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HomeMy WebLinkAboutTC Agd Pkt 2011-02-16 (2)R~X-l TIBURON REDEVELOPMENT AGENCY JUNE 16, 2010 MINUTES CALL TO ORDER AND ROLL CALL Boardmember Fraser, Boardmember Fredericks, Boardmember O'Donnell, Vice Chair Slavitz, Chair Collins ORAL COMMUNICATIONS None. BUSINESS MEETING 1. FY 2010-11 Municipal Budget- Review and consider adoption of FY 2010-11 municipal budget and capital improvement program and related resolutions (Town Manager Curran/Director of Administrative Services Bigall) a) Resolution Adopting a Municipal Budget Plan for the Town of Tiburon and the Tiburon Redevelopment Agency for the Fiscal year ending June 30, 2011; b) Resolution Establishing an Appropriation Limit for Fiscal Year 2010-11 pursuant to Article XIII B. Of the Constitution of the State of California; C) Resolution Repealing Resolution No. XX-2009 and Adopting an Amended Management Recognition and Incentive Compensation Program; d) Resolution Repealing Resolution No. XX-2009 and Adopting an Amended Mid-Management Recognition and Incentive Compensation Program; A discussion of the budget was held in conjunction with the Tiburon Town Council meeting. Director of Administrative Service Bigall gave a brief review of the previous meeting's report which covered the operating budget for the upcoming fiscal year. There were no additional questions concerning the proposed Redevelopment Agency budget for FY 2010-11. Mayor Collins opened the public hearing. There was no public comment. Mayor Collins closed the public hearing. MOTION: To adopt the resolution adopting a budget plan for the Tiburon Redevelopment Agency for Fiscal Year ending June 30, 2011 (subsection (a) above). Moved: Slavitz, seconded by Fredericks Vote: AYES: Unanimous Town Council Minutes #02-2010 June 16, 2010 Page 1 ADJOURNMENT There being no further business before the Tiburon Redevelopment Agency, Mayor Collins adjourned the meeting at 8:10 p.m. RICHARD COLLINS, MAYOR ATTEST: DIANE CRANE IACOPI, TOWN CLERK Town Council Minutes #02-2010 June 16, 2010 Page 2 To: TOWN OF TIBURON Redevelopment Board Meeting 1505 Tiburon Boulevard February 16, 2011 Agenda Item: Tiburon, CA 94920 Chair and Board of the Tiburon Redevelopment Agency From: Executive Director and Agency Counsel Subject: Recommendation to Approve a Cooperation and Funding Agreement between the Town and the Tiburon Redevelopment Agency for the Lyford Drive Parking Project Reviewed By: BACKGROUND AND ANALYSIS The Tiburon Redevelopment Agency's 1983 Redevelopment Plan described a number of general objectives and specific projects to eliminate physical and economic blight in the Town. These include improvements to Tiburon Boulevard and to parking available to the downtown. At this point, the Agency's outstanding legal obligation consists of creating new affordable housing within the Plan Area and the Agency has restricted funds for that purpose. However, the Agency also possesses a reserve of $290,000. This sum is the unexpended remainder of funds set aside to reimburse the Town for administrative expenses associated with the Agency. The Town is currently considering a project to improve the right of way area on the south side of Tiburon Boulevard near the intersection with Lyford Drive. This area is currently unsightly, consisting of dirt shoulders on either side of the Boulevard, generally used for informal parking. The current state is particularly unfortunate because almost all visitors to Tiburon by car pass the site immediately before entering the downtown area. The project would both beautify this gateway location and improve the parking area, thereby making the site more attractive to visitors. The project is consistent with the objectives of the Tiburon Redevelopment Plan and may be funded by the Agency's $290,000 reserve. If the Town abandons the Project, the Agency would retain the funds. RECOMMENDATION Staff recommends that the Board of the Tiburon Redevelopment Agency: Move to authorize the Executive Director to Execute the Cooperation and Funding Agreement with the Town of Tiburon. Exhibit: Draft Cooperation and Reimbursement Agreement with the Town of Tiburon Prepared By: Ann R. Danforth, Town Attorney COOPERATION AND FUNDING AGREEMENT FOR IMPROVEMENT OF TIBURON BOULEVARD RIGHT OF WAY NEAR THE LYFORD DRIVE INTERSECTION This Agreement, dated February , 2011, is by and between the Redevelopment Agency of the Town of Tiburon ("Agency") and the Town of Tiburon (the "Town") (collectively, the "Parties"). WITNESSETH WHEREAS, the Agency is vested with the responsibility for formulating and carrying out necessary redevelopment projects within the Town; and WHEREAS, on September 2 1983, the Agency adopted the Redevelopment Plan for the Tiburon Redevelopment Project ("Redevelopment Plan") to eliminate and reduce aspects of physical and economic blight within the Tiburon Redevelopment Project Area (the "Project Area") by, among other things, improving Tiburon Boulevard and providing public parking; and WHEREAS, the Agency currently is in possession of unallocated funds in the amount of $290,000; and WHEREAS, the Town is currently in the planning stages of a project ("Lyford Drive Project") located on the south side of Tiburon Boulevard near the intersection with Lyford Drive ("Project Site"), which site lies primarily within the Project Area and is the gateway to the Tiburon downtown and; WHEREAS, the Town Council of the Town has found that (1) the construction of the Project is of benefit to the Project Area by helping to eliminate blight within the Project Area; (2) no other reasonable means of financing the Project are available to the community; and (3) the payment of funds for the Project is consistent with the implementation plan adopted pursuant to Section 33490. WHEREAS, the purpose of the Lyford Drive Project is to enhance the aesthetic appeal of the Project