, assignees, and every successor in interest that the units comprising the Project(the "Units") and the Property shall be restricted as provided in this section for the Term set forth in Section 2 hereof. a, (a) Units Restricted to Senior Citizens and/or Persons or Families of Very re Low or Lower Income. All of the Units(except for the manager's unit),but in no event less than Ts 119 Units, shall be rented exclusively to Senior Citizens(as hereinafter defined). 108 (excluding :0 the Manager's Unit)of the units will be rented to Seniors Citizens who are persons or families of very low or lower income,in accordance with the table set forth below, and only for use by such persons or families as their principal residence. Owner shall not permit any transient use, or permit any commercial use,of the Property except as approved by Agency in writing. Only such a) persons or families of very low or lower income(as applicable)shall be entitled to occupy the a L Units. en d Not less than [55] of the Units shall be rented to very low income senior households whose incomes do not exceed 50%of area median income 0 Not less than[53] Units(except for the manager's unit)shall be rented to lower income senior households whose incomes do not exceed 60%of area median u) income o N ti Occupancy levels will comply with those specified by the State of California Tax Credit Allocation Committee rules and regulations, and such other regulations as may exist pertaining to any tax exempt bond financing applicable to the Project. Agency and CBH anticipate that additional regulatory agreements will be recorded on this Project and will further regulate the Project. (b) Maximum Rents. Owner shall rent the Units at.a rent that does not exceed the maximum"affordable rent"(as defined below)(including a reasonable utility allowance)that may be charged for very low or lower income persons or households under California Health& Safety Code Section 50053(b)(as amended from time to time),as applicable rei for the household occupying the Unit. Owner shall be entitled to increase rents one time per year to an amount equal to the maximum amount of"affordable rent"(including a reasonable allowance for utilities)that may be charged for very low or lower income persons under California Health& Safety Code Section 50053(b)(as amended from time to time),as applicable r to the Unit. Owner shall be allowed to increase the Rent as allowed by State law,but in no case greater than the area median income(AMI)corresponding to the Unit's Affordable rent. REV 08232005 3 Packet Pg.73 of such request, for the remainder of c the term, effective as of the date of such termination, at the rent and additional rent, and upon the other terms,covenants and conditions herein contained, subject, however, to the rights, if any,of the parties then in possession of any part of the Demised Premises, provided that such Leasehold Mortgagee shall: Exhibit'V' Packet Pg. 67 pportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.df (c) Definitions. (i) "Affordable.Rent"means the rent for very low or lower a income persons,including a reasonable utility allowance; determined under California Health& d Safety Code Section 50053(b)based upon area median income(adjusted for family size appropriate for the Unit) for the very low or lower income household, as amended from time to Q time. (ii) "Area median income"or"AMI"shall mean the area ci median income for San Bernardino County as published by the Department of Housing and Q. Community Development pursuant to California Health and Safety Code Section 50093,or the most closely related successor thereto. (iii) "Certificate of Completion"means a certificate to be provided by the Agency to the Developer upon satisfactory completion of the Improvements on re the Property. • V (iv) "Debt Service"means the total of the payments of principal and interest due and actually made by the Developer during a period on a specified loan, and does not include prepayments. N (v) "Gross Income"means all revenues or income collected by the Developer or its affiliates,successors or assigns from the Project, including but not limited to co sums paid by all subtenants,licensees and concessionaires. Gross Income shall be determined on ' •; a cash basis during any pertinent or applicable period,but shall not include security deposits until N and unless such security deposits have been forfeited by tenants. Gross Income also includes laundry income(except such portion retained by the vendor),parking,storage,and income from o operating cable television,recreation facilities, and any other services at the Project. Gross ti Income shall not,except for loss of rent insurance proceeds which shall be included,include o insurance or condemnation proceeds, or the proceeds from any sale or refinancing of the Project r or any part-thereof. (vi) "Market Rate Unit"shall mean 12 units(or ten percent of 0r) the units) that shall not be subject to affordability restrictions, such as"Affordable rent"as defined hereinabove. c To • (vii) "Operating Expenses"means for any period the sum of the re following expenses reasonably incurred and actually paid during that period,including actual, C" reasonable and customary costs,fees and expenses directly attributable to operation, maintenance, taxes and management of the Project, including,without limitation,the following (all of which are deemed customary and reasonable): onsite administrative costs(including 42 materials and labor);payments to an operating reserve account; payments to a replacement reserve account;subject to annual increases by the annual percentage increase as reasonably determined by the tax credit investor,not to exceed 3.5%per year;painting, cleaning,repairs and alterations; landscaping;utilities;rubbish removal;certificates,permits and licenses;sewer REV 08232005 4 Packet Pg.74- to the Unit. Owner shall be allowed to increase the Rent as allowed by State law,but in no case greater than the area median income(AMI)corresponding to the Unit's Affordable rent. REV 08232005 3 Packet Pg.73 of such request, for the remainder of c the term, effective as of the date of such termination, at the rent and additional rent, and upon the other terms,covenants and conditions herein contained, subject, however, to the rights, if any,of the parties then in possession of any part of the Demised Premises, provided that such Leasehold Mortgagee shall: Exhibit'V' Packet Pg. 67 pportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3:d:.' charges; costs incurred to third parties in connection with generating laundry charges(but in no event to exceed the laundry charges);maintenance of the storage facilities; real and personal property taxes and assessments;insurance; security; advertising,promotion and publicity;office, janitorial, cleaning and building supplies; the actual and customary salary payable to any on-site personnel; Internet service, cable television, satellite and similar facilities; recreational amenities supplies,utility charges, services, a property management fee(excluding salaries and benefits payable to any on-site personnel), not to exceed eight percent(8)%of Gross Income;purchase, a repair, servicing and installation of appliances,equipment, fixtures and furnishings other than from reserves; and fees and expenses of accountants, attorneys,consultants and other professionals,including annual audits and tax return preparation costs payable to a third party; o and the deferred portion of the Developer's fee;an annual partnership asset fee,which may be N increased annually by the annual percentage increase in the CPI; an annual asset management fee of Five Thousand Dollars($5,000), which may be increased annually by the annual percentage increase in the CPI,but which may only be paid for 15 years following the issuance of a re Certificate of Completion. Notwithstanding the foregoing, Operating Expenses shall not include: (i)non-cash expenses, including without limitation,depreciation(ii)payments made from N insurance or condemnation proceeds or any costs or expenses paid or reimbursed by others(iii) re funds expended from replacement reserves; (iv)the initial cost of constructing the Improvements, less apprised cost increases,or any expansion or replacements thereof; (v)any penalties or interest resulting from the Developer's failure to pay when due any sums that the Developer is obligated to pay to third parties(e.g.,penalties and interest for late payment of real `o property taxes);(vi)debt service or other payments in connection with financing. CD (viii) "Persons or families of very low or lower income"means in persons whose income do not exceed the amounts set forth in California Health and Safety Code Sections 50105 (very low income)and 50079.5 (lower income) for,persons and families who have incomes not greater than the applicable percentage of the area median income(adjusted for family size as appropriate for the Unit) for the applicable very low or lower income categories. o (ix) "Primary Loan"means the construction loan or the permanent loan obtained by Developer and approved by Agency for the purpose of financing the o cost of constructing the Improvements that is not financed with the Agency Funds. E (x) "Principal residence"means the principal dwelling place a L person uses as such person's usual place of return and occupancy. If a person fails to reside in and return to such person's unit for at least four(4)days per week for a period of at least nine(9) months out of any twelve (12)month period,it will be presumed that the Unit is not the principal residence of that person. (xi) "Property"means real property located in Grand Terrace, California,which real property is more particularly described in.Exhibit"A"attached hereto. (xii) "Property Agreements"means this Regulatory Agreement between Owner and Agency respecting the property and any other Agency or City agreement regarding the property. REV 08232005 5 'PacketPg.'75 o the rights, if any,of the parties then in possession of any part of the Demised Premises, provided that such Leasehold Mortgagee shall: Exhibit'V' Packet Pg. 67 pportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J (xiii) "Residual Receipts"means for any period the amount of Gross Income for that period, less Operating Expenses and Debt Service on the Primary Loan for that period. 4- (xiv) "Senior Citizen"shall mean a person who shall be sixty- two(62)years of age at the time of leasing of the Unit. The terms defined in this Subsection 4(c)are further defined in Title 25 of the California Code of Regulations Section 6910,et seq., as from time to time amended, and any successor regulations thereto. The terms and provisions of California Health and Safety Code Sections 50093,50105, 50079.5, and 50053 and Title 25 of the California Code of Regulations a Section 6910,et seq., as amended, and any successor statutes or regulations thereto, are incorporated herein by this reference. 6. Rights of Agency. Prior to the rental of any Unit,Owner shall obtain from the proposed tenant a completed income computation and certification form, in such form as may be approved by the Executive Director of the Agency, and shall verify the income of the proposed tenant. Owner shall verify the proposed tenant's income by standard and customary income verification procedures and practices used for determining eligibility for income qualifying housing. Agency shall have the continuing right during the Term hereof to verify that the Q restrictions,limitations and requirements of Section 4 are being complied with and to establish N and/or continue a very low and lower income(as defined in California Health and Safety Code Section 50093)housing program at the Property. ; 7. Covenants and Obligations. c N (a) Insurance. Owner covenants to keep all improvements from time to time existing on the Property insured against perils included within the general classifications as N "fire,""extended coverage,""vandalism,""malicious mischief,"and"special extended perils," ,: and all such insurance shall be evidenced by a standard fire and extended coverage insurance o policy or policies in an amount not less than the full replacement cost of the improvements(not including the costs of foundation concrete and excavation that would not have to be incurred upon replacement of the improvements). In addition, Owner shall maintain and have in full force and effect,during the term of this Agreement,a"Broad Form Commercial General Liability"insurance policy in a combined single limit of($2,000,000)Two million dollars. Such policies shall be endorsed with a.standard mortgagee clause listing Agency as loss payee(in the 2 case of the extended coverage insurance) and an additional insured (in the case of the liability insurance). A copy of any insurance binders or certificates of insurance shall be provided to Agency in conjunction with the accounting described in Section 10(b)herein. Said policies shall Ni provide that they cannot be canceled or terminated without thirty(30)days prior written notice to Agency. To the extent that the provision hereof are inconsistent with the insurance requirements E of the Agency Loan Documents,the provisions of the Agency Loan Documents shall control. 1 (b) Compliance with Building and Health and Safety Codes. Owner covenants that the Property shall be maintained in conformance with applicable health,building, and safety codes. Owner further covenants that any construction,renovation,repair or REV 08232005 6 Packet Pg.76 ory Agreement between Owner and Agency respecting the property and any other Agency or City agreement regarding the property. REV 08232005 5 'PacketPg.'75 o the rights, if any,of the parties then in possession of any part of the Demised Premises, provided that such Leasehold Mortgagee shall: Exhibit'V' Packet Pg. 67 pportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3d. rehabilitation of the improvements shall be undertaken in compliance with all building codes of the City of Grand Terrace applicable at the time of such construction,renovation,repair or rehabilitation. r (c) Obligation to Refrain from Discrimination. Owner covenants that E there shall be no discrimination against any person,or group of persons,on account of sex, a marital status,race,color,religion,creed, national origin or ancestry in the sale,lease, sublease, transfer,use, occupancy, tenure or enjoyment of the Property, or any part thereof, and Owner(or any person or entity claiming authority under or through Owner)covenants and agrees not to (a establish or permit any such practice or practices of discrimination with reference to the o selection, location,number,use or occupancy of tenants, lessees, subtenants or sublessees of the Property or any part thereof. Owner also agrees to refrain from any form of discrimination as set Q. forth above pertaining to deeds, leases or contracts. cc (d) Form of Nondiscrimination and Non-segregation Clauses. Owner covenants that Owner, its successors and assigns, shall refrain from restricting the rental,sale or y lease of the Property,or any portion thereof,in any deed, lease or contract of sale, on the basis of re sex,marital status,race; color,religion,creed, ancestry or national origin of any person. Any jr,, such deed, lease or contract shall contain.or be subject to substantially the following nondiscrimination or nonsegregation clauses: (i) In deeds: "The grantee herein covenants by and for itself, N his heirs, executors, administrators and assigns,and all persons claiming under or through them, that there shall be no discrimination against or segregation of,any person or group of persons on co account of sex,marital status, race,color,religion,creed,national origin,or ancestry in the sale, lease,sublease,transfer, use, occupancy, tenure