Laserfiche WebLink
the City cannot own the Project during the HDG Minimum Project <br />Term (as that term is defined by HUD). Accordingly, the City <br />applied for, and was subsequently awarded, a $4,000,000 Housing <br />Development Grant which contains, among other things, the <br />following representations: <br />(1) The City -owned 10 -acre parcel (the "Land ") will be <br />leased to Eden Housing, Inc. for not more than 50 years with an <br />annual ground rent of one dollar; <br />(2) Eden Housing, Inc., which has the experience and <br />expertise to construct, own and operate the 200 -unit Project, <br />will be the owner of the Project on the Land leased from the <br />City; <br />(3) In addition to the HDG award, construction <br />financing is being obtained on the basis of Eden Housing, Inc.'s <br />experience and expertise in developing, owning and operating low <br />income elderly projects, and the following concessions and <br />financial contributions by the City: <br />(i) the use of the land, which has an appraised <br />value of $2,900,000; <br />(ii) the waiver of certain building fees which are <br />typically charged for private developers. Such fees include plan <br />check fees, residential construction tax, capitol improvement <br />program fees, low income housing fund fees, park fees and City <br />Sewer connection and water meter surcharges, the total of which <br />would have amounted to $708,903. <br />(iii) the pledge of the City's Low Income Housing <br />Fund (which at the time of the HDG application had a balance of <br />approximately $2,263,000) to assure economic feasibility of the <br />Project. <br />C:GDLEASE.EHI -2- <br />