Site and improve the parking available in that location; WHEREAS, the Parties desire to formally provide for the Agency to partially finance the costs and expenses incurred by the Town prior to and following execution of this Agreement in connection with the portion of the Lyford Drive Project that lies within the Project Area, including, without limitation, Project planning, engineering and design, environmental review of the Project, the preparation of the Redevelopment Plan and reports related thereto, including consultant contract and administrative costs, and related planning matters; and WHEREAS, the Town and the Agency are each ready and willing to assume the relationship described herein. Page 1 of 3 183\23\846775.1 NOW, THEREFORE, the Agency and the Town, for and in consideration of the mutual promises and agreements herein contained do agree as follows: 1. PURPOSES The purpose of this Agreement is to provide for the Agency to contribute $290,000 ("Agency Contribution") to partially finance costs and expenses incurred by the Town prior to and following the execution of this Agreement in connection with the portion of the Lyford Drive Project that lies within the Project Area, including, without limitation, Project planning, engineering and design, environmental review of the Project, the preparation of the Redevelopment Plan and reports related thereto, including consultant contract and administrative costs, and related planning matters; and 2. TERM OF AGREEMENT This Agreement shall be in full force and effect for a period beginning as of the date first above written and continuing until all repayment and reimbursement obligations of the Agency to the Town are satisfied in full in accordance with the terms of this Agreement. Notwithstanding the foregoing, if the Town decides at anytime to abandon the project, this agreement shall terminate and be of no further force and effect. The Town will promptly refund the Agency Contribution to the Agency or, if the Agency has ceased to exist for whatever reason, will reserve the Agency Contribution funds for a future project or projects consistence with the Redevelopment Plan. 3. PAYMENT OF PROJECT CONTRIBUTION The Town has advanced, and expects to advance in the future, funds necessary to develop the Project in excess of the Agency Contribution. The Agency will pay the Agency Contribution to Town within 5 days of the execution of this Agreement, 4. SUBORDINATION It is agreed by the parties that all repayments and reimbursements to the Town pursuant to this Agreement are hereby subordinated to any and all payments necessary to satisfy the Agency's obligations in connection with any existing or future bonded indebtedness or obligation which may be incurred by the Agency for the benefit of the redevelopment program or to the extent necessary for any bonded indebtedness for which the Agency has pledged as a security or source of repayment tax increment generated within the Project Area. 5. VALIDITY OF AGREEMENT If any provisions of this Agreement, or the application thereof to any person, party, transaction, or circumstance, is held invalid, the remainder of this Agreement, or the application Page 2 of 3 183\23\846775.1 of such provision to other persons, parties, transactions or circumstances, shall not be affected thereby. IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date written above. APPROVED AS TO FORM: AGENCY: REDEVELOPMENT AGENCY OF THE TOWN OF TIBURON, a public body, corporate and politic By: By: Agency Counsel Its: Dated: ATTEST: By: Agency Secretary APPROVED AS TO FORM: TOWN: THE TOWN OF TIBURON, a political subdivision of the State of California By: Town Attorney Its: Dated: ATTEST: By: Town Clerk By: Page 3 of 3 183\23\846775.1 TOWN OF TIBURON Redevelopment Board Meeting February 16, 2011 1505 Tiburon Boulevard Agenda Item: Tiburon, CA 94920 To: Chair and Board of the Tiburon Redevelopment Agency From: Executive Director and Agency Counsel Subject: Recommendation to Approve a Cooperation Agreement between the Town and the Tiburon Redevelopment Agency for the Transfer of Housing Funds to the Town of Tiburon Reviewed By: BACKGROUND AND ANALYSIS The Tiburon Redevelopment Agency's 1983 Redevelopment Plan has expired and the Agency's sole outstanding legal obligation consists of creating new affordable housing within the Plan Area. The Agency has restricted funds for that purpose, consisting of $862,445.45 in cash and $663,411 in the form of a note from Cecilia Place (collectively, "Housing Fund"). However, given the extraordinary cost of land acquisition and construction in the Town, the monies available in the Housing Fund are currently insufficient to create the necessary affordable housing. Under the Governor's proposed budget, the Agency may be terminated before it can fulfill its housing obligation. The Town also has restricted housing funds and plans to continue to amass such funds until it has sufficient to construct or purchase new affordable housing units. Staff proposes to add the Housing Fund to the Town's housing reserves, on condition that the funds be used to satisfy the Agency's creation obligations. RECOMMENDATION Staff recommends that the Board of the Tiburon Redevelopment Agency: Move to authorize the Executive Director to Execute the Cooperation Agreement with the Town of Tiburon. Exhibit: Draft Cooperation Agreement with the Town of Tiburon Prepared By: Ann R. Danforth, Town Attorney 5-vto ~UAI TOWN OF TIBURON Redevelopment Board Meeting February 16, 2011 r - 1505 Tiburon Boulevard Agenda Item: Tiburon, CA 94920 STAFF PO. To: Chair and Board of the Tiburon Redevelopment Agency From: Executive Director and Agency Counsel Subject: Recommendation to Adopt a Resolution Authorizing the Executive Director to Execute a Cooperation and Funding Agreement between the Town and the Tiburon Redevelopment Agency for the Lyford Drive Parking