or enjoyment of the land herein conveyed or the o improvements thereon or to be constructed thereon,nor shall the grantee itself or any person claiming under or through the grantee, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location,number,use or occupancy N of tenants,lessees,subtenants,sublessees or vendees in the land herein conveyed or such improvements. The foregoing covenants shall run with the land." (ii) In leases: "The lessee herein covenants by and for himself, his heirs,executors, administrators and assigns,and all persons claiming under or through him, and this lease is made and accepted upon and subject to the following conditions: That there shall be no discrimination against or segregation of any person or 0 group of persons on account of sex,marital status,race, color, religion,creed,national origin or ancestry, in the leasing, subleasing,transferring,use, or enjoyment of the land herein leased or the improvements thereon or to be constructed thereon,nor shall the a� lessee himself, or any person claiming under or through the lessee,establish or permit any such practice or practices of discrimination or segregation with reference to the E selection,location,number,use or occupancy,of tenants,lessees,sublessees, subtenants or vendees of the land herein leased or such improvements." Q (iii) In contracts of sale:"There shall be no discrimination against or segregation of, any person,or group of persons on account of sex,marital status,race, REV 08232005 7 Packet Pg..77 f any,of the parties then in possession of any part of the Demised Premises, provided that such Leasehold Mortgagee shall: Exhibit'V' Packet Pg. 67 pportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.dd color,religion,creed,national origin or ancestry in the sale,lease, sublease,transfer,use, occupancy,tenure or enjoyment of the land or the improvements thereon or to be constructed thereon, nor shall the transferee himself or any person claiming under or through the transferee, establish or permit any such practice or practices of discrimination or segregation with reference to the selection,location,number,use or occupancy of tenants,lessees, subtenants,sublessees or vendees of the land or such improvements." (e) Duration of Covenants and Obligations. The covenants and obligations contained'in Sections 6(a)and 6(b) shaIl remain in effect until the expiration of the Term provided for in Section 2 hereof,and the covenants against discrimination provided for in c subsections 6(c)) and 6(d) shall remain in perpetuity. Q. 8. Management of the Property a) re (a) Operation,Maintenance and Repair. Owner shall have full To responsibility for the operation and maintenance of all improvements on the Property throughout a the duration of the Term. Owner shall,upon completion of the Project maintain in the manner of first class residential rental projects,in a first class,neat, clean, safe and sanitary condition and N repair, the improvements comprising the Project and all landscaping within the public rights of way which may abut the Property throughout the Term of this Agreement without expense to Agency,and shall perform all repairs and replacements necessary to maintain and preserve said improvements and landscaping in a first class,neat,clean, safe,sanitary and healthy condition in y a manner reasonably satisfactory to Agency and in compliance with all applicable laws,and in compliance with all applicable laws'and any and all City and/or Agency agreements with Owner. 0 cc The Lessee shall submit for the approval of the City and Agency a management plan which sets forth the duties of the property manager.The Agency shall have the right to approve the selection of the property manager(s)for the Project,but such approval will not be unreasonably withheld. ti If the improvements constituting the Project are destroyed or substantially damaged, Owner shall, subject to any applicable provisions of the Agency Loan Documents, repair,replace,or restore such improvements. Following any casualty resulting in damage to or destruction of the Project,the complete work of any reconstruction or replacement shall be at least equal in value,quality and utility to the condition of the Project or landscaping before the event giving rise to the work. L 0 (b) Leasing and Occupancy. The leasing and occupancy of the Units shall be in accordance with the management plan approved by the Agency or its delegate. Any cc modifications or changes to the management plan shall be submitted to the Agency for approval. Ni The management plan shall include the tenant selection criteria,procedures for tenant selection and the establishment and maintenance of waiting lists, the lease and rental agreement, a copy of the"House and Ground Rules"adopted for the Property and all policies and procedures to be used to ensure compliance with the age, income,and any other requirements set forth as conditions for eligibility or occupancy in the Property and shall be consistent with the terms and conditions of this Agreement. The Units shall be leased under rental agreements substantially in REV 08232005 8 Packet.Pg.78. Packet Pg..77 f any,of the parties then in possession of any part of the Demised Premises, provided that such Leasehold Mortgagee shall: Exhibit'V' Packet Pg. 67 pportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J _ -3.d a form approved by the Executive Director of Agency. Any modifications or changes in the rental agreements shall be submitted to the Executive Director of the Agency for approval. Agency shall review and approve all policies and procedures established for the successful management of the Property. Subject to the rights of the occupants of the Units, E Agency shall have the right to perform an annual on-site inspection of the units, common areas and grounds and to perform an annual tenant file review to ensure that Owner is managing the Property in accordance with the eligibility requirements set forth herein for occupancy. ca (c) Pre-Leasing. Owner shall perform all advertising and related pre- 0 leasing work as set forth in the approved management plan. Pre-leasing shall be directed to c) Grand Terrace residents for the initial 60 days,with a subsequent 30-day period of pre-leasing a directed to Grand Terrace residents,employees, and extended family members. Leasing plan to d be submitted to and approved by Executive Director of Agency. re (d) Annual Budget. Owner shall submit or shall cause its Property Manager to submit to the Agency's Executive Director on or before November I, 2007 (the estimated first year of operation)and each anniversary thereof, an annual budget for the ongoing operation of the Project for approval by Agency,which will not be unreasonably withheld. At the Agency's request,delivered within 30 days after receipt of the budget, each of Owner and the Agency shall cause its respective representative(s) to meet within thirty(30)days following the Q. receipt of request to review the budget in an effort to resolve any matters not agreed to by the parties. (e) Management of Property. Owner shall be completely responsible for `i'. the management, administration and operation of the Property including,but not Iimited to the o hiring and discharge of employees,salaries and all other related Property expenses,maintenance and repairs, including capital expenditures,the financial operations of the Property,the rental and re-rental of the residential units in accordance with the occupancy requirements set forth in this Agreement and all operational,maintenance and management responsibilities of an owner in N a typical multi-family residential housing project. o (f) Reserves. The Owner will maintain operating and replacement reserves satisfactory to the Agency and will not withdraw funds from such reserves without the consent of the Agency, which will not be unreasonably withheld. (g) Management Agency's Failure to Perform. In the event the o management agency appointed by Owner for management of the Project fails to perform the obligations imposed upon Owner by this Section 7, such failure shall constitute a default under re Section 11 hereof, and if Owner shall fail to cure such default as provided in Section 1 I hereof, Ni then Agency shall have the right,in addition to any other remedies of Agency, to require Owner, upon 30 days prior written notice,to appoint a substitute management agency,reasonably acceptable to both Agency and Owner. 9. Indemnification. Owner shall defend,indemnify, assume all responsibility for and hold Agency, and its respective elected and appointed officers and employees,harmless from all costs(including reasonable attorneys' fees and costs),claims,demands, liabilities,or REV 08232005 9 Packet Pg.79, y in REV 08232005 8 Packet.Pg.78. Packet Pg..77 f any,of the parties then in possession of any part of the Demised Premises, provided that such Leasehold Mortgagee shall: Exhibit'V' Packet Pg. 67 pportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3a judgments for injury or damage to property and injuries to persons, including death,which may be related to the Property or caused by any of Owner's activities under this Agreement,whether such activities or performance thereof be.by Owner or anyone directly or indirectly employed or contracted with by Owner and whether such damage shall accrue or be discovered before or after termination of this Agreement. This indemnity includes,but is not limited to, any repair, a) cleanup,remediation,detoxification, or preparation and implementation of any removal, remedial,response, closure or other plan(regardless of whether undertaken due to governmental action)concerning any hazardous substance or hazardous wastes including petroleum and its fractions as defined in the Comprehensive Environmental Response, Compensation and Liability Act ["CERCLA";42 U.S.C. Section 9601,et seq.], the Resource Conservation and Recovery Act ["RCRA";42 U.S.C. Section 6901 et seq.] and California Health and Safety Code Section Code .0. Section 25280 et seq. on the Property or at any place where Owner owns or has control of real property pursuant to any of Owner's activities under this Agreement. The foregoing indemnity d eL is intended to operate as an agreement pursuant to Section 107(e)of CERCLA and California Health and Safety Code Section 25364 to assure,protect,hold harmless and indemnify Agency •z from liability. This indemnity shall survive the termination of this Agreement for any reason. This indemnity shall not be construed in any way to be a limitation on Owner's indemnity re obligations under the DDA. 10. Compliance with Local, State and Federal Laws. Owner shall carry out the provisions of this Agreement and own and operate the Project in conformity with all applicable local,state and federal laws and regulations including,without limitation,all regulations and conditions of funding with respect to the issuance of the Note(including a regulatory agreement required in connection with the issuance of the tax credits to Owner), and Housing Set Aside to Funds under Health and Safety Code Section 33334.2 (as amended from time to time). 11. Accounting to Agency. 0 (a) The books and accounts of the Property shall be kept in conformity 0 with generally accepted accounting practices. N 0 (b) Owner shall submit to Agency annually, on or before May 1 of each c calendar year("Audit Date"),a report setting forth the rental rate of all Units and the income and number of known occupants of all Units. The income information required by this Section shall be supplied by the tenants of the Units in a certified statement on a form from time to time provided by Agency. 0 (c) Owner shall provide Agency audited financial statements of the a� operations of the Project showing the rents and periods of time each Unit was rented. The first accounting period for which such statements shall be provided shall end on the last day of the 0,1 month in which all of the Units have been initially rented to the first occupants,the accounting c shall be made to Agency within 30 days of such date,but need not be audited. Thereafter, E annual audited financial statements shall be prepared annually for each calendar year, and such audited financial statements shall be delivered to the Agency by the Audit Date of the following calendar year. REV 08232005 10 Packet Pg:80 ees and costs),claims,demands, liabilities,or REV 08232005 9 Packet Pg.79, y in REV 08232005 8 Packet.Pg.78. Packet Pg..77 f any,of the parties then in possession of any part of the Demised Premises, provided that such Leasehold Mortgagee shall: Exhibit'V' Packet Pg. 67 pportunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 34., (d) Owner shall maintain a complete and accurate rent roll listing of all Units,with the very low and lower income Units listed separately,including the names of all tenants,the dates of their tenancies and the amounts of rents and security deposits charged and collected. a) E (e) Agency,its agents and employees,shall have the right,after L reasonable notice,to review and inspect, at reasonable times during business hours, the books, records and accounts of Owner specifically regarding the Property, from and after the date of the recordation of this Agreement and until the expiration of this Agreement. 0 (f) Owner shall retain all documents and records pertaining to the rents N charged, income of tenants and all matters relating to Owner's obligations under Section 5 of this Agreement, for a period of 3 years and shall make them available to Agency on 5 business days' a CD prior notice,provided however that if the provisions of any federal or state law or regulation a_ requires a longer period of retention,Owner shall comply with such period or retention. (g) Agency may conduct audits of the rents,charged, income of tenants CD and all matters relating to Owner's obligations under this Agreement within 3 years from the !� date of the applicable period with respect to which such records relate, and Owner shall cooperate with the Agency's auditors in conducting the audit. Such audits shall not occur more a frequently than once each fiscal year. Agency shall pay for the costs of the audit unless the audit reveals that Owner did not materially comply with the provisions of this Agreement, in.which N • case, Owner shall pay all costs of the audit. 0 12.Violation of Regulatory Agreement And/or Loan Documents by Owner. 0 (a) Owner shall perform each and every obligation set forth in this Agreement between Owner and Agency respecting the Property and any other Agency or City agreement regarding the Property. 0 ti (b) In the event of the violation by Owner of any of the provisions of the 0 Property Agreements,then Agency shall give written notice thereof to Owner by registered mail addressed to Owner at the address stated in this Agreement,or to such other address as may have been designated by Owner. If such violation is not cured to the satisfaction of Agency within the time period specified in the Property Agreement(or if no period is specified, within 30 days after Q the date such notice is received,or if such violation is a non-monetary obligation that cannot reasonably be cured within such 30 day period,then if Owner fails to commence to cure such .2 violation within said 30 day period and fails diligently to prosecute such cure to completion as soon as reasonably possible but,in not event,no later than 3 months after receipt of notice of such violation), then Agency may without further notice,declare in writing a default under this Ni Agreement effective on the date of such declaration of default, and upon any such declaration of default Agency may apply to any court, State or Federal,for specific performance of this Agreement;for an injunction against any violation by Owner of this Agreement or other Property c Agreement Documents, and for the appointment of a receiver to take over and operate the Property in accordance with the terms of this Agreement,or for such other relief as may be appropriate, including without limitation damages, and the cost to Agency in enforcing the terms of this Agreement(including the reasonable time expended by Agency staff,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3:d3 auditors, attorneys and other personnel involved in such enforcement). Notwithstanding the above, the Agency will,provide actual notice to the Tax Credit Investor and the Tax Credit Investor will be given an opportunity to cure any and all defaults under this or other Property Agreement by or among the City and/or Agency and the Owner. Such cure rights will be more particularly announced in a partnership agreement to be formed at a later date. The City and Agency will be provided an opportunity to review and comment on the Project's partnership d agreement as it relates to cure rights affecting the City and Agency's Default Rights. a (c) The remedies of Agency herein,or under any other instrument providing for or evidencing the financial assistance provided herein, are cumulative,and the v exercise of one or more of such remedies shall not be deemed an election of all remedies and y shall not preclude the exercise by Agency of any one or more of its other remedies. a. (d) Agency shall provide by mail copies of any notice of any violation to cc all other lien holders who have delivered a request therefore to the Agency and have also recorded a Request for Special Notice in accordance with California Civil Code Section 2924e (as amended),at the address for notices most recently provided by Owner or such lien holders for such notices, and such parties shall have the same right to cure Owner's defaults hereunder on behalf of Owner. a a 13. General Provisions. Q 0 (a) The covenants which have been established pursuant to this Agreement shall be deemed to be covenants running with the Iand for the benefit of the Project 0 Area and Agency in carrying out its statutory responsibilities under California Redevelopment Act(Health and Safety Code Sections 33000 et seq.)to implement the Redevelopment Plan and to provide for the development of low and moderate income housing in the community. The covenants hereof shall be binding upon the Property and run for the benefit of the Project Area and Agency and its successors and assigns, and such covenants shall run in favor of Agency for the entire period during which such covenants shall be in force and effect,without regard to whether Agency is or remains an owner of any land or interest therein to which such covenants relate. Agency is deemed the beneficiary of the terms and provisions of this Agreement and of • the covenants running with the land, for and in its own rights and for the purposes of protecting a) the interests of the community and other parties,public or private,in whose favor and for whose a benefit this Agreement and the covenants running with the land have been provided. Only Agency and its successors in interest may enforce this Agreement; nothing herein is intended to create any third party beneficiaries to this Agreement,and no person or entity other than Agency or Owner, and the permitted successors and assigns of either of them, shall be authorized to enforce the provisions of this Agreement. Not byway of limitation of the foregoing,the tenantsre of the Property are not intended to be third party beneficiaries hereunder. NI (b) This Agreement and the covenants reservations, restrictions and agreements contained herein shall be a burden upon the Property and shall bind Owner,its successors and assigns with respect to the Property.. Owner may not assign any of the benefits of this Agreement,or delegate any of Owner's obligations hereunder,voluntarily or by operation of law,without the prior written approval of Agency. REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.d (c) Agency and its successors and assigns,,and Owner and its successors and assigns as holders of any interest in the Property, shall have the right to consent and agree to changes in,or to eliminate in whole or in part, any of the covenants,reservations and restrictions contained in this Agreement. (d) This Agreement represents the entire agreement of the parties hereto • 112 with respect to the subject matter hereof and may not be altered or amended except by writing Q executed between the parties.to-be charged. L (e) In any action between the parties to interpret, enforce,reform,modify, rescind,or.otherwise in connection with any of the terms or provisions of this Agreement,the prevailing party in the action shall be entitled,in addition to any other relief to which it may be entitled,reasonable costs and expenses including, without limitation, litigation costs and d reasonable attorneys' fees. ra (f) If any term, covenant, condition or provision of this Agreement,or the N application thereof to any circumstance,shall, at any time or to any extent,be determined by a court of competent jurisdiction to be invalid or unenforceable, then the remainder of this !� Agreement,or the application thereof to circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby and each term,covenant, condition and provision of this Agreement,shall be valid and enforceable,to the fullest extent permitted by law. a1 (g) The use of the plural in this Agreement shall include the singular and the singular shall include the plural,and the use of one gender shall be deemed to include all `r'. genders. (h) Time is of the essence hereof.. (i) No waiver by Agency of any breach of or default under this ti Agreement shall be deemed to be a waiver of any other or subsequent breach thereof or default hereunder. a) (j) This Agreement and all related documents shall be deemed to be contracts made and delivered in the State of California and shall be governed and construed and interpreted in accordance with the laws of said State. Headings and titles herein are for convenience only and shall not influence any construction or interpretation. (k) Any notice required to be given hereunder shall be given by certified d or registered mail,postage prepaid,return receipt requested, at the addresses specified below,or at such other addresses as may be specified in writing by the parties hereto as follows: If to Agency: - City of Grand Terrace Community Redevelopment Agency 22795 Barton Rd. a Grand Terrace, California 92313 Attention:Thomas Schwab REV 08232005 13. Packet:Pg.83 erein is intended to create any third party beneficiaries to this Agreement,and no person or entity other than Agency or Owner, and the permitted successors and assigns of either of them, shall be authorized to enforce the provisions of this Agreement. Not byway of limitation of the foregoing,the tenantsre of the Property are not intended to be third party beneficiaries hereunder. NI (b) This Agreement and the covenants reservations, restrictions and agreements contained herein shall be a burden upon the Property and shall bind Owner,its successors and assigns with respect to the Property.. Owner may not assign any of the benefits of this Agreement,or delegate any of Owner's obligations hereunder,voluntarily or by operation of law,without the prior written approval of Agency. REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J With a copy to: John Harper, Esq. c/o City of Grand Terrace 22795 Barton Road Grand Terrace,California 92313 Tel.: (714) 771-7728. a) E d If to Owner,to: Corporation for Better Housing 15303 Ventura Boulevard, Suite 1100 Sherman Oaks, California 91403 • r Attn: Mary Silverstein 0 Tel: (818)905-2430 a (1) This Agreement may be simultaneously executed in multiple re counterparts, all of which shall constitute one and the same instrument,and each of which shall be deemed to be an original. _co [remainder of this page intentionally left blank] L 8 co N O N • ti (11 a) CD a3 a> re N� a) as REV 08232005 14 Packet.Pg.84 jurisdiction to be invalid or unenforceable, then the remainder of this !� Agreement,or the application thereof to circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby and each term,covenant, condition and provision of this Agreement,shall be valid and enforceable,to the fullest extent permitted by law. a1 (g) The use of the plural in this Agreement shall include the singular and the singular shall include the plural,and the use of one gender shall be deemed to include all `r'. genders. (h) Time is of the essence hereof.. (i) No waiver by Agency of any breach of or default under this ti Agreement shall be deemed to be a waiver of any other or subsequent breach thereof or default hereunder. a) (j) This Agreement and all related documents shall be deemed to be contracts made and delivered in the State of California and shall be governed and construed and interpreted in accordance with the laws of said State. Headings and titles herein are for convenience only and shall not influence any construction or interpretation. (k) Any notice required to be given hereunder shall be given by certified d or registered mail,postage prepaid,return receipt requested, at the addresses specified below,or at such other addresses as may be specified in writing by the parties hereto as follows: If to Agency: - City of Grand Terrace Community Redevelopment Agency 22795 Barton Rd. a Grand Terrace, California 92313 Attention:Thomas Schwab REV 08232005 13. Packet:Pg.83 erein is intended to create any third party beneficiaries to this Agreement,and no person or entity other than Agency or Owner, and the permitted successors and assigns of either of them, shall be authorized to enforce the provisions of this Agreement. Not byway of limitation of the foregoing,the tenantsre of the Property are not intended to be third party beneficiaries hereunder. NI (b) This Agreement and the covenants reservations, restrictions and agreements contained herein shall be a burden upon the Property and shall bind Owner,its successors and assigns with respect to the Property.. Owner may not assign any of the benefits of this Agreement,or delegate any of Owner's obligations hereunder,voluntarily or by operation of law,without the prior written approval of Agency. REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.d IN WITNESS WHEREOF,the parties hereto have entered into this Regulatory Agreement as of the day and year first above written. CITY OF GRAND TERRACE, a public "Owner" Corporation for Better Housing body,corporate and politic a L a) By: Thomas J. Schwab By: Corporation for Better Housing, a 1if is corpo tion,"Owner" ci r Its: City Manager By. Mary verstein, Exe ive Vice President N a) CITY OF GRAND TERRACE COMMUNITY cc REDEVELOPMENT AGENCY,a public body, corporate and politic 0) 0 fA By: Thomas J. Schwab U U) Its: Executive Director O N O O N Approved as to Form: N O a E d m L Agency Counsel Q 0 lEi) -\1441h Agency Coun re N r 0 E t t) a3 a+ .r+ REV 08232005 15 Packet Pg.85 de the singular and the singular shall include the plural,and the use of one gender shall be deemed to include all `r'. genders. (h) Time is of the essence hereof.. (i) No waiver by Agency of any breach of or default under this ti Agreement shall be deemed to be a waiver of any other or subsequent breach thereof or default hereunder. a) (j) This Agreement and all related documents shall be deemed to be contracts made and delivered in the State of California and shall be governed and construed and interpreted in accordance with the laws of said State. Headings and titles herein are for convenience only and shall not influence any construction or interpretation. (k) Any notice required to be given hereunder shall be given by certified d or registered mail,postage prepaid,return receipt requested, at the addresses specified below,or at such other addresses as may be specified in writing by the parties hereto as follows: If to Agency: - City of Grand Terrace Community Redevelopment Agency 22795 Barton Rd. a Grand Terrace, California 92313 Attention:Thomas Schwab REV 08232005 13. Packet:Pg.83 erein is intended to create any third party beneficiaries to this Agreement,and no person or entity other than Agency or Owner, and the permitted successors and assigns of either of them, shall be authorized to enforce the provisions of this Agreement. Not byway of limitation of the foregoing,the tenantsre of the Property are not intended to be third party beneficiaries hereunder. NI (b) This Agreement and the covenants reservations, restrictions and agreements contained herein shall be a burden upon the Property and shall bind Owner,its successors and assigns with respect to the Property.. Owner may not assign any of the benefits of this Agreement,or delegate any of Owner's obligations hereunder,voluntarily or by operation of law,without the prior written approval of Agency. REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J • ' .3.d EXHIBIT"A" LEGAL DESCRIPTION r d E a) Lau L I Q PARCEL A: 0 PARCEL 4 OF PARCEL MAP NO. 766, IN THE COUNTY OF SAN BERNARDINO, STATE OF CALIFORNIA, AS PER PLAT.RECORDED IN BOOK 7 PAGE 24 OF PARCEL MAPS, .06 RECORDS OF SAID COUNTY. rts • N PARCEL B: N THE WEST 125 FEET OF LOT 17 MEASURED PARALLEL TO THE WEST LINE OF SAID u LOT,OF VISTA GRANDE TRACT,AS PER PLAT RECORDED IN BOOK 17 OF MAPS, a) PAGE 10, RECORDS OF SAID COUNTY, EXCEPTING THEREFROM THAT PORTION CONVEYED TO THE COUNTY OF SAN BERNARDINO BY DEED RECORDED JANUARY 23, 1969 IN BOOK 7170 PAGE 26 OF OFFICIAL RECORDS. (I) O T N M) O O N N O C d E N a) L 0) 0 0 N0 N a+ C d E .0 m REV 08232005 16 • Packet Pg.86 Packet Pg.85 de the singular and the singular shall include the plural,and the use of one gender shall be deemed to include all `r'. genders. (h) Time is of the essence hereof.. (i) No waiver by Agency of any breach of or default under this ti Agreement shall be deemed to be a waiver of any other or subsequent breach thereof or default hereunder. a) (j) This Agreement and all related documents shall be deemed to be contracts made and delivered in the State of California and shall be governed and construed and interpreted in accordance with the laws of said State. Headings and titles herein are for convenience only and shall not influence any construction or interpretation. (k) Any notice required to be given hereunder shall be given by certified d or registered mail,postage prepaid,return receipt requested, at the addresses specified below,or at such other addresses as may be specified in writing by the parties hereto as follows: If to Agency: - City of Grand Terrace Community Redevelopment Agency 22795 Barton Rd. a Grand Terrace, California 92313 Attention:Thomas Schwab REV 08232005 13. Packet:Pg.83 erein is intended to create any third party beneficiaries to this Agreement,and no person or entity other than Agency or Owner, and the permitted successors and assigns of either of them, shall be authorized to enforce the provisions of this Agreement. Not byway of limitation of the foregoing,the tenantsre of the Property are not intended to be third party beneficiaries hereunder. NI (b) This Agreement and the covenants reservations, restrictions and agreements contained herein shall be a burden upon the Property and shall bind Owner,its successors and assigns with respect to the Property.. Owner may not assign any of the benefits of this Agreement,or delegate any of Owner's obligations hereunder,voluntarily or by operation of law,without the prior written approval of Agency. REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J • 3:d. State of California } County of Los Anje On { ,2005,before me, W. d. ,, a Notary d Public,personally appeared Mc r S//Ver��-�et's� , personally known to me(or proved to me on the basis of satisfactory evidence)to be the person(s)whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s)on the L instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the • e instrument. 