Project and Other Improvement Projects Consistent with the Redevelopment Plan Reviewed By: BACKGROUND AND ANALYSIS The Tiburon Redevelopment Agency's 1983 Redevelopment Plan described a number of general objectives and specific projects to eliminate physical and economic blight in the Town. These include improvements to Tiburon Boulevard and to parking available to the downtown. At this point, the Agency's outstanding legal obligation consists of creating new affordable housing within the Plan Area and the Agency has restricted funds for that purpose. However, the Agency also possesses a reserve of $290,000. This sum is the unexpended remainder of funds set aside to reimburse the Town for administrative expenses associated with the Agency. The Town is currently considering a project to improve the right of way area on the south side of Tiburon Boulevard near the intersection with Lyford Drive. This area is currently unsightly, consisting of dirt shoulders on either side of the Boulevard, generally used for informal parking. The current state is particularly unfortunate because almost all visitors to Tiburon by car pass the site immediately before entering the downtown area. The project would both beautify this gateway location and improve the parking area, thereby making the site more attractive to visitors. The proposed agreement does not obligate the Agency or Town to construct the project. If the Town Council ultimately decides not to approve the Lyford Drive, the Town would refund the Agency Contribution to the Agency or retain funds in reserve for other projects or purposes consistent with the objectives of the Tiburon Redevelopment Plan. The project is consistent with the objectives of the Tiburon Redevelopment Plan and may be funded by the Agency's $290,000 reserve. RECOMMENDATION Staff recommends that the Board of the Tiburon Redevelopment Agency: Move to adopt a Resolution authorizing the Executive Director to Execute the Cooperation and Funding Agreement with the Town of Tiburon. Exhibit: Draft Resolution Cooperation and Funding Agreement with the Town of Tiburon Prepared By: Ann R. Danforth, Town Attorney RESOLUTION NO. A RESOLUTION OF THE TOWN OF TIBURON REDEVELOPMENT AGENCY AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE A COOPERATION AND FUNDING AGREEMENT WITH THE TIBURON REDEVELOPMENT AGENCY TO FUND A STREET AND PARKING IMPROVEMENT PROJECT AND OTHER IMPROVEMENT PROJECTS CONSISTENT WITH THE TIBURON REDEVELOPMENT PLAN Recitals 1. In 1983, the Town formed the Tiburon Redevelopment Agency ("Agency") to eliminate blight and formulate and carry out redevelopment projects to permit orderly residential, commercial and open space development in the planning area. 2. On September 2 1983, the Agency adopted the Redevelopment Plan for the Tiburon Redevelopment Project ("Redevelopment Plan") to eliminate and reduce aspects of physical and economic blight within the Tiburon Redevelopment Project Area (the "Project Area") by, among other things, improving Tiburon Boulevard and providing public parking. 3. The Agency currently is in possession of unallocated funds in the amount of $290,000. 4. The right of way area on the south side of Tiburon Boulevard near the intersection with Lyford Drive ("Project Site") is unsightly and is commonly used for informal head-in parking on the dirt shoulder, which results in potentially hazardous turning motions across the boulevard. The Project Site serves as a gateway to the downtown shopping area of the Town. 5. The Town is currently in the planning stages of a project ("Lyford Drive Project") for the Project Site, which site lies within and contiguous to the Project Area and is the gateway to the Tiburon downtown. 6. The Town Council of the Town has found that (1) the construction of the Project is of benefit to the Project Area by helping to eliminate blight within the Project Area; (2) no other reasonable means of financing the Project are available to the community; and (3) the payment of funds for the Project is consistent with the implementation plan adopted pursuant to Section 33490. 7. The Lyford Drive Project will enhance the aesthetic appeal of the Project Site, improve Reso RDA Appoval of Lyford Ag 2-16-11 final. doc the parking available in that location and improve the safety of motorists using the parking area. 8. In light of recent public works projects, prevailing and anticipated revenue shortfalls, the Town's available funding for the project is less than anticipated costs. The Town will not be able to finance the Lyford Project without assistance from the Agency as provided herein. 9. The Parties desire to formally provide for the Agency to contribute $290,000 ("Agency Contribution") to the Town to fund a portion of the costs and expenses incurred by the Town prior to and following execution of this Agreement in connection with the portion of the Lyford Drive Project that lies within the Project Area, including, without limitation, Project planning, engineering and design, environmental review of the Project, the preparation of the Redevelopment Plan and reports related thereto, including consultant contract and administrative costs, and related planning matters, all as set forth in the Cooperation and Reimbursement Agreement for Improvement of Tiburon Boulevard Right of Way Near the Lyford-Drive Intersection ("Cooperation Agreement") attached to this resolution as Exhibit A. 10. In addition, the parties wish to provide that in the event that the Town decides not to proceed with the Lyford Drive Project, the Town is authorized to use the Agency Contribution for other purposes or projects consistent with the Tiburon Redevelopment Plan. 11. Approval of the Agreement is not a project subject to the California Environmental Quality Act ("CEQA"), because the Agreement does not commit the Agency to take any action that could cause any physical change in the environment. NOW, THEREFORE, BE IT RESOLVED by the Town Council of the Town of Tiburon: 1. The facts set forth in this Resolution are true and correct. 