0. WITNESS my hand and official seal. a R TIDO gn H Signature ri1. Cammisalon#1344409 ",;" i Notary Publk-Caltfomia `1 PT% Santa Clara County (seal) MyCaom.Expires Feb24.20011 a) a7 State of California } } County of } `�'• On ,2005,before me, ,a Notary Public,personally appeared , personally known to 0 me(or proved to me on the basis of satisfactory evidence) to be the person(s)whose names) N is/are subscribed to the within instrument and acknowledged to me that'he/she/they executed the N same in his/her/their authorized capacity(ies), and that by his/her/their signature(s)on the instrument the person(s), or the entity upon behalf of which the person(s)acted,executed the instrument. E d d L CD WITNESS my hand and official seal. 0 r R Signature cc (seal) E 0 m Packet Pg;87 hereunder. a) (j) This Agreement and all related documents shall be deemed to be contracts made and delivered in the State of California and shall be governed and construed and interpreted in accordance with the laws of said State. Headings and titles herein are for convenience only and shall not influence any construction or interpretation. (k) Any notice required to be given hereunder shall be given by certified d or registered mail,postage prepaid,return receipt requested, at the addresses specified below,or at such other addresses as may be specified in writing by the parties hereto as follows: If to Agency: - City of Grand Terrace Community Redevelopment Agency 22795 Barton Rd. a Grand Terrace, California 92313 Attention:Thomas Schwab REV 08232005 13. Packet:Pg.83 erein is intended to create any third party beneficiaries to this Agreement,and no person or entity other than Agency or Owner, and the permitted successors and assigns of either of them, shall be authorized to enforce the provisions of this Agreement. Not byway of limitation of the foregoing,the tenantsre of the Property are not intended to be third party beneficiaries hereunder. NI (b) This Agreement and the covenants reservations, restrictions and agreements contained herein shall be a burden upon the Property and shall bind Owner,its successors and assigns with respect to the Property.. Owner may not assign any of the benefits of this Agreement,or delegate any of Owner's obligations hereunder,voluntarily or by operation of law,without the prior written approval of Agency. REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J • 3.d, State of California ) ) County of San Bernardino ) On November 15 , 2005,before me,Brenda Stanfill , a Notary m Public,personally appeared Thomas Schwab , personally known to d me(or proved to me on the basis of satisfactory evidence)to be the person(e)whose name(e) 8) is/.axe-subscribed to the within instrument and acknowledged to me that he/may executed the same in his/her/their authorized capacity(i ), and that by his/herl#eir signature(a)on the CU r instrument the person($),or the entity upon behalf of which the person(a)acted,executed the o instrument. N C. rii C1 WITNESS my hand and official seal. cc 3 Signature ! t►` Corivraitin#1413171 a)S t.�.a. .%; Notary Public-CaRionto c4 •� ,4 San� co �..., ''�MyGanm.6�iwI* I o (seal) - ,: -- = a co a L 0 w State of California } a) } m co County of San Bernardino ) In 0 On November 15 , 2005,before me,Brenda Stanfill ,a Notary Public,personally appeared Thomas Schwab , personally known to 0 me(or proved to me on the basis of satisfactory evidence)to be the person(a)whose name(s) N is/are subscribed to the within instrument and acknowledged to me that.he/she/they executed the N same in his/hea,/thcir authorized capacity(iea), and that by his/her,/their signature(s)on the d instrument the person($, or the entity upon behalf of which the person(s) acted, executed the 5 instrument. E a) I' L 0) WITNESS my hand and official seal. ;, Lo i c6fte/rtd(3-6/-eVit -42C ca Signature ,:., - 1;T11NFii1 d . irts., Commluion p 1413171 a }• ";" i Na$ary Pubic-CaWoi, a NI (seal) nlC Count/ c ErpbMprlcov a> E s w a Packet`Pg.:88 at such other addresses as may be specified in writing by the parties hereto as follows: If to Agency: - City of Grand Terrace Community Redevelopment Agency 22795 Barton Rd. a Grand Terrace, California 92313 Attention:Thomas Schwab REV 08232005 13. Packet:Pg.83 erein is intended to create any third party beneficiaries to this Agreement,and no person or entity other than Agency or Owner, and the permitted successors and assigns of either of them, shall be authorized to enforce the provisions of this Agreement. Not byway of limitation of the foregoing,the tenantsre of the Property are not intended to be third party beneficiaries hereunder. NI (b) This Agreement and the covenants reservations, restrictions and agreements contained herein shall be a burden upon the Property and shall bind Owner,its successors and assigns with respect to the Property.. Owner may not assign any of the benefits of this Agreement,or delegate any of Owner's obligations hereunder,voluntarily or by operation of law,without the prior written approval of Agency. REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J Recorded In Mini Recorde,County of San Bernardino ' 3:e._ LARRY WALKER 1.MJ ` 1 ' 00• Audltor/Controller - Recorder It Recorded at the request cfi _, ..,... . Chicago Tdie .."..7 F:- - "':,( 629 Chicago Title Company Free recording in accordance with California Government Code Doc#: 2006—0065712 Tries: 2 Pages: E Section 6103 and 27383 Fees 0.00 w L Texee 0.00 Q Recording requested by: Other I.00 And when recorded mail to: PAID SI.oe L r c City of Grand Terrace c.) 22795 Barton Rd. • r a Grand Terrace,CA 92313 '� d D: s t SPACE ABOVE THIS LINE FOR RECORDER'S USE d rY 1 ASSIGNMENT AND ASSUMPTION AGREEMENT c CO ' Grand Terrace, California a l;` APN: 0276-461-09 0 0276-461-14 N d CO This Assignment and Assumption Agreement(hereinafter, "Agreement")is ' entered into as of this / — day of �u a ry , 2006, by and between Corporation for Better Housing, ("CBH")a California nofiprofit public benefit corporation o with its principal place of business located at 15303 Ventura Boulevard, Suite 1100, N ') Sherman Oaks, California, 91403 and the City of Grand Terrace("City")and the City of Grand Terrace Community Redevelopment Agency("Agency")with reference to the o following facts: N ti T A. The City of Grand Terrace and the Redevelopment Agency of Grand o Terrace hereby agree to CBH's assignment of the City's land lease and the Agency's c . Regulatory Agreement and all other City and Agency project documents relating to this transaction. Said Assignment will occur from CBH to 22645 Grand Terrace Rd, L.P., a d California Limited Partnership ('Partnership"). a c B. The City has entered into certain Agreements with CBH for the purpose of ° making a Land Lease and the Agency bestowed certain agency funds to CBH in the E amount of Eight Million Four Hundred Thousand and no/100 DOLLARS($8,400,000.00) N (hereinafter,"Agency Funds")in connection with the development of a senior residential a housing development for low-income persons(hereinafter,the"Improvements")on real c property located in Grand Terrace,California,which real property is more particularly cc described in Exhibit"A"attached hereto(hereinafter, the"Property"). d E c a) C. Pursuant to that certain Ground Lease executed September22, 2005, by N and between CBH and the City,the Partnership shall be responsible for the construction, M1 operation and maintenance of the Improvements and shall have fee title to the Improvements during the term of the Ground Lease, evidenced by that certain d - Memorandum of Lease recorded January 19, 2006 as Document s Number 2006-0041146, Official Records of San Bernardino County. a This document is being retarded a � 4 t- n as an accommodation only OR.—-✓ Page 1 of 7 cago Title Company "t Co 2i F(3 a - 1104, assumes no responsibility for 2;45.1"`rC:z g.. f S `°tom- pY correctness m validity Packet"Pg.,89 REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J • 3:e , D. The Agency Funds are evidenced by a(i)a Regulatory Agreement (hereinafter, "Regulatory Agreement")dated October 27, 2005, executed by CBH, the City, and the Agency. E E. The Regulatory Agreement, the Land Lease, and all related documents are referred to as the"Project Documents". The subject Project Documents will be subject to that certain Subordination Agreement dated as of the date of the construction loan documents by and between CBH, the Partnership,the City, the Agency, and Citibank(West), FSB. "Citibank or Bank", recorded in the Official Records of San Bernardino County California. F. As consideration for the lease of the Property, CBH desires to assign tore Partnership and Partnership desires to accept the assignment from CBH of CBH's 3 obligations with respect to such Property and the Improvements, including the rights, duties and obligations of CBH under the Project Documents. cc G. Partnership desires to release CBH from all obligations in connection with the Project Documents;and 0) H. The consent of the City and Agency to the assignment of CBH'so obligations under`the Project Documents is required. - NOW THEREFORE, in consideration of the foregoing, of the mutual promises of in the parties hereto and for other good and valuable consideration, the receipt and • sufficiency of which are hereby acknowledged,the parties mutually agree as follows: o 1. Assignment by CBH. CBH hereby assigns to Partnership all of CBH's rights, duties and obligations under the Project Documents. N 2. Acceptance of Assignment. The Partnership hereby accepts the above assignment and hereby assumes, agrees and undertakes to perform all of the rights, o duties and obligations of CBH under the Project Documents. Any reference to CBH in the Project Documents described above shall be deemed a reference to Partnership. . E Partnership agrees to be bound by the Deed Restriction and obligations set forth in the Regulatory Agreement. 0 3. Release of CBH. Partnership hereby releases CBH from all obligations and duties imposed under the Project Documents. E 4. Payment of Obligations. Partnership agrees that all amounts due from CBH pursuant to the Project Documents shall be paid directly by Partnership. 5. Representations. CBH hereby represents and warrants that it has not previously assigned, pledged, hypothecated or otherwise transferred any of their rights under the Project Documents. N 6. Effective Date. The assignment set forth above shall be effective as of the M� date of this agreement. / d E s 0 as • Page 2of7 Packet Pg.90 t to that certain Ground Lease executed September22, 2005, by N and between CBH and the City,the Partnership shall be responsible for the construction, M1 operation and maintenance of the Improvements and shall have fee title to the Improvements during the term of the Ground Lease, evidenced by that certain d - Memorandum of Lease recorded January 19, 2006 as Document s Number 2006-0041146, Official Records of San Bernardino County. a This document is being retarded a � 4 t- n as an accommodation only OR.—-✓ Page 1 of 7 cago Title Company "t Co 2i F(3 a - 1104, assumes no responsibility for 2;45.1"`rC:z g.. f S `°tom- pY correctness m validity Packet"Pg.,89 REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.e . IN WITNESS WHEREOF,the parties have executed this Agreement as of the date first written above. a, E CBH: Lp) CORPORATION FOR BETTER HOUSING, A CALIFORNIA NONPROFIT PUBLIC BENEFIT CORPORATION o Federal tax ID number 95-4550322 0 a a) d Mary S4 ": &eside nt .� �N Partnership: U, a 22645 Grand Terrace Rd, L.P., a California 0 Limited Partnership L 0 By:.Corporation for Better Housing, a ' California nonprofit public benefit 0 corporation, its Managing General Partner N 0 ` N By: 0 Mary Silv rs in N Executi ce President 0 as 0 M r lC Page 3 of 7 PacketPg.'91 THEREFORE, in consideration of the foregoing, of the mutual promises of in the parties hereto and for other good and valuable consideration, the receipt and • sufficiency of which are hereby acknowledged,the parties mutually agree as follows: o 1. Assignment by CBH. CBH hereby assigns to Partnership all of CBH's rights, duties and obligations under the Project Documents. N 2. Acceptance of Assignment. The Partnership hereby accepts the above assignment and hereby assumes, agrees and undertakes to perform all of the rights, o duties and obligations of CBH under the Project Documents. Any reference to CBH in the Project Documents described above shall be deemed a reference to Partnership. . E Partnership agrees to be bound by the Deed Restriction and obligations set forth in the Regulatory Agreement. 0 3. Release of CBH. Partnership hereby releases CBH from all obligations and duties imposed under the Project Documents. E 4. Payment of Obligations. Partnership agrees that all amounts due from CBH pursuant to the Project Documents shall be paid directly by Partnership. 5. Representations. CBH hereby represents and warrants that it has not previously assigned, pledged, hypothecated or otherwise transferred any of their rights under the Project Documents. N 6. Effective Date. The assignment set forth above shall be effective as of the M� date of this agreement. / d E s 0 as • Page 2of7 Packet Pg.90 t to that certain Ground Lease executed September22, 2005, by N and between CBH and the City,the Partnership shall be responsible for the construction, M1 operation and maintenance of the Improvements and shall have fee title to the Improvements during the term of the Ground Lease, evidenced by that certain d - Memorandum of Lease recorded January 19, 2006 as Document s Number 2006-0041146, Official Records of San Bernardino County. a This document is being retarded a � 4 t- n as an accommodation only OR.—-✓ Page 1 of 7 cago Title Company "t Co 2i F(3 a - 1104, assumes no responsibility for 2;45.1"`rC:z g.. f S `°tom- pY correctness m validity Packet"Pg.,89 REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J ACCEPTED AND CONSENTED r _ The City of Grand Terrace hereby consents to the assignment from Corporation for Better Housing, a California nonprofit public benefit corporation (CBH)to 22645 Grand Terrace Rd., LP., a California Limited Partnership, of the Project Documents as set forth in paragraph E of the Assignment and Assumption Agreement. Dated as of this / day of Z7adi , 2006 re By: • /ho;plas SCJi zb Title: C.14-y MA meter ccd V d The City of Grand Terrace Community Redevelopment Agency hereby consents to the in assignment from Corporation for Better Housing, a California nonprofit public benefit corporation (CBH)to 22645 Grand Terrace Rd., L.P.,a California Limited Partnership, of N the Project Documents as set forth in paragraph E of the Assignment and Assumption Agreement. O Dated as of this f day of n , 2006 d r By: I 11�0/77a5 . c iu 6 h Title: F l ro c fv r rn Qi ca Page 4 of 7 Packet'Pg.92 PacketPg.'91 THEREFORE, in consideration of the foregoing, of the mutual promises of in the parties hereto and for other good and valuable consideration, the receipt and • sufficiency of which are hereby acknowledged,the parties mutually agree as follows: o 1. Assignment by CBH. CBH hereby assigns to Partnership all of CBH's rights, duties and obligations under the Project Documents. N 2. Acceptance of Assignment. The Partnership hereby accepts the above assignment and hereby assumes, agrees and undertakes to perform all of the rights, o duties and obligations of CBH under the Project Documents. Any reference to CBH in the Project Documents described above shall be deemed a reference to Partnership. . E Partnership agrees to be bound by the Deed Restriction and obligations set forth in the Regulatory Agreement. 0 3. Release of CBH. Partnership hereby releases CBH from all obligations and duties imposed under the Project Documents. E 4. Payment of Obligations. Partnership agrees that all amounts due from CBH pursuant to the Project Documents shall be paid directly by Partnership. 5. Representations. CBH hereby represents and warrants that it has not previously assigned, pledged, hypothecated or otherwise transferred any of their rights under the Project Documents. N 6. Effective Date. The assignment set forth above shall be effective as of the M� date of this agreement. / d E s 0 as • Page 2of7 Packet Pg.90 t to that certain Ground Lease executed September22, 2005, by N and between CBH and the City,the Partnership shall be responsible for the construction, M1 operation and maintenance of the Improvements and shall have fee title to the Improvements during the term of the Ground Lease, evidenced by that certain d - Memorandum of Lease recorded January 19, 2006 as Document s Number 2006-0041146, Official Records of San Bernardino County. a This document is being retarded a � 4 t- n as an accommodation only OR.—-✓ Page 1 of 7 cago Title Company "t Co 2i F(3 a - 1104, assumes no responsibility for 2;45.1"`rC:z g.. f S `°tom- pY correctness m validity Packet"Pg.,89 REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 4 _3 e State of California } } County of C£`D 1.)r.Y.c lc, } 0 E On 'jar) 206„before me, r� rG1trQ 0 f a Notary Public, personally appeared UC1 Y )(�V 1i ) personally known to me(or proved to me on tile basis of satisfactory evidence)to be.the 0 L. person(s)whose name(s)is/are subscribed to the within instrument and acknowledged c to that he/she/they executed the same in his/her/their authorized capacity(ies), and Q that by his/her/their signature(s)on the instrument the person(s), or the entity upon Co behalf of which the person(s)acted, executed the instrument. t) 0 re ii WITNESS my hand and official seal 3 0 Co• Signature fttex C- G Ck .,, i �= Co nit11onGE.COC 15A15 >,C l (seal) rJCr s220t a Myamf Spires May 0 0 0 C) 3 V) State of California } o County of _ } • Co On Jan -'4 , mop! before met t,{..� ,Etter iltrh�i'?a N Notary Public, personally appeared (�- an ?11 Ve t's�C( 7 r personally known to me(or proved to me on th basis of satisfactory evidence)to be the G person(s)whose name(s)is/are subscribed to the within instrument and acknowledged d to me that he/she/they executed the same in his/her/their authorized capacity(ies), and d that by his/her/their signature(s)on the instrument the person(s), or the entity upon behalf of which the person(s)acted, executed the instrument. a C 0 r WITNESS my hand and official seal. E 3 CoSignaturePODy_ECEC t .. PAGE E.COCHRM1 a cci _',...0_ COmmI3i[on#1582115 seal j _:',.7-__•-.7._,_ _ My Comm.ma:minty_ 009 ay 27,2 a) 0 U) al co 4S C 0 E C.) lC Q Page 5 of 7 Packet`=Pg.93 N 6. Effective Date. The assignment set forth above shall be effective as of the M� date of this agreement. / d E s 0 as • Page 2of7 Packet Pg.90 t to that certain Ground Lease executed September22, 2005, by N and between CBH and the City,the Partnership shall be responsible for the construction, M1 operation and maintenance of the Improvements and shall have fee title to the Improvements during the term of the Ground Lease, evidenced by that certain d - Memorandum of Lease recorded January 19, 2006 as Document s Number 2006-0041146, Official Records of San Bernardino County. a This document is being retarded a � 4 t- n as an accommodation only OR.—-✓ Page 1 of 7 cago Title Company "t Co 2i F(3 a - 1104, assumes no responsibility for 2;45.1"`rC:z g.. f S `°tom- pY correctness m validity Packet"Pg.,89 REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J • • 9 State of California } County of Sin Arrn -diva} d E a, On #». /7f.L, 2006, before me, R 1 c1d , a Notary Public, personally appeared 7homcs Sr-A.1M b personally known to me(or proved to me on the basis of satisfactory evidence)to be the - L person(s)whose name(s)is/are subscribed to the within instrument and acknowledged c to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s)on the instrument the person(s), or the entity upon behalf of which the person(s)acted,executed the instrument. a) Q: WITNESS my hand and official seal. co d Signature _ y a 0 (seal) Ft.iIDD o commission s 1344409 y g"" Notary Public-California y ai z''i"Ff Santa Clara County My Corm.Expires Feb 24,2008 v) State of California } ix) 0 } County of$n „c rdnyo} 0 On » . f , 2006, before me, , a Notary Public, personally appeared %h jva (Jo b personally known to me(or proved to me on the basis of satisfactory evidence)to be the person(s)whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed•the same in his/her/their authorized capacity(ies), and E that by his/her/their signature(s)on the instrument the person(s),or the entity upon d behalf of which the person(s)acted, executed the instrument. 0 WIT SS my hand and official seal. U) U) Signature C w c 0 (seal) .• R.710D ar •' 0::,Z, Commission f 1344409 Q � Notary Public-California i Santa Clara County ch My COMIL apites Fab24,2008 c m E s to Page 6 of 7 Packet Pg._94 al co 4S C 0 E C.) lC Q Page 5 of 7 Packet`=Pg.93 N 6. Effective Date. The assignment set forth above shall be effective as of the M� date of this agreement. / d E s 0 as • Page 2of7 Packet Pg.90 t to that certain Ground Lease executed September22, 2005, by N and between CBH and the City,the Partnership shall be responsible for the construction, M1 operation and maintenance of the Improvements and shall have fee title to the Improvements during the term of the Ground Lease, evidenced by that certain d - Memorandum of Lease recorded January 19, 2006 as Document s Number 2006-0041146, Official Records of San Bernardino County. a This document is being retarded a � 4 t- n as an accommodation only OR.—-✓ Page 1 of 7 cago Title Company "t Co 2i F(3 a - 1104, assumes no responsibility for 2;45.1"`rC:z g.. f S `°tom- pY correctness m validity Packet"Pg.,89 REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J • 3.e 1 , EXHIBIT"A" SITE LEGAL DESCRIPTION d a) r PARCEL A: 0 PARCEL 4 OF PARCEL MAP NO. 766, IN THE COUNTY OF SAN BERNARDINO, STATE OF CALIFORNIA, AS PER PLAT RECORDED IN BOOK °- 7 PAGE 24 OF PARCEL MAPS, RECORDS OF SAID COUNTY. a9 d V! PARCEL B: THE WEST 125 FEET OF LOT 17 MEASURED PARALLEL TO THE WEST LINE OF SAID LOT, OF VISTA GRANDE TRACT, AS PER PLAT RECORDED 0 IN BOOK 17 OF MAPS, PAGE 10, RECORDS OF SAID COUNTY, EXCEPTING THEREFROM THAT PORTION CONVEYED TO THE COUNTY OF SAN N BERNARDINO BY DEED RECORDED JANUARY 23, 1969 IN BOOK 7170 PAGE 26 OF OFFICIAL RECORDS. 2 co to N t O0 O N ti O C d E d 07 0) C 0 r CQ G U, N C C d E C O y N al M a.+ C d E t U f0 • a Page 7 of 7 Packet Pg.95 U) U) Signature C w c 0 (seal) .• R.710D ar •' 0::,Z, Commission f 1344409 Q � Notary Public-California i Santa Clara County ch My COMIL apites Fab24,2008 c m E s to Page 6 of 7 Packet Pg._94 al co 4S C 0 E C.) lC Q Page 5 of 7 Packet`=Pg.93 N 6. Effective Date. The assignment set forth above shall be effective as of the M� date of this agreement. / d E s 0 as • Page 2of7 Packet Pg.90 t to that certain Ground Lease executed September22, 2005, by N and between CBH and the City,the Partnership shall be responsible for the construction, M1 operation and maintenance of the Improvements and shall have fee title to the Improvements during the term of the Ground Lease, evidenced by that certain d - Memorandum of Lease recorded January 19, 2006 as Document s Number 2006-0041146, Official Records of San Bernardino County. a This document is being retarded a � 4 t- n as an accommodation only OR.—-✓ Page 1 of 7 cago Title Company "t Co 2i F(3 a - 1104, assumes no responsibility for 2;45.1"`rC:z g.. f S `°tom- pY correctness m validity Packet"Pg.,89 REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.f FIRST AMENDMENT TO GROUND LEASE (Blue Mountain Senior Villas,Grand Terrace,California) This First Amendment to Ground Lease(this"Amendment"),dated as of August 1,2008,is entered into by and among the CITY OF GRAND TERRACE,a public body 0, corporate and politic(the"City"),the CITY OF GRAND TERRACE COMMUNITY REDEVELOPMENT AGENCY(the"Agency")and 22645 GRAND TERRACE RD.,L.P.,a California limited partnership(the"Lessee"),with respect to the following facts: o U WHEREAS,the City and the Agency entered into Ground Lease dated as of September a 22,2005(the"Lease")with respect to certain real property("Site")with the Corporation for Better Housing(the"Original Lessee"), and pursuant to that certain Assignment and Assumptioncc of Ground Lease dated January 17;2006 executed by and among the City,Agency,the Original Lessee and the Lessee,the Original Lessee assigned all of its right,title and interest under the Lease to Lessee. A Memorandum of Ground Lease relating to the Lease was recorded on January 19,2006,in the Official Record s of San Bernardino County as Instrument No.2206- 0041146; a) WHEREAS,the purpose of the Lease was to facilitate and make possible the development of an affordable,multi-unit senior housing rental project to be known as the Blue Mountain Senior Villas Apartments("Improvements"); CD WHEREAS,the Lease included terms and conditions for the financing,construction,and co operation of the Improvements; 0 T AND WHEREAS,the City/Agency and the Lessee have proposed to each other certain modifications and additions to the Lease would allow it to more perfectly express the current o terms and conditions for the development,construction and operation of the Improvements; O NOW,THEREFORE,the City,the Agency and the Lessee,mutually agree and covenant o to the following amendments and modifications to the Lease: 0 as AGREEMENT 1. Section 1. Changes to 1.1 Definitions o 0 The following definitions in Lease section 1.1 are amended and restated in their entirety to read: "Agency Disbursement Amount"means the total amount of all payments from the Agency to the Lessee as assistance for the development and construction of covenant- -0restricted affordable senior housing. These funds will be disbursed in a form and manner E mutually agreeable to the Agency,the City, the Lessee,the project lenders and investors. "Lease"shall mean the Ground Lease dated as of September 22,2005,as amended by that Assignment and Assumption of Ground Lease dated January 17,2006, and as further amended by that certain First Amendment to Ground Lease dated as of August 1,2008; E 0 "Partners"means the Corporation for Better Housing,as general partner of the Lessee (General Partner); and Alliant Credit Facility, Ltd.,a Florida limited partnership, and First Amendment .a Lease Page 1 Packet Pg.96 struction, M1 operation and maintenance of the Improvements and shall have fee title to the Improvements during the term of the Ground Lease, evidenced by that certain d - Memorandum of Lease recorded January 19, 2006 as Document s Number 2006-0041146, Official Records of San Bernardino County. a This document is being retarded a � 4 t- n as an accommodation only OR.—-✓ Page 1 of 7 cago Title Company "t Co 2i F(3 a - 1104, assumes no responsibility for 2;45.1"`rC:z g.. f S `°tom- pY correctness m validity Packet"Pg.,89 REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.f Alliant Credit Facility ALP,LLC,a Florida limited liability company,and their respective successors, assigns and affiliates,as the limited partners of Lessee (collectively,the"Limited Partners"). The Partners may be changed with the written approval of the City Manager,which may not be unreasonably withheld;provided, E however,the respective interests of the Limited Partners in Lessee shall be transferable to L any affiliate of Alliant Capital,Ltd.,without the consent of the City. The respective a interests of the Limited Partners in Lessee shall be transferable to a non-affiliate of Alliant Capital,Ltd. (other than CitiCorp USA,Inc."CitiCorp"),with the consent of the City,which consent shall not be unreasonably withheld. City hereby acknowledges that 0 the respective interests of the Limited Partners in Lessee may be transferred to CitiCorp, 0. a non-affiliate of Lessee's limited partners,and City hereby consents to the assignment so long as such assignment provides that CitiCorp accepts the limited partnership interest and agrees to be bound by the terms of the Partnership Agreement. Further,City hereby rts agrees and acknowledges that Lynx Realty&Management,LLC is not a partner of 3 Lessee. Any and all references to Lynx Realty&Management,LLC as a partner or "Administrative General Partner"are hereby deleted in their entirety. re The following definition is added to the Lease in Section 1.1: "Partnership Agreement"means that certain Amended and Restated Agreement of Limited Partnership of the Lessee dated as of August 1,2008, as the same may be amended from time to time. 3 2. Section 2-Lease of the Site. 0 The following amendment will be made to Section 2 of the Lease: (7, The existing paragraph,beginning with"City,for and in consideration of the Low o Income Rents..."will be renumbered as section 2.1 Lease of the Site. O oo The following language will be added to Section 2 of the Lease: a) 2.2 Agency Disbursement Amount J At the inception of the Lease,the Agency Disbursement Amount was$8,400,000. On May 11,2006,the City agreed to increase the Agency Disbursement Amount by an additional$448,381 to partially offset an increase in the governmental development fees 0 charged to the Project. 2.3 Amending the Agency Disbursement Amount From time-to-time,the Agency and the Lessee may find it necessary to change the Agency Disbursement Amount to offset increases in the costs of materials or labor for the n Project,or unanticipated fees or other expenses. Any requests for changes to the Agency v� Disbursement Amount must be made in writing by the Lessee to the City Manager or his designee,and be accompanied by documentation and analysis that substantiates the need for the change. The change will be considered approved only subsequent to action by the City Council,acting as the Agency board,that specifically acknowledges the change and authorizes an appropriation of funds. f qst Amendment to Lease ' Page 2 Packet Pg.97 ng the term of the Ground Lease, evidenced by that certain d - Memorandum of Lease recorded January 19, 2006 as Document s Number 2006-0041146, Official Records of San Bernardino County. a This document is being retarded a � 4 t- n as an accommodation only OR.—-✓ Page 1 of 7 cago Title Company "t Co 2i F(3 a - 1104, assumes no responsibility for 2;45.1"`rC:z g.. f S `°tom- pY correctness m validity Packet"Pg.,89 REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.f 2.4 Disbursement of Agency Funds The Lessee may make draws on the Agency's funds,up to a total not to exceed the Agency Disbursement Amount,on a periodic basis during the planning,construction and start-up phases of the Project,so long as those draws are not more frequent than monthly. CD The draws should be presented in a form,and including documentation, consistent with industry practices for the submission of a draw request to a commercial lender. The City and Agency will have ten(10)calendar days to review the draw request and respond with questions or objections,which must be answered by the Lessee within five(5)working o days. In the absence of any questions, the City and Agency will have a total of thirty calendar days to disburse the requested draw funds to the Lessee. Q. .7) 3. Section 3-Commencement Of Lease Term. Section 3 of the Lease is hereby amended re with the following: Commencement of Lease Term. The"Commencement Date"for the.Ground Lease is January 19,2006 re 4. Section 8.3-Ownership at Termination. Section 8.3 of the Lease entitled"Ownership at Termination"will be amended and restated in its entirety with the following: L Upon termination of this Lease,whether by expiration of the Term or otherwise,all y Improvements,fixtures,furnishings and ancillary assets,including the Project's stock in the water company, shall,without compensation to the Lessee,then become the City's in property,as it is at the time of the termination of the Lease. 