2. The Agency finds as follows: (a) That the acquisition of land or the installation or construction of the buildings, facilities, structures or other improvements that are publicly owned, as contemplated by this Resolution, are of benefit to the project area by helping to eliminate blight within the project area or providing housing for low- or moderate-income persons. (b) That no other reasonable means of financing the acquisition of the land or installation or construction of the buildings, facilities, structures, or other improvements that are publicly owned, are available to the community. Reso RDA Appoval ofLyford Ag 2-16-11 final. doc 2 (c) That the payment of funds for the acquisition of land or the cost of buildings, facilities, structures, or other improvements that are publicly owned as contemplated by this Resolution, is consistent with the implementation plan adopted pursuant to Section 33490. 3. The Executive Director is authorized to execute the Cooperation Agreement attached hereto and incorporate herein by reference, and any other documents that may be necessary or appropriate to complete the transaction described herein. PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Tiburon on , 2011 by the following vote: AYES: COUNCILMEMBERS: NOES: COUNCILMEMBERS: ABSENT: COUNCILMEMBERS: JEFF SLAVITZ, MAYOR Town of Tiburon ATTEST: DIANE CRANE, TOWN CLERK Reso RDA Appoval of Lyford Ag 2-16-11 final. doc 3 COOPERATION AND FUNDING AGREEMENT FOR IMPROVEMENT OF TIBURON BOULEVARD RIGHT OF WAY NEAR THE LYFORD DRIVE INTERSECTION AND OTHER IMPROVEMENT PROJECTS CONSISTENT WITH THE TIBURON REDEVELOPMENT PLAN This Agreement, dated February , 2011, is by and between the Redevelopment Agency of the Town of Tiburon ("Agency") and the Town of Tiburon (the "Town") (collectively, the "Parties"). WITNESSETH WHEREAS, the Agency is vested with the responsibility for formulating and carrying out necessary redevelopment projects within the Town; and WHEREAS, on September 2 1983, the Agency adopted the Redevelopment Plan for the Tiburon Redevelopment Project ("Redevelopment Plan") to eliminate and reduce aspects of physical and economic blight within the Tiburon Redevelopment Project Area (the "Project Area") by, among other things, improving Tiburon Boulevard and providing public parking; and WHEREAS, the Agency currently is in possession of unallocated funds in the amount of $290,000; and WHEREAS, the Town is currently in the planning stages of a project ("Lyford Drive Project") located on the south side of Tiburon Boulevard near the intersection with Lyford Drive ("Project Site"), which site lies primarily within the Project Area and is the gateway to the Tiburon downtown and; WHEREAS, the Town Council of the Town has found that (1) the construction of the Project is of benefit to the Project Area by helping to eliminate blight within the Project Area; (2) no other reasonable means of financing the Project are available to the community; and (3) the payment of funds for the Project is consistent with the implementation plan adopted pursuant to Section 33490. WHEREAS, the purpose of the Lyford Drive Project is to enhance the aesthetic appeal of the Project Site and improve the parking available in that location; WHEREAS, the Parties desire to formally provide for the Agency to partially finance the costs and expenses incurred by the Town prior to and following execution of this Agreement in connection with the portion of the Lyford Drive Project that lies within the Project Area, including, without limitation, Project planning, engineering and design, environmental review of Page 1 of 3 183\23\846775.1 the Project, the preparation of the Redevelopment Plan and reports related thereto, including consultant contract and administrative costs, and related planning matters; and WHEREAS, the Town and the Agency are each ready and willing to assume the relationship described herein. NOW, THEREFORE, the Agency and the Town, for and in consideration of the mutual promises and agreements herein contained do agree as follows: 1. PURPOSES The purpose of this Agreement is to provide for the Agency to contribute $290,000 ("Agency Contribution") to partially finance costs and expenses incurred by the Town prior to and following the execution of this Agreement in connection with the portion of the Lyford Drive Project that lies within the Project Area. Reimbursable expenses include, without limitation, Project plamling, engineering and design, environmental review of the Project, the preparation of the Redevelopment Plan and reports related thereto, including consultant contract and administrative costs, and related planning matters. In the event that the Town Council decides not to proceed with the Lyford Drive Project, the Town shall be authorized to use the Agency Contribution for other projects or purposes consistent with the objectives of the Tiburon Redevelopment Plan; 2. TERM OF AGREEMENT This Agreement shall be in full force and effect for a period beginning as of the date first above written and continuing until all repayment and reimbursement obligations of the Agency to the Town are satisfied in full in accordance with the terns of this Agreement. 