5. Section 26.7-Notices. Section 26.7 is hereby amended with the following notice to the Limited Partners and certain cure rights of the Limited Partners: o 0 "For all purposes of the Lease,the address of the Limited Partners shall be as o follows: co 0 d o Alliant Capital,Ltd. 340 Royal Poinciana Way,Suite 305 Palm Beach,Florida 33480 Attention: Shawn Horwitz 2 Telephone: (561) 833-5795 0 Telecopy: (561) 833-3694 '5 and 0 c!o Alliant Asset Management,LLC 21600 Oxnard Street, Suite 1200 Woodland Hills, California 91367 Attention: Tony Palaigos,Esq. Telephone: (818)668-6800 Telecopy: (818)668-2828 r 11 Firs;Amendment to Lease • Page 3 Packet Pg.98. e Agency Disbursement Amount to offset increases in the costs of materials or labor for the n Project,or unanticipated fees or other expenses. Any requests for changes to the Agency v� Disbursement Amount must be made in writing by the Lessee to the City Manager or his designee,and be accompanied by documentation and analysis that substantiates the need for the change. The change will be considered approved only subsequent to action by the City Council,acting as the Agency board,that specifically acknowledges the change and authorizes an appropriation of funds. f qst Amendment to Lease ' Page 2 Packet Pg.97 ng the term of the Ground Lease, evidenced by that certain d - Memorandum of Lease recorded January 19, 2006 as Document s Number 2006-0041146, Official Records of San Bernardino County. a This document is being retarded a � 4 t- n as an accommodation only OR.—-✓ Page 1 of 7 cago Title Company "t Co 2i F(3 a - 1104, assumes no responsibility for 2;45.1"`rC:z g.. f S `°tom- pY correctness m validity Packet"Pg.,89 REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J '3 f The Lessee and Limited Partners may change its/their addresses for notice purposes from time to time by written notice delivered to City in accordance with the Lease. Further,the following are the cure rights of the Limited Partners under the Lease. (a) Monetary Default. If a monetary event of default occurs under the terms of the Lease,prior to exercising any remedies thereunder,City shall give Lessee and its Administrative Limited Partner simultaneous written notice of such default. Lessee shall have a period often(10)days after receipt of such notice, or 0 such longer period of time as may be set forth in the Lease,to cure the default prior to exercise of remedies by City under the Lease. a V (b) Non-Monetary Default. If a non-monetary event of default occurs under the terms of the Lease,prior to exercising any remedies thereunder, City shrill give Lessee and its Administrative Limited Partner simultaneous written notice of such default. If the default is reasonably capable of being cured within thirty(30) cc days,Lessee shall have such period to effect a cure prior to exercise of remedies by City under the Lease,or such longer period of time as may be specified in the Lease. If the default is such that it is not reasonably capable of being cured within thirty(30)days(or such longer period if so specified),and if Lessee(a)initiates o corrective action within said period, and(b)diligently,continually,and in good faith works to effect a cure as soon as possible,then Lessee shall have such additional time as is reasonably necessary to cure the default prior to the exercise N of any remedies by City." 6. Substitution of New Exhibits The Lessee has submitted,and the Agency and the City agree to accept as substitutions,new N Exhibit D—Schedule of Performance AMENDED and Exhibit E—Scope of Development o AMENDED. These documents are incorporated into this First Amendment as Attachment 1 and o Attachment 2,respectively. d 7. Certifications of City,Agency and Lessee. City,Lessee and the Agency do hereby acknowledge and agree that concurrently with the execution of this Amendment,certain lenders and financing partners of Lessee,including,but not limited to the Limited Partners,California 2 Statewide Communities Development Authority, a joint exercise of powers agency duly organized and validly existing under the laws of the State of California(referred to herein as "Issuer")and Citicorp North America,Inc.,a Delaware corporation("Citibank")are making significant financial investments(in the form of an equity investment with respect to the Limited Partners,,and the extension of credit with respect to the Issuer and Citibank)in reliance upon the modifications to the Lease as set forth in this Amendment. Further,the City,Agency and Lessee hereby represent,warrant and certify to the Limited Partners,the Issuer and Citibank,and their �I respective successors and assigns,as follows: First Amendment to Lease ' Psge a Packet Pg.99 oard,that specifically acknowledges the change and authorizes an appropriation of funds. f qst Amendment to Lease ' Page 2 Packet Pg.97 ng the term of the Ground Lease, evidenced by that certain d - Memorandum of Lease recorded January 19, 2006 as Document s Number 2006-0041146, Official Records of San Bernardino County. a This document is being retarded a � 4 t- n as an accommodation only OR.—-✓ Page 1 of 7 cago Title Company "t Co 2i F(3 a - 1104, assumes no responsibility for 2;45.1"`rC:z g.. f S `°tom- pY correctness m validity Packet"Pg.,89 REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3:f .• (a) The Ground Lease is in full force and effect and City has not transferred its interests in the Ground Lease or agreed to do so. (b) A true and complete copy of the Ground Lease,together with all amendments, supplements and other modifications thereto(oral or written)is attached as Exhibit A to L an unrecorded original of this Agreement a r (c) The Ground Lease is the only agreement among.the City,Agency and Lessee with L respect to the lease or occupancy of the Property. c (d) There are no existing uncured defaults by Lessee under the Ground Lease,nor has a. any event occurred which,with the passage of time or the giving of notice or both,would constitute such a default. re (e) No circumstance presently exists,and no event has occurred,that would prevent 35 the Ground Lease from becoming effective or would entitle City to terminate the Ground Lease. �► (f) City consents to the admission of the Limited Partners as the new limited partners 0 of the Lessee. L 8 (g) City has reviewed and approved the Partnership Agreement of Lessee. 8. Entire Amendment;Miscellaneous. • o This Amendment,along with the substitution of revised Exhibits D and E,incorporated by co reference herein,sets forth all the changes to the understandings between the parties with respect to the terms and conditions of the Lease,and shall be effective only after its approval by the City Council acting as the board of the Agency,and execution in triplicate by the parties. This co Amendment shall bind,and shall inure to the benefit of,the successors and assigns of the parties. a This document may be executed in counterparts with the same force and effect as if the parties had executed one instrument,and each such counterpart shall constitute an original of the Ground Lease. This Amendment shall be governed by the laws of the State of California. 3 0 L 0 r [Remainder of page intentionally left blank] E d E U) �. C E a ca First Amendment to Lease • face 5 Packet Pg. 100 icant financial investments(in the form of an equity investment with respect to the Limited Partners,,and the extension of credit with respect to the Issuer and Citibank)in reliance upon the modifications to the Lease as set forth in this Amendment. Further,the City,Agency and Lessee hereby represent,warrant and certify to the Limited Partners,the Issuer and Citibank,and their �I respective successors and assigns,as follows: First Amendment to Lease ' Psge a Packet Pg.99 oard,that specifically acknowledges the change and authorizes an appropriation of funds. f qst Amendment to Lease ' Page 2 Packet Pg.97 ng the term of the Ground Lease, evidenced by that certain d - Memorandum of Lease recorded January 19, 2006 as Document s Number 2006-0041146, Official Records of San Bernardino County. a This document is being retarded a � 4 t- n as an accommodation only OR.—-✓ Page 1 of 7 cago Title Company "t Co 2i F(3 a - 1104, assumes no responsibility for 2;45.1"`rC:z g.. f S `°tom- pY correctness m validity Packet"Pg.,89 REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 3.f IN WITNESS WHEREOF,the parties indicate their agreement and hereto have caused.this Amendment to be executed by their lawfully authorized officers. d L C) CITY/AGENCY: L THE CITY OF GRAND TERRACE,a o public body corporate and politic, on behalf of itself and the CITY OF GRAND TERRACE COMMUNITYre REDEVELOPMENT AGENCY N d BY: A►7AI% Name: o_ s 4-Qnt`4 ; Title: .r ,a, `o h ATTEST: ' IX LESSEE: co 22645 GRAND TERRACE RD.,L.P., a Calif° ' ited p ership By: Name: TALI° 5-Cc. 14 ti e. Title: E C C) E r U) �r i 4- C C) E V {B W Q First Amendment to Lease * Pace 3 Packet Pg.101 ised Exhibits D and E,incorporated by co reference herein,sets forth all the changes to the understandings between the parties with respect to the terms and conditions of the Lease,and shall be effective only after its approval by the City Council acting as the board of the Agency,and execution in triplicate by the parties. This co Amendment shall bind,and shall inure to the benefit of,the successors and assigns of the parties. a This document may be executed in counterparts with the same force and effect as if the parties had executed one instrument,and each such counterpart shall constitute an original of the Ground Lease. This Amendment shall be governed by the laws of the State of California. 3 0 L 0 r [Remainder of page intentionally left blank] E d E U) �. C E a ca First Amendment to Lease • face 5 Packet Pg. 100 icant financial investments(in the form of an equity investment with respect to the Limited Partners,,and the extension of credit with respect to the Issuer and Citibank)in reliance upon the modifications to the Lease as set forth in this Amendment. Further,the City,Agency and Lessee hereby represent,warrant and certify to the Limited Partners,the Issuer and Citibank,and their �I respective successors and assigns,as follows: First Amendment to Lease ' Psge a Packet Pg.99 oard,that specifically acknowledges the change and authorizes an appropriation of funds. f qst Amendment to Lease ' Page 2 Packet Pg.97 ng the term of the Ground Lease, evidenced by that certain d - Memorandum of Lease recorded January 19, 2006 as Document s Number 2006-0041146, Official Records of San Bernardino County. a This document is being retarded a � 4 t- n as an accommodation only OR.—-✓ Page 1 of 7 cago Title Company "t Co 2i F(3 a - 1104, assumes no responsibility for 2;45.1"`rC:z g.. f S `°tom- pY correctness m validity Packet"Pg.,89 REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J • 3.f EXHIBIT A r C) E C d a) COPY OF GROUND LEASE AND L ALL PREVIOUS AMENDMENTS ATTACHED HERETO o CU w w Q. C) 0 d cc m fA G1 re N > C)+ C d L O • Vl VJ C) V O O N O O O N O O O d) y R d J -a C O ,L^ V O r Y C d E C d E W y 4- C d E s ca First Amendment to Leese • Page? Packet Pg. 102 gns of the parties. a This document may be executed in counterparts with the same force and effect as if the parties had executed one instrument,and each such counterpart shall constitute an original of the Ground Lease. This Amendment shall be governed by the laws of the State of California. 3 0 L 0 r [Remainder of page intentionally left blank] E d E U) �. C E a ca First Amendment to Lease • face 5 Packet Pg. 100 icant financial investments(in the form of an equity investment with respect to the Limited Partners,,and the extension of credit with respect to the Issuer and Citibank)in reliance upon the modifications to the Lease as set forth in this Amendment. Further,the City,Agency and Lessee hereby represent,warrant and certify to the Limited Partners,the Issuer and Citibank,and their �I respective successors and assigns,as follows: First Amendment to Lease ' Psge a Packet Pg.99 oard,that specifically acknowledges the change and authorizes an appropriation of funds. f qst Amendment to Lease ' Page 2 Packet Pg.97 ng the term of the Ground Lease, evidenced by that certain d - Memorandum of Lease recorded January 19, 2006 as Document s Number 2006-0041146, Official Records of San Bernardino County. a This document is being retarded a � 4 t- n as an accommodation only OR.—-✓ Page 1 of 7 cago Title Company "t Co 2i F(3 a - 1104, assumes no responsibility for 2;45.1"`rC:z g.. f S `°tom- pY correctness m validity Packet"Pg.,89 REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 4 l t4 � 3 j q-prox AGENDA REPORT MEETING DATE: January 18, 2017 Successor Agency Item TITLE: Approval of Successor Agency's Recognized Obligation Payment Schedule (ROPS) 17-18 in the Amount of $2,925,556 PRESENTED BY: Cynthia Fortune, Finance Director RECOMMENDATION: 1. Adopt the Successor Agency's Recognized Obligation Payment Schedule (ROPS) 17-18 in the amount of $2,925,556. 2. ADOPT RESOLUTION NO. 2017-XX, A RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCESSOR AGENCY TO COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE APPROVING THE SUCCESSOR AGENCY'S RECOGNIZED OBLIGATION PAYMENT SCHEDULE COVERING THE PERIOD JULY 1, • 2017 TO JUNE 30, 2018 (ROPS 17-18) AS REQUIRED BY HEALTH AND SAFETY CODE SECTION 34177. 2030 VISION STATEMENT: This staff report supports City Council Goal #1, "Ensuring Our Fiscal Viability" through the continuous monitoring of revenue receipts and expenditure disbursements against approved budget appropriations. BACKGROUND: Redevelopment dissolution and wind-down legislation (ABx1 26 and AB 1484) required successor agencies to submit a Recognized Obligation Payment Schedule (ROPS) covering each six-month period, following(review and approval of the ROPS by their respective Oversight Boards. The Agency has submitted 6-month ROPS requests to the California Department of Finance (DOF) since February 1, 2012. Effective January 1, 2016, ROPS schedules will be submitted on an annual basis covering the upcoming fiscal year from July 1st to June 30th. The annual ROPS will be due to the DOF on February 1st of each year. The next ROPS, ROPS 2017-18 is due to the DOF on February 1, 2017, and covers the reporting period July 1, 2017 — June 30, 2018. The attached detailed ROPS includes two (2) 6-month periods: 1. ROPS 17-18A—July 1, 2017 — December 31, 2017; and 2. ROPS 17-18B —January 1, 2018 —June 30, 2018. Packet Pg. 103 0 L 0 r [Remainder of page intentionally left blank] E d E U) �. C E a ca First Amendment to Lease • face 5 Packet Pg. 100 icant financial investments(in the form of an equity investment with respect to the Limited Partners,,and the extension of credit with respect to the Issuer and Citibank)in reliance upon the modifications to the Lease as set forth in this Amendment. Further,the City,Agency and Lessee hereby represent,warrant and certify to the Limited Partners,the Issuer and Citibank,and their �I respective successors and assigns,as follows: First Amendment to Lease ' Psge a Packet Pg.99 oard,that specifically acknowledges the change and authorizes an appropriation of funds. f qst Amendment to Lease ' Page 2 Packet Pg.97 ng the term of the Ground Lease, evidenced by that certain d - Memorandum of Lease recorded January 19, 2006 as Document s Number 2006-0041146, Official Records of San Bernardino County. a This document is being retarded a � 4 t- n as an accommodation only OR.