3. PAYMENT OF PROJECT CONTRIBUTION The Town has advanced, and expects to advance in the future, funds necessary to develop the Project in excess of the Agency Contribution. The Agency will pay the Agency Contribution to Town within 5 days of the execution of this Agreement, 4. SUBORDINATION It is agreed by the parties that all repayments and reimbursements to the Town pursuant to this Agreement are hereby subordinated to any and all payments necessary to satisfy the Agency's obligations in connection with any existing or future bonded indebtedness or obligation which may be incurred by the Agency for the benefit of the redevelopment program or to the extent necessary for any bonded indebtedness for which the Agency has pledged as a security or source of repayment tax increment generated within the Project Area. Page 2 of 3 183\23\846775.1 5. VALIDITY OF AGREEMENT If any provisions of this Agreement, or the application thereof to any person, party, transaction, or circumstance, is held invalid, the remainder of this Agreement, or the application of such provision to other persons, parties, transactions or circumstances, shall not be affected thereby. IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date written above. APPROVED AS TO FORM: AGENCY: BY: Agency Counsel Its: Dated: ATTEST: By: Agency Secretary REDEVELOPMENT AGENCY OF THE TOWN OF TIBURON, a public body, corporate and politic By: APPROVED AS TO FORM: TOWN: By: Town Attorney Its: Dated: ATTEST: By: Town Clerk THE TOWN OF TIBURON, a political subdivision of the State of California By: Page 3 of 3 183\23\846775.1 To: TOWN OF TIBURON Redevelopment Board Meeting February 16, 2011 1505 Tiburon Boulevard Agenda Item: Tiburon, CA 94920 Chair and Board of the Tiburon Redevelopment Agency From: Executive Director and Agency Counsel Subject: Recommendation to Adopt a Resolution Authorizing the Executive Director to Negotiate and Execute a Cooperation Agreement between the Tiburon Redevelopment Agency, the Town of Tiburon and the Marin Housing Authority for the Transfer and Use of Housing Funds Reviewed By: AMENDED STAFF REPORT BACKGROUND AND ANALYSIS The Tiburon Redevelopment Agency's 1983 Redevelopment Plan has expired and the Agency's sole outstanding legal obligation consists of creating new affordable housing within the Plan Area. The Agency has restricted funds for that purpose, consisting of $862,445.45 in cash and $663,411 in the form of a note from Cecilia Place (collectively, "Housing Fund"). The Agency's adopted five-year Implementation Plan provides for the use of the Housing Fund to create affordable housing as required by the Redevelopment Plan and the Town's Housing Element. However, The Implementation Plan's proposed sites are currently unavailable, but the Plan provides that the Agency's specific projects and program may vary from those outlined in therein, to reflect unpredictable constraints and opportunities. Given the extraordinary cost of land acquisition and construction in the Town, the monies available in the Housing Fund are currently insufficient to create the necessary affordable housing. As a further constraint, the Governor's proposed budget, the Agency may be terminated before it can fulfill its housing obligation. To meet the Town and Agency's legal housing requirements, staff recommends a partnership with another agency with resources and expertise in the field. The Marin Housing Authority has indicated a willingness to enter into an agreement with the Agency to use the funds to implement an affordable housing program consistent with the Tiburon Redevelopment Plan and state law, subject to the direction of the Town. The Town would be a party to the agreement to ensure effective planning and policy oversight. The agreement would substantially conform to the attached draft. In the event that the Executive Director is unable to Wcl -C u n,, negotiate an acceptable agreement with the Authority, the Director would be authorized to negotiate and execute a similar agreement with an experienced non-profit developer. RECOMMENDATION Staff recommends that the Board of the Tiburon Redevelopment Agency: Adopt a Resolution authorizing the Executive Director to Negotiate and Execute a Cooperation Agreement with the Town of Tiburon and the Marin Housing Authority. Exhibit: Draft Resolution Cooperation Agreement Prepared By: Ann R. Danforth, Town Attorney Q, R 2' 1 Draft RESOLUTION NO. XX-2011 A RESOLUTION OF THE TIBURON REDEVELOPMENT AGENCY APPROVING AN AFFORDABLE HOUSING AGREEMENT AND MAKING CERTAIN FINDINGS RELATED THERETO WHEREAS, the Town Council of the Town of Tiburon ("Town") has adopted the Redevelopment Plan (the "Redevelopment Plan") for the Tiburon Redevelopment Project Area (the "Project Area"); and WHEREAS, the Tiburon Redevelopment Agency (the "Agency") is engaged in various activities in its efforts to provide affordable housing and to remove the blighting conditions that still remain in the Project Area; and WHEREAS, in keeping with the goals of the Agency to eliminate blight and reduce physical and economic blight and to provide affordable housing in accordance with the Redevelopment Plan and Agency's current Implementation Plan (the "Implementation Plan''), the Town and Agency have been working cooperatively regarding the development of affordable housing and certain public improvements in the Project Area; and WHEREAS, due to the complexity of affordable housing projects with varying funding sources, the Agency and the Town desire to enter into an Affordable Housing Agreement ("Agreement", a draft of which is attached hereto and incorporated herein by reference, with the Marin County Housing Authority ("Authority") through which the Agency shall provide funding to the Authority from the Agency's Low and Moderate Income Housing Fund (the "Housing Fund"), the Town shall provide oversight, monitoring and reports to the state and the Authority shall work with developers to develop and provide funding for projects to increase, improve, and preserve the supply of affordable housing within the Project Area and the territorial jurisdiction of the Town, and WHEREAS, implementation of the Agreement will assist the Agency to accomplish the stated goals in the Redevelopment Plan and its current Implementation Plan as described in the staff report accompanying this Resolution (the "Staff Report"); and WHEREAS, under the California Redevelopment Law (Health