—-✓ Page 1 of 7 cago Title Company "t Co 2i F(3 a - 1104, assumes no responsibility for 2;45.1"`rC:z g.. f S `°tom- pY correctness m validity Packet"Pg.,89 REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 4 • DISCUSSION: The primary purpose of each ROPS is to identify enforceable obligations to be paid from former property tax increment receipts, which are held by the County Auditor-Controller in the Redevelopment Property Tax Trust Fund (RPTTF). Since the dissolution of redevelopment agencies, property tax increment is distributed to agencies subject to available funds and an approved ROPS. Any line items reported on the ROPS that are denied by the DOF will not receive property tax distribution. As shown on the ROPS 17-18 summary, Enforceable Obligations totaling $2,925,556 are reported for each six-month period as follows: ROPS ROPS Description TOTAL 17-18A 17-18B Administrative Allowance 125,000 125,000 250,000 Non-administrative RPTTF: • Bond Principal & Interest-2011A 717,723 391,723 1,109,446 • Bond Principal & Interest-2011 B 474,460 153,455 627,915 • Trustee Fees & Bond compliance 3,000 0 3,000 reporting requirements • San Bernardino Valley Municipal I 0 , 236,000 236,000 Water District (SBCMWD) Debt Service Agreement Payment j I • Property Appraisal Services j 15,000 15,000 I 30,000 • Prof. Svcs—Weed Abatement i 790 790 1,580 • Residual Receipts I 0 300,000 300,000 • Property Tax Consulting Svcs ; 10,000 10,000 20,000 • Annual Audit & Reporting Svcs i 4,300 4,300 8,600 • Supplemental Education 0 50,000 50,000 Revenue Augmentation Fund (SERAF) Loan Bond Proceeds • Southwest Project Area 289,015 0 289,015 Infrastructure Study& Design TOTAL ROPS 17-18 $1,639,288 $1.286,268 $2,925,556 Upon approval of the ROPS17-18 obligation schedule by the Oversight Board, the ROPS17-18 will be submitted to the Department of Finance for their approval by the February 1st deadline date. Packet Pg. 104 anuary 1, 2018 —June 30, 2018. Packet Pg. 103 0 L 0 r [Remainder of page intentionally left blank] E d E U) �. C E a ca First Amendment to Lease • face 5 Packet Pg. 100 icant financial investments(in the form of an equity investment with respect to the Limited Partners,,and the extension of credit with respect to the Issuer and Citibank)in reliance upon the modifications to the Lease as set forth in this Amendment. Further,the City,Agency and Lessee hereby represent,warrant and certify to the Limited Partners,the Issuer and Citibank,and their �I respective successors and assigns,as follows: First Amendment to Lease ' Psge a Packet Pg.99 oard,that specifically acknowledges the change and authorizes an appropriation of funds. f qst Amendment to Lease ' Page 2 Packet Pg.97 ng the term of the Ground Lease, evidenced by that certain d - Memorandum of Lease recorded January 19, 2006 as Document s Number 2006-0041146, Official Records of San Bernardino County. a This document is being retarded a � 4 t- n as an accommodation only OR.—-✓ Page 1 of 7 cago Title Company "t Co 2i F(3 a - 1104, assumes no responsibility for 2;45.1"`rC:z g.. f S `°tom- pY correctness m validity Packet"Pg.,89 REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 4 FISCAL IMPACT: Of the total amount of $2,925,556, it is estimated that sufficient redevelopment property tax funding will be available from the RPTTF to pay for Enforceable Obligations reported on the ROPS 17-18 totaling $2,636,541. The remaining $289,015 will be spent from the 2011A bond proceeds upon receipt of approval from the Department of Finance. Estimated Reserves, June 30, 2017: Description Amount Bond Proceeds (including bond covenant requirement) 19,639,913 Interest Earned (may be used for future ROPS obligations) 50,216 Excess amounts from prior RPTTF ROPS distributions that may be 113,288 j used for future ROPS obligations TOTAL $19.803.417 ATTACHMENTS: • Resolution Approving ROPS 17-18 (DOC) • • Grand Terrace_ROPS_17-18 (PDF) APPROVALS: Cynthia A. Fortune Completed 01/06/2017 6:26 PM Finance Completed 01/06/2017 6:26 PM City Attorney Completed • 01/09/2017 4:06 PM City Manager Completed 01/11/2017 11:26 AM Oversight Board Pending 01/18/2017 4:00 PM Packet Pg.105 Service Agreement Payment j I • Property Appraisal Services j 15,000 15,000 I 30,000 • Prof. Svcs—Weed Abatement i 790 790 1,580 • Residual Receipts I 0 300,000 300,000 • Property Tax Consulting Svcs ; 10,000 10,000 20,000 • Annual Audit & Reporting Svcs i 4,300 4,300 8,600 • Supplemental Education 0 50,000 50,000 Revenue Augmentation Fund (SERAF) Loan Bond Proceeds • Southwest Project Area 289,015 0 289,015 Infrastructure Study& Design TOTAL ROPS 17-18 $1,639,288 $1.286,268 $2,925,556 Upon approval of the ROPS17-18 obligation schedule by the Oversight Board, the ROPS17-18 will be submitted to the Department of Finance for their approval by the February 1st deadline date. Packet Pg. 104 anuary 1, 2018 —June 30, 2018. Packet Pg. 103 0 L 0 r [Remainder of page intentionally left blank] E d E U) �. C E a ca First Amendment to Lease • face 5 Packet Pg. 100 icant financial investments(in the form of an equity investment with respect to the Limited Partners,,and the extension of credit with respect to the Issuer and Citibank)in reliance upon the modifications to the Lease as set forth in this Amendment. Further,the City,Agency and Lessee hereby represent,warrant and certify to the Limited Partners,the Issuer and Citibank,and their �I respective successors and assigns,as follows: First Amendment to Lease ' Psge a Packet Pg.99 oard,that specifically acknowledges the change and authorizes an appropriation of funds. f qst Amendment to Lease ' Page 2 Packet Pg.97 ng the term of the Ground Lease, evidenced by that certain d - Memorandum of Lease recorded January 19, 2006 as Document s Number 2006-0041146, Official Records of San Bernardino County. a This document is being retarded a � 4 t- n as an accommodation only OR.—-✓ Page 1 of 7 cago Title Company "t Co 2i F(3 a - 1104, assumes no responsibility for 2;45.1"`rC:z g.. f S `°tom- pY correctness m validity Packet"Pg.,89 REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J ' 4,a RESOLUTION NO. 2017- A RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCESSOR AGENCY TO COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE APPROVING A LOW AND MODERATE o INCOME SENIOR HOUSING RESIDUAL RECEIPTS SECURITY re AGREEMENT AS AN ENFORCEABLE OBLIGATION d 0 N WHEREAS, the City of Grand Terrace ("City") entered into a Ground Lease, dated September 22, 2005, a Regulatory Agreement, dated October 27, 2005, an Assignment and Assumption Agreement dated January 17, 2006, and a First a Amendment to the Ground Lease, dated August 1, 2008, with the former Community Redevelopment Agency of the City of Grand Terrace ("Agency") and the Corporation for Better Housing a non-profit affordable development corporation ("Corporation") for the development of a senior housing development; and o WHEREAS., the Agency also entered into a Low and Moderate Income Senior Housing Residual Receipts Security Agreement ("Security Agreement") with the City on o February 24, 2009; and ce WHEREAS, the City and Agency entered into these agreements to effectuate the Redevelopment Plan and Housing Element; and c WHEREAS, under this set of agreements the City leased land to Corporation in consideration of one dollar ($1.00) annual rent and receipt of residual receipt payments; and 0 U) WHEREAS, the Security Agreement the Agency agreed to secure to the City the o amounts owed to City so that low and moderate income housing could continue to be provided by Corporation in the Redevelopment Project Area and redevelopment goals cold be met; and co WHEREAS, without the Security Agreement, the provision of low and moderate o income housing is jeopardized in addition to affecting third party rights. WHEREAS, AB x1 26 required the dissolution of all redevelopment agencies in a the state; and 0 WHEREAS, on January 10, 2012, the City adopted Resolution 2012-01 electing c • to serve as the Successor Agency to the Grand Terrace Community Redevelopment Agency ("Successor Agency") pursuant to HSC Section 34176; and WHEREAS, the Oversight Board for the Successor Agency to the Community Redevelopment Agency ("Oversight Board") finds that the Security Agreement is part of Packet Pg. 106 se • face 5 Packet Pg. 100 icant financial investments(in the form of an equity investment with respect to the Limited Partners,,and the extension of credit with respect to the Issuer and Citibank)in reliance upon the modifications to the Lease as set forth in this Amendment. Further,the City,Agency and Lessee hereby represent,warrant and certify to the Limited Partners,the Issuer and Citibank,and their �I respective successors and assigns,as follows: First Amendment to Lease ' Psge a Packet Pg.99 oard,that specifically acknowledges the change and authorizes an appropriation of funds. f qst Amendment to Lease ' Page 2 Packet Pg.97 ng the term of the Ground Lease, evidenced by that certain d - Memorandum of Lease recorded January 19, 2006 as Document s Number 2006-0041146, Official Records of San Bernardino County. a This document is being retarded a � 4 t- n as an accommodation only OR.—-✓ Page 1 of 7 cago Title Company "t Co 2i F(3 a - 1104, assumes no responsibility for 2;45.1"`rC:z g.. f S `°tom- pY correctness m validity Packet"Pg.,89 REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 4.a a set of agreements for the provision of housing, was properly authorized in compliance with Community Redevelopment Law, and serves a legitimate redevelopment purposes; and WHEREAS, the Oversight Board finds that the Security Agreement is an 0 enforceable obligation and annual payments of $300,000 should be repaid to the City, subject to approval by the Oversight Board and the Department of Finance; and d WHEREAS, the Department of Finance, on their Determination Letter dated October 19, 2012, stated that the agreements between the City and former Redevelopment Agency may take effect after a Finding of Completion is issued and that the Oversight Board makes a finding that the amount was for legitimate redevelopment a purposes; 0 _ r WHEREAS, the Successor Agency received its Finding of Completion from the • Department of Finance on May 9, 2013; and WHEREAS, on January 10, 2017, the annual $300,000 Residual Receipt 14 repayment to the City was reviewed and approved by the Successor Agency; and c WHEREAS, the Oversight Board has met on January 18, 2017 and duly N considered the annual $300,000 Residual Receipt repayment to the City. NOW THEREFORE, THE OVERSIGHT BOARD FOR THE SUCESSOR AGENCY TO COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE DOES RESOLVE, DETERMINE, FIND AND ORDER AS FOLLOWS: cn SECTION 1. The Oversight Board finds that the above recitations are true and o correct and, accordingly, are incorporated as a material part of this Resolution. SECTION 2. The Oversight Board finds that the annual $300,000 Residual ti Receipt Repayment is true and correct and, accordingly, is hereby considered an enforceable obligation. o SECTION 3. Pursuant to HSC Section 34177, the Low and Moderate Income Senior Housing Residual Receipts Security Agreement, incorporated herein as o Attachment A, is hereby approved as an enforceable obligation in substantially the a same form as shown in Attachment A by the Oversight Board. 0 SECTION 4. The Executive Director is hereby directed to take all necessary and appropriate acts to submit the Low and Moderate Income Senior Housing Residualce Receipts Security Agreement to the California Department of Finance, State Controller's r Office, San Bernardino County Auditor-Controller, and any other agency by February 1, 2017. The Executive Director is further authorized to perform all acts necessary and appropriate which may be required by the California Health & Safety Code. This r a Packet-Pg. 107 ency and Lessee hereby represent,warrant and certify to the Limited Partners,the Issuer and Citibank,and their �I respective successors and assigns,as follows: First Amendment to Lease ' Psge a Packet Pg.99 oard,that specifically acknowledges the change and authorizes an appropriation of funds. f qst Amendment to Lease ' Page 2 Packet Pg.97 ng the term of the Ground Lease, evidenced by that certain d - Memorandum of Lease recorded January 19, 2006 as Document s Number 2006-0041146, Official Records of San Bernardino County. a This document is being retarded a � 4 t- n as an accommodation only OR.—-✓ Page 1 of 7 cago Title Company "t Co 2i F(3 a - 1104, assumes no responsibility for 2;45.1"`rC:z g.. f S `°tom- pY correctness m validity Packet"Pg.,89 REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 4.a includes, but is not limited to the requirements set forth by the California Department of rxr Finance, the San Bernardino County Auditor-Controller, or any other applicable agency. ti SECTION 5. The Oversight Board Secretary shall certify to the adoption of this Resolution. PASSED APPROVED AND ADOPTED this 18th day of January, 2017 by the following -a vote: AYES: NOES: a. 0 ABSENT: 0 ABSTAIN: 0 N C G) 0 Darcy McNaboe 0 Oversight Board Chair _co ATTEST: C) Q 0 (i) N d Pat Jacques-Nares Oversight Board Secretary �!? M N co F- U) a. 0 re a) C 0 L 0. 0. C 0 r 0 N G) r C d E 0 Packet Pg. 108 al part of this Resolution. SECTION 2. The Oversight Board finds that the annual $300,000 Residual ti Receipt Repayment is true and correct and, accordingly, is hereby considered an enforceable obligation. o SECTION 3. Pursuant to HSC Section 34177, the Low and Moderate Income Senior Housing Residual Receipts Security Agreement, incorporated herein as o Attachment A, is hereby approved as an enforceable obligation in substantially the a same form as shown in Attachment A by the Oversight Board. 0 SECTION 4. The Executive Director is hereby directed to take all necessary and appropriate acts to submit the Low and Moderate Income Senior Housing Residualce Receipts Security Agreement to the California Department of Finance, State Controller's r Office, San Bernardino County Auditor-Controller, and any other agency by February 1, 2017. The Executive Director is further authorized to perform all acts necessary and appropriate which may be required by the California Health & Safety Code. This r a Packet-Pg. 107 ency and Lessee hereby represent,warrant and certify to the Limited Partners,the Issuer and Citibank,and their �I respective successors and assigns,as follows: First Amendment to Lease ' Psge a Packet Pg.99 oard,that specifically acknowledges the change and authorizes an appropriation of funds. f qst Amendment to Lease ' Page 2 Packet Pg.97 ng the term of the Ground Lease, evidenced by that certain d - Memorandum of Lease recorded January 19, 2006 as Document s Number 2006-0041146, Official Records of San Bernardino County. a This document is being retarded a � 4 t- n as an accommodation only OR.—-✓ Page 1 of 7 cago Title Company "t Co 2i F(3 a - 1104, assumes no responsibility for 2;45.1"`rC:z g.. f S `°tom- pY correctness m validity Packet"Pg.,89 REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 4.a ti a 0 a) C) N E cc Attachment A a. 0 r as 0) 0 0 N C SUCESSOR AGENCY TO THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF GRAND TERRACE y Low and Moderate Income Senior Housing Residual Receipts Security Agreement 0i 0 a) t) C1 � 3 N M O N co ti 0 a) C .5 0 0. 0. C 0 r 0 N w+ C 0 E V Packet Pg. 109 C 0 r 0 N G) r C d E 0 Packet Pg. 108 al part of this Resolution. SECTION 2. The Oversight Board finds that the annual $300,000 Residual ti Receipt Repayment is true and correct and, accordingly, is hereby considered an enforceable obligation. o SECTION 3. Pursuant to HSC Section 34177, the Low and Moderate Income Senior Housing Residual Receipts Security Agreement, incorporated herein as o Attachment A, is hereby approved as an enforceable obligation in substantially the a same form as shown in Attachment A by the Oversight Board. 0 SECTION 4. The Executive Director is hereby directed to take all necessary and appropriate acts to submit the Low and Moderate Income Senior Housing Residualce Receipts Security Agreement to the California Department of Finance, State Controller's r Office, San Bernardino County Auditor-Controller, and any other agency by February 1, 2017. The Executive Director is further authorized to perform all acts necessary and appropriate which may be required by the California Health & Safety Code. This r a Packet-Pg. 107 ency and Lessee hereby represent,warrant and certify to the Limited Partners,the Issuer and Citibank,and their �I respective successors and assigns,as follows: First Amendment to Lease ' Psge a Packet Pg.99 oard,that specifically acknowledges the change and authorizes an appropriation of funds. f qst Amendment to Lease ' Page 2 Packet Pg.97 ng the term of the Ground Lease, evidenced by that certain d - Memorandum of Lease recorded January 19, 2006 as Document s Number 2006-0041146, Official Records of San Bernardino County. a This document is being retarded a � 4 t- n as an accommodation only OR.—-✓ Page 1 of 7 cago Title Company "t Co 2i F(3 a - 1104, assumes no responsibility for 2;45.1"`rC:z g.. f S `°tom- pY correctness m validity Packet"Pg.,89 REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J 4.b, Recognized Obligation Payment Schedule(ROPS 17-18)-Summary Filed for the July 1,2017 through June 30,2018 Period Successor Agency: Grand Terrace County: San Bernardino o. O a� 17-18A Total 17-18B Total Current Period Requested Funding for Enforceable Obligations(ROPS Detail) (July-December) (January-June) ROPS 17-18 Total Dc - V7 A Enforceable Obligations Funded as Follows(B+C+D): $ ,. , 289,015 $'. $ .. . . 289,015 B Bond Proceeds 289,015 - 289,015- C Reserve Balance - - - o. 0 D Other Funds - - m co E Redevelopment Property Tax Trust Fund(RPTTF)(F+G): $' :1,350,273 $ 1,286,268 :$ :2,636,541 F RPTTF 1,225,273 .1,161;268 `2,386,541 -o N_ G Administrative RPTTF 125,090 125,000 250,000 co H Current Period Enforceable Obligations(A+E): $ 1,639,288 :$: 1,286,268 $ 2,925,556 CA O N Certification of Oversight Board Chairman: aa, Pursuant to Section 34177(o)of the Health and Safety code,I hereby certify that the above is a true and accurate Recognized Obligation Name Title y Payment Schedule for the above named successor agency. /s/ Signature Date co v) a 0 5I U a 61 C a7 C al E r U a7 :PacketP,g.'110 0 SECTION 4. The Executive Director is hereby directed to take all necessary and appropriate acts to submit the Low and Moderate Income Senior Housing Residualce Receipts Security Agreement to the California Department of Finance, State Controller's r Office, San Bernardino County Auditor-Controller, and any other agency by February 1, 2017. The Executive Director is further authorized to perform all acts necessary and appropriate which may be required by the California Health & Safety Code. This r a Packet-Pg. 107 ency and Lessee hereby represent,warrant and certify to the Limited Partners,the Issuer and Citibank,and their �I respective successors and assigns,as follows: First Amendment to Lease ' Psge a Packet Pg.99 oard,that specifically acknowledges the change and authorizes an appropriation of funds. f qst Amendment to Lease ' Page 2 Packet Pg.97 ng the term of the Ground Lease, evidenced by that certain d - Memorandum of Lease recorded January 19, 2006 as Document s Number 2006-0041146, Official Records of San Bernardino County. a This document is being retarded a � 4 t- n as an accommodation only OR.—-✓ Page 1 of 7 cago Title Company "t Co 2i F(3 a - 1104, assumes no responsibility for 2;45.1"`rC:z g.. f S `°tom- pY correctness m validity Packet"Pg.,89 REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J Grand Terrace Recognized Obligation Payment Schedule(ROPS 17.181-ROPS Detail July 1,2017 through June 30.2018 (Report Amounts In Whole Dollars) 03 R B C D E F 0 X 1 J N L M N 0 P 0 R S T 0 V W N. ,,. 17-18A(July-December) ... - . :'17.18B(January-June) .. in- Fund Sources Fund Sources n. Conhac7Pgreemeo Cwtlwx0Agreemem TOW 0wslantlog RO PS 17-16 17-164 17-168 0 Item Prop.Nam di0m e/De010wn ONw M Termination 30 ahon Type Enewn Date Te �ation0 Payee 0escrlpp4NPro/M Scope Project Area Debt or0Eh5aten Retired Total M.P./weeds Reserve Balance Otlnr Funds RPfTF Admn PPTWF Total Bond Rweeds Reserve Manse nd Other Fns RPITF nRPTIF Total S 36067 241 • S 2 925 556$ 289015 $ $ . 8 25273 $ 125 Om $ 1,639288 $ ' _ . S. + -: " ' =- 5. .11612. $ 125 MO S •1 286 Cl 32011 A Tax Plbra4on Band Bards kneed After 12/31/10 1/12011 9/12033 US Bank Band Runde end Interest on RDA 22 703 703 N E 1 109446 717 723 5 717 723 391723 22011 BM AlbWmn Bond Bands Issued Alter lMMO 1/12011 9/19026 US Band Bond r 1 8*040 Principle and Interest en RDA 5,939.300 N S 627E15 474,460 S 474460 153.455 s , 1!; 'O Bonds 3 TruPee Fees Fees 1/12011 9/12033 US Bank Trustee Fees 85750 N E , 3093 3000 3 3000 ,,:,,4 hv9"0.oan 8 '*�•.�=% QtyK'L:✓Lawi's"Otttr."s,fi/.Tix'i:>"«"•:4i1/I&'6"r 2.-:?satfi/A tAUur,3i P.aft1�;<"9r,vmcAa/lmu,yLtG2A{hbt"?,•:a„<.,-,;,,,>,.-, _,."„ » .I/152.'.,.m, 00 - ✓ c ., zi ., v.a S Repayment of OeM Semce Miscellaneous t262m2 1282021 SBVaOey Muro Water Repaymentby.810 ATOldeM service 933752 N E' 236,000 rE - 236OW $'',w'231 (n tl5720 W-SRC 00/ r "..:•7C>omSditrW10Nc.:s`<vb3 'cTa-z Roleswor15-,.S"✓'"Ys 71i!/-410,'•::,q„i tYtf201P`:a?s✓Y Pools f812710nerxes't.:0007RSS'GN4bWnatt SMexf..^'s=•T'tia.^-s,.r 4".,,•,.,""307`.:72 '.:=,,.1, --.-,--.-,,,.-,s,,1.. ",.,.:;n-r,.+.z,-.:1:,..,y ..„,,,.;,�150 ::}�:-.•,�.:i--, +,.„,.,«...,,:;z,,-.e:..." _ ( E . PHW455w+015un sax..'""- '-.Prcre;?`ai:0561ntes - 2:i1?610-_'' oYJ02034' " RO/Cxronal AVMs sa/`s� Rope.PpWa%1$4ro<i5"` _..,, -,. . ._•30000"__N_ .. 30� _ .....,.. ,, .._-_,- ......- t5000 -_. .- ,.._ tl53p1•._ ., _...-. _. ,.,. _ st�15000`" "fLt� 9 P,oless On2l Services Properly Maintenance 4/122011 6002016 Cal Dreamscape Weed abetemerefw Agency owned 3.950 N S 1580 790 S 790 790 „5 a Lrdscape/R.e1Uda Ropedy8 water A wNaMwmen _ _ D- 10 Professional Services Rotessionel Services 2/1.12 60N1034 Urban Futures EEC.Rule 1.2-12 Compliance 46,750 N E - 3 - 5 c Requirement-Bonds 171,262 A9er 04*ir02,o7 415"0,' ^*'R,pp?..?y00V700041y'. x,k0tYJia2^-f,'" °`V0n6SS80tt35N82'« -7::,.,Pr.., 5 9,.,..1,�A107-"." '• -.».,- _ +.m«,-._ ,.,,-n +r :'y, -,..«- --..»s* .. ,.. ,.»123320Yy4• ... ._000 _..;u-.-ram ..., � . OSR. Cov ... , - „ 0 'jp 142011ATN650eN Service Reserve R 112011 OS,Bond Covenant Repor.. S " - S -. 15 Proles.As 04/es-RO Reserve Reserves 12 1/12026 USBaNr CSR-Ba.RepoMRe9wew Fl N S 5 S t d 15 PrdesziorW ServwesRDA wvd O,ss0lupon Audib 9/t2012 121201] Rogers Anderson Melody Due Dligerwe Repwin,g,Renew 1185 Y $ - 5 - 'S ^._� � down 34179 5 ifi 2SP 07/ l mn,Rvq Admn Costs 10/12011 6002034 Jones a Mayen • Le.9010 Course!urde7 2/. /0 773101 Y $ S S 9 �'S,r.e011 4TAB5 Pt(al s€r.; 3/'�lGUt 'V:d;31,le+x„X/15 ev=.Ya;�,vDrveffi,SMsat_,�.= �Man4NrslFai�rMpRa_16,0m4'a,.gn'1: "�.._e-e+-p'+z.N'-r?.».x---- .. - .. , - - 7,......,,-,-", "r .";.t;az.. ;.,.,r». a` ;'.::.« _ :andauWico , .. ., . N s- 162011A''''''wdROFaZ ' YSWrwI5"g-IkSi 1711Ni1 ,-,.?...sn2W3a'^t-' T,E1, 1 -^Sa's.;:`,'47-essawvala a rcrsslnwcna:„_. - arWv'7,"--",. 21'9,Js 77 7 77!,•'''''',7'.;e,;--T - T.-7-7 s9.n1s7„r:R" -'"""- - _ _'t,."" !--7-,--. -.-„-_,-r, e . 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N ., .uhTd mr #mWq,' ems N 20 7^_90n . �70 a cw ._,�,1m,d ,4 , msa a7 a.,. •:1" J4. _ ,. .Z 9-''`^, ` `q ,y :- „am«a r � . �:�`: T ..-.S uTAHBwd3gMs 1Nsenm1w at;C;/'0.1., ,1/„ � 0 . r,..,r cna_sa ,.� ,srma n>m.nrs8a";W...,.,3,,�x„. ._ _ :"' N. . ., -r W :�, . -c 4 ;.1 24.011ASTPHS Ben4Ptep<Ia7.'*+^�,inptwemerytKns,NN4e_11t/-q11 ?. „. 917-w13 av C9nlra^Al1YbCae ", ML Vernon slape;tab�on -, A .,.- .. .>,.:....-.- aria ,.15!gt1ATA(3S Buiu}F4cw<1zw✓,uX�mM✓+emw 05rasurrtu,az+ .__*10' n112Jl3.,.,�.-..0,ornaetOrs/StaO t•, f,data 6barxk PNkm65eu1wn _,, .- _,... ^,0 501ar&NI ii P"" EuaMs>tn1 4 212'✓.'tttt.-'",?'°i ff.g 1v-•.r •a Storer Bp .,,,,4A W1a... _ e r, .. : .,- - .eY rrylagaY" .� a [�aynin✓Wt DaNClpananagraem<n1.:..: � � rrp..V - .'i,� a.E ,"',:.tom.,.. ..A , �„ s'.r U^ ...> _ .., ..._ _ - x -, ... K 7� n x�A$�n,cnls'ea-� .`� ,t3 ,PB, t. 73r.ax. .fix..PAN-<..<,z,,.>-.._.�.,, -;- ..,, .,....,.. . ,ROY0lul Re<W s . '-`:. C K001VLOad70/:'--,2212W9+: 22YHI16:., ''10000ndrena1'2,i" Nloldapia,,, ,,,2une0rta41+erraa�t r ., o8W0000:: N . 3001bN." `s .r , 00UW0 y , P 90 D2 J pt Ar I. n, 'g h�' l ,r`. �: tM2M1t1`N-.o nty+>., a.: w,,,':; s.'n,'.„ ' ., _ - r;:,;'si'�." 1'„ -r.,.'Sl'-.`^'-,.'u'invrtlait; ar,.,...a _ .. a ., FM01L16. . _ , , ' 7 31 Empbyee Cosh Admn Costs 212011 6/30203d Personnel Casts Ager y WM employee costs-salanes Y $ - 5 - E ' N 32 Empb/e..cuz-PERS 212012 Personnel Cosh Buena/Weal emg0yee costs*ERS Y S 1 33 Emye ploe Cos1.012bare0ls Admn Costs 212 Personnel Costs 6°0.34 Person Costs ce a erwy are employee costselher Y 'E 5 - 5 '-1 2 _ 34 Empb/ee Couswswance,worker PAmn costs 212012 6002034 Personnel Costs Pp./deed employee costs- Y 8' - sr ancellwempbyment wicker• _-cone wn) CO 7/19014 0/602015 PSG Rope.Tax RepoNM Services 170000 $ 20m0 10000 3. ,10000100I10 $ '.1f 3701.C400Wupdes4J,sc Munnoats 212012 6/30203a Various ve au3Wea end costs Y S ` r 36 Ann007000 and RePortw Fees C 6262014 6262019 oil LvpNrd annual audhrq services 14]40V $ 43W $ 4300 4300 3 Lance S 39 Properly DispoRhOn Ran Ropedy Dispositions 6/122013 e1122034 Gorelaaw ReIara4on of properlymsPo9h0n plan Y E - S for usind co ;,4070t1/,TOAWVoIWR*N000✓,s%-®,L5Wdr.rn4Ml0Mr0Wuclwu"NiGCYT ';,v,s 3/117015'_- f;W✓W4Ase0t.. 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""1 e :-" x F,"' y:S::.� a•y.": 50000. 5 52 RoleMMaronFlan Property Dsposlpam 1/12015 a= t2317J016 PSG successor we al the LAPMP-sale al N $ .y.S.• Implementation Ran Employee costs,ProceM { 53 Autn,mz0atwe Expenses Ptlmn Costs 7/12017 fiyl02m6 Varwua EmpSesacosts,dens dmrusbaWa 250000 N $ 250,000 125,000 S 125000 125,000,5"' 1 0 1„ supplies and wet,Mgal services 1 54 N $ E5 56 N E • 5 - - 'S"•r 57 E E 5e E e E -59 s. $ - - 60 N S E "'Packet;Pg.111,; 4.b Grand Terrace Recognized Obligation Payment Schedule(ROPS 17-18)-Report of Cash Balances (Report Amounts in Whole Dollars) EZ Pursuant to Health and Safety Code section 34177(IL Redevelopment Property Tax Trust Fund(RPTTF)may be listed as a source of payment on the ROPS,but only to the extent no other funding source is available r7 or when payment from property tax revenues is required by an enforceable obligation. For tips on how to complete the Report of Cash Balances Form,see Cash Balance Tips Sheet. is a. A B C D E F G H I ce m Fund Sources . d Bond Proceeds Reserve Balance Other RPTTF o Prior ROPS Prior ROPS ' Cr) period balances RPTTF m Bonds issued on and DDR RPTTF distributed as Rent, Non-Admin E, or before Bonds issued on balances "reserve for future grants, and ' a. Cash Balance Information by ROPS Period 12/31/10 or after 01/01/11 retained period(s) interest,etc. Admin Comments o ROPS 15-16B Actuals(01/01/16-06/30/16) rn 1 Beginning Available Cash Balance(Actual 01/01/16) Z • d N 19,639,913 15,032 91,974 0 2 Revenue/Income(Actual 06/30/16) 2 RPTTF amounts should tie to the ROPS 15-16B distribution from the n County Auditor-Controller during January 2016 c 35,184 975,280 c 3 Expenditures for ROPS 15-16B Enforceable Obligations(Actual 06/30/16) H a 0 0 . 953,966 - vi 4 Retention of Available Cash Balance(Actual 06/30/16) ,o RPTTF amount retained should only include the amounts distributed as o reserve for future period(s) =' m r 5 ROPS 15-16B RPTTF Balances Remaining Ni a- ' No entry required O ce -- ' - - - a' C.).. a 6 Ending Actual Available.Cash.Balance iv CtoG=(1+2-3-4),H=(1+2-3-4-5) v . c e ' :$' -$. 19,639,913--$ . - -$ = $ 50,216 $ 113,288 0 c E m r a a Packet Pg.112 es the change and authorizes an appropriation of funds. f qst Amendment to Lease ' Page 2 Packet Pg.97 ng the term of the Ground Lease, evidenced by that certain d - Memorandum of Lease recorded January 19, 2006 as Document s Number 2006-0041146, Official Records of San Bernardino County. a This document is being retarded a � 4 t- n as an accommodation only OR.—-✓ Page 1 of 7 cago Title Company "t Co 2i F(3 a - 1104, assumes no responsibility for 2;45.1"`rC:z g.. f S `°tom- pY correctness m validity Packet"Pg.,89 REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J •4,b Grand Terrace Recognized Obligation Payment Schedule(ROPS 17-18)-Notes July 1,2017 through June 30,2018 W Item# Notes/Comments rA 4 Slightly higher than prior requests due to increase in LAIF rate. p DOF approved property sales on the LRPMP—appraisals will be required for the sales,as well as to determine a value for the ATE's for properties requiring a 8 compensation agreement. 18 Use of the DOF approved bond proceeds amount of$289,015 as approved by the Department of Finance in their letter dated November 18,2016. 16,31,32, t U 33,34,and 37 These multiple line items for administrative costs are being retired and consolidated onto one new line,Item No.43. d Agreement between the Agency and City compensating the City of Grand Terrace for its performance under related Regulatory Agreement and Ground Lease for Low and Moderate Senior Housing. Obligation is for$300,000 maximum per year—actual amounts will depend upon total annual o. 30 receipts. c Cs rn a 0 0 d N O U d N 0 U d 07 a o a W U U_ 7 () 0 m o.0 0 0I U A al H D C A C, C a E ' 0 A a Packet Pg.1.13: ' No entry required O ce -- ' - - - a' C.).. a 6 Ending Actual Available.Cash.Balance iv CtoG=(1+2-3-4),H=(1+2-3-4-5) v . c e ' :$' -$. 19,639,913--$ . - -$ = $ 50,216 $ 113,288 0 c E m r a a Packet Pg.112 es the change and authorizes an appropriation of funds. f qst Amendment to Lease ' Page 2 Packet Pg.97 ng the term of the Ground Lease, evidenced by that certain d - Memorandum of Lease recorded January 19, 2006 as Document s Number 2006-0041146, Official Records of San Bernardino County. a This document is being retarded a � 4 t- n as an accommodation only OR.—-✓ Page 1 of 7 cago Title Company "t Co 2i F(3 a - 1104, assumes no responsibility for 2;45.1"`rC:z g.. f S `°tom- pY correctness m validity Packet"Pg.,89 REV 08232005 12 .Packet=Pg;82 ,consultants, REV 08232005 11 Packet Pg:81 = tunity to cure. 28 Packet;Pg. 50 Improvements. 23 Packet Pg.45 once every three(3)years. . a 17.3 General Insurance Provisions. All policies of insurance provided for in this Section 17,except for the workers' compensation insurance, shall name Lessee as the insured and loss payee and Agency and the City and their respective officers,employees,agents,and representatives,as additional insureds,as their respective interests may appear. All property casualty 22 Packet Pg.44 ' $ $ $ $ - $' • $ - ' ' - - $ -' - ' I 41 2011A TABS Bond Projects ImprovemenNnfrostrcture $ - - - $ - 739,573 1 $ 739,573 5%of 2011-A TABS-as authorized by Senate BAl 107,Section 21(e)(2)(A) '.45 De11ta1ebegaf"single-farrlilydWelinq.: Reme8:6fian�.. ..',$ _....... $ _.$ $ ,... $ -.,a - $ -- .. - . .v , ._ _ - 2 47 Taxes on Suceessor Agency Property Property Maintenance $ - E . • $ ..- 48A$t290 pass-through psYmaMsaaA+tl to S$GCD ''lvsvcalleneoas-1'." 4$ :,.$ _'.49HousingtSuc5essar Admen Allowance.per AB-471' . Cost :,$ • $ - $ .- $ .g _ $ ' $ - - .'50 Remaaatot'ovncreta slab 8'sotl pile".= .Remediation --$ $ .$ - - $ " ' 8 - E ". - 0' - .. $ - ' ' " $1 SERAF Loan LMIHF=Roservo"... . SE.RAFtERAF ""$ . S. '$ $, b -'S _ $ - _ • _ r - $ - s • , .52 Property Management Implementation Plan Property Dispositions $ - . .. .$ -, '$ - . $ $ $ ' - - $ - $_- _ ' $ - Be as• I 0 -D tP 1,3 cn 'cr Attachment:Grand-Teirace_ROPS_16-17B (1986:Successor Agency's Amended Recognized Obligation Payment Schedule(ROPS)16-178) PacketPg.15-J