and Safety Code Section 33100 et seq.; the "Law"), before the Agency can expend money from its Housing Fund outside the area of the Redevelopment Plan, the Agency and the Town must make specified findings pursuant to Health and Safety Code Section 33334.2(8); and WHEREAS, pursuant to State CEQA Guidelines Section 15378(b)(4), approval of the Agreement is not a project subject to the California Environmental Quality Act ("CEQA"), because the Agreement consists of the creation of a governmental funding mechanism for Tiburon Redevelopment Agency Resolution No. XX-2011 02116111 affordable housing projects, but does not commit funds to any specific affordable housing project, in that environmental review required by CEQA shall be completed prior to the commencement of any affordable housing project pursuant to the Agreement; and WHEREAS, the Staff Report, the Redevelopment Plan, the report to Town Council accompanying the Redevelopment Plan, and the Implementation Plan provide additional information upon which the findings and actions set forth in this Resolution are based. NOW, THEREFORE BE IT RESOLVED by the Tiburon Redevelopment Agency as follows: 1. All the Recitals above are true and correct and incorporated herein. 2. In compliance with Section 33334.2(g) of the Law, the Agency hereby finds that the Agreement properly allows assistance to affordable housing projects located outside the Project Area will be of benefit to the Redevelopment Plan, , in that there may be insufficient residential property within the Project Area to create the needed housing and that providing the funds would benefit the Project Area by creating affordable housing throughout the Town that would be available to workers and residents in the Project Area.. This finding is further based on the facts and analysis in the Staff Report incorporated in this Resolution. 3. The Agency agrees to make the Agency expenditures as called for in the Agreement for affordable housing projects pursuant to the Agreement, subject to completion of any environmental review required by CEQA prior to the commencement of any project pursuant to the Agreement. 4. The Agency hereby approves the Agreement and authorizes the Agency's Executive Director to negotiate, enter into and execute the Agreement on behalf of the Agency for the funding and completion of affordable housing projects pursuant to the Agreement, substantially in the form attached hereto, with such revisions as are reasonably determined necessary by the Agency signatory, such determination to be conclusively deemed to have been made by the execution of the Agreement by the Agency signatory. The Agency Executive Director is authorized to implement the Agreement and take all further actions and execute all other documents which are necessary or appropriate to carry out the Agreement. 5. The Agency hereby approves and appropriates (to the extent not already appropriated) the amounts necessary to fund the Agency's obligations under the Agreement as a lawful expenditure of Agency funds under the Law. The Agency's current fiscal year budget is hereby amended to the extent necessary to implement the foregoing appropriation. 6. In the event that the Executive Director is unable to negotiate an acceptable Agreement with the Authority, the Executive Director is authorized to negotiate and execute a substantially similar agreement with an experienced non-profit developer to create the necessary affordable Tiburon Redevelopment Agency Resolution No. XX-2011 02116111 2 housing. In the further event that the Executive Director is unable to negotiate an acceptable agreement with an appropriate nonprofit corporation, the Town shall retain the Housing Fund in a segregated fund for future uses consistent with the Tiburon Redevelopment Plan and the Implementation Plan. 7. The Agency Executive Director is hereby authorized and directed to file Notices of Exemption with respect to the Agreement in accordance with the applicable provisions of CEQA. 8. The Agency Executive Director is hereby authorized to take such further actions as may be necessary or appropriate to carry out the Agency's obligations pursuant to this Resolution and the Agreement. 8. The Agency Secretary shall certify to the adoption of this Resolution. 9. This Resolution shall take effect immediately upon adoption. PASSED AND ADOPTED at a regular meeting of the Tiburon Redevelopment Agency this 16th day of February, 2011, by the following vote: AYES: BOARDMEMBERS: NOES: BOARDMEMBERS: ABSENT: BOARDMEMBERS: JEFF SLAVITZ, CHAIR TIBURON REDEVELOPMENT AGENCY ATTEST: DIANE CRANE IACOPI, BOARD CLERK Tiburon Redevelopment Agency Resolution No. XV-2011 02116111 3 AFFORDABLE HOUSING AGREEMENT FOR THE TIBURON REDEVELOPMENT HOUSING PROJECT This Affordable Housing Agreement (the "Agreement") is for the purpose of funding affordable housing projects and programs to be developed and/or administered by the Housing Authority of Marin County (the "Authority") and is entered into as of February 2011 by and among the Authority, the Town of Tiburon, a municipal corporation (the "Town") and the Town of Tiburon Redevelopment Agency, a public body, corporate and politic (the "Agency"), on the basis of the following facts, understandings and intentions of the parties: RECITALS A. Pursuant to the California Community Redevelopment Law (Health and Safety Code Section 33000 et se q., the "Redevelopment Law"), the Town Council of the Town has adopted and the Agency is responsible for implementing the Redevelopment Plan (the "Redevelopment Plan") for the Town of Tiburon Redevelopment Project Area (the "Project Area"). B. To assist in implementing the Redevelopment Plan, the Agency has adopted a five (5)-year implementation plan (the "Implementation Plan") pursuant to Section 33490 of the Redevelopment Law. The Implementation Plan contemplates developing housing affordable to very low, low and moderate income households at six sites, none of which are currently available for this purpose. C. Pursuant to Health and Safety Code Sections 33334.2 and 33334.3, the Agency has the obligation to establish a Low and Moderate Income Housing Fund (the "Housing Fund") and to expend monies in the Housing Fund for the purposes of increasing, improving, and preserving the community's supply of housing available at affordable housing cost to low and moderate income households, lower income households, very low income households, and extremely low income households. At this time, the Agency must develop 5.5 very low income units to meet the Agency's total Affordable Housing Production Requirement ("Affordable Housing Requirement"). D. The Authority is a public corporation created to finance, construct, improve, maintain, lease, sell and manage decent safe and sanitary housing for people of low and moderate incomes. `Section 34311 of the Health and Safety Code authorizes the Authority to enter into this Agreement, which is necessary and convenient to the exercise of its powers. E. Pursuant to Health and Safety Code Section 33125, the Agency has authority to execute contracts necessary or convenient to the exercise of its powers. F. Pursuant to Health and Safety Code Section 33220(e), the Town is authorized to enter into this Agreement to assist the Agency in perfonning powers and obligations under the Redevelopment Law. Coop Ag MHA 2-16-1 LDOC G. The tasks the Authority has agreed to undertake under this Agreement support the Authority's corporate purposes and mission. H. The Agency desires to contract with the Authority to provide Housing Funds to the Authority for use by the Authority to increase, improve, and preserve the supply of affordable housing in the Project Area or within the territorial jurisdiction of the Town, consistent with the Redevelopment Plan, the Redevelopment Law, the Implementation Plan, and the Housing Element of the General Plan of the Town of Tiburon (the "Housing Element"). 1. The Housing Element includes an assessment of the existing and projected housing needs of the community, including the Town's regional fair share allocation of the regional housing need. The housing needs assessment in the Housing Element in effect as of the date of this Agreement indicates a need in the Town for 18 housing units affordable to extremely low income households, 36 housing units affordable to very low income households, 21 housing units affordable to lower income households, and 27 housing units affordable to moderate income households. J. The parties desire that the Agency will provide Housing Fund monies to the Authority, which the Authority will utilize to finance Housing Fund-eligible activities to increase, improve, and preserve the supply of affordable housing within the Project Area and the territorial jurisdiction of the Town, consistent with the Redevelopment Plan, the Redevelopment Law, the Implementation Plan and the Housing Element, as they currently exist or as they may be amended from time to time. K. The parties have set forth in Exhibit A attached to and incorporated in this Agreement by this reference, a list of potential projects and programs that the Authority may undertake utilizing funds provided pursuant to this Agreement. Exhibit A in its entirety is referred to in this Agreement as the "Affordable Housing Plan" and the projects and programs listed in the Affordable Housing Plan from time to time are referred to individually as an "Affordable Housing Project" or "Affordable` Housing Program", as applicable, and collectively as the "Affordable Housing Projects and Programs." The Affordable Housing Plan set forth in Exhibit A is subject to modification as provided in Section 2.2. L. The Affordable Housing Projects and Programs are consistent with the Redevelopment Plan, the Housing Element and the Implementation Plan. Implementation of the Affordable Housing Projects and Programs will benefit the Project Area and will assist in the elimination of blight in the Project Area and the provision of affordable housing in the community. The use of funds as provided in this Agreement is authorized by the Redevelopment Law, and the Agency and Town Council have made all findings required under the Redevelopment Law for such use. M. Pursuant to State CEQA Guidelines Section 15378(b)(4), approval of the Agreement is not a project subject to the California Environmental Quality Act ("CEQA"), because this Agreement consists of the creation of a governmental funding mechanism for various affordable housing projects and programs, but does not commit funds to any specific project or program, in that environmental review required by CEQA shall be completed prior to 2 Coop Ag MHA 2-16-1 LDOC the commencement of any Affordable Housing Project or Affordable Housing Program listed in the Affordable Housing Plan contained in Exhibit A. N. The Town will provide on-going monitoring and provide all required reporting to the State of California. . NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are acknowledged, the Authority, the Town and the Agency agree as follows: ARTICLE 1 AGENCY GRANT Section 1.1 Agency Grant. Subject to the terms and, conditions of this Agreement, the Agency hereby grants to the Authority, and the Authority hereby accepts from the Agency, a grant (the "Grant") in the amount of one million five hundred thousand eight hundred-fifty-six dollars and forty-five cents ($1,525,856.45). The sources of the Grant are all funds and other assets currently held by the Agency in the Housing Fund and not previously encumbered by binding contract for other activities, projects, or programs. The Grant consists of eight hundred sixty-two thousand four hundred and forty-five dollars and forty-five cents ($862,445.45) in cash and a Note in the amount of six hundred sixty-three thousand four hundred and eleven dollars ($6631411.00) dated September 1, 1996 from the Cecilia Place Homes Limited Partnership, a California Limited Partnership. The Authority shall use the Grant first to complete the Agency's Affordable Housing Requirement. Any remaining funds shall be used for other purposes as set forth in the Affordable Housing Plan as further provided in Article 2. Section 1.2 Payment Procedure. The Agency shall pay the Available Funds to the Authority within thirty (30) days of the date of this Agreement. Until needed to fund an Affordable Housing Project or Affordable Housing Program, the Authority shall invest all Grant funds received from the Agency in an investment vehicle acceptable to all parties, and shall apply all interest earned thereon toward the cost of the Affordable Housing Projects and Programs. ARTICLE 2 AFFORDABLE HOUSING PROJECTS AND PROGRAMS Section 2.1 Use of Grant and Term. The Authority shall use the Grant exclusively for the purposes of increasing, improving, and preserving the Town of Tiburon's supply of housing available at affordable housing cost to low and moderate income households, lower income households, very low income households, and extremely low income households in accordance with the requirements of the Redevelopment Law and the terms and conditions of this Agreement. The Authority shall initially use the Grant to satisfy the Agency's Affordable Housing Requirement. After meeting the Affordable Housing Requirement, the Authority shall use any remaining funds from the Grant to pay any costs which are eligible Housing Fund costs pursuant to Health and Safety Code Section 33334.2 et se q., including without limitation eligible costs of the Affordable Housing Projects and Programs shown in the Affordable Housing Plan. 3 Coop Ag MHA 2-16-1 LDOC The Authority shall expend the Grant funds and undertake the Affordable Housing Plan in accordance with all applicable laws and regulations, including without limitation, laws and regulations related to the permissible uses of Housing Fund monies, monitoring of housing assisted with Housing Funds, statutorily-required findings by the Agency Board and Town Council, where applicable, prior to expenditures of Housing Funds, payment of prevailing wages (to the extent applicable), non-discrimination, and all applicable requirements of the Redevelopment Law, the Tiburon Municipal Code and the Housing Element. The Authority further understands and agrees that each Affordable Housing Project funded with Grant proceeds must be subject to a restriction regulating certain of the units in the project to affordable housing cost for specified income levels, in a form to be provided and recorded by the Agency or its Successor, and effective for forty-five (45) years for ownership housing and fifty-five (55) years for rental housing. The Authority shall use the Grant funds for the various Affordable Housing Projects and Programs by not later than fifteen (15) years from the date of this Agreement, which date may be extended by written agreement of all the parties in the same maimer as provided for modification of the Affordable Housing Plan as set forth in Section 2.2 (the "Term"). Within ninety (90) days following the Town's fiscal year end (June 30t1i) throughout the Term of this Agreement, the Authority agrees to provide the Agency and the Town annual reports regarding the amount of Grant funds unused to date, interest earned on Grant funds during that preceding fiscal year and information on the use of the Grant funds to date with specific details as reasonably requested by the Town as needed for any reports required under the Redevelopment Law. Section 2.2 Consultation; Modification of Improvement Plan. The parties shall confer periodically to establish priorities and timing for funding and completion of the various Affordable Housing Projects and Programs, to review the scope and design of each Affordable Housing Project and Program, and to determine any mutually acceptable modifications in the cost estimates and budgets for the various Affordable Housing Projects and Programs. The parties may modify the Affordable Housing Plan from time to time: to provide for the use of additional federal, state and local funds; to account for unexpected revenues, whether greater or lesser; to modify, add, or delete an Affordable Housing Project or Program from the Affordable Housing Plan; to modify the cost estimate for individual Affordable Housing Projects and Programs; to maintain consistency with the Town's General Plan and the Redevelopment Plan; or to take into consideration unforeseen circumstances, including without limitation circumstances that may come to light as a result of subsequent environmental review required by CEQA, as further described in Section 2.3. The Affordable Housing Plan may be modified by agreement between the Executive Director on behalf of the Authority, the Town Manager on behalf of the Town and the Executive Director on behalf of the Agency; provided, however, in no event shall the total Grant to be paid by the Agency to the Authority exceed the Maximum Grant Amount without a formal amendment of this Agreement approved by the Authority's board of directors, the Town Council and the Agency Board; and, provided further, however, that any addition of any Affordable Housing Project or Program to the Affordable Housing Plan shall be conditioned upon the making of all required Redevelopment Law findings and CEQA findings by the Town Council and the Agency Board in their policy discretion. Section 2.3 CEQA Review. Prior to the approval, use of Grant funds, and commencement of construction of any Affordable Housing Project or the implementation of any Affordable Housing Program (other than preliminary feasibility work that is exempt from the 4 Coop Ag MHA 2-16-1 LDOC requirements of CEQA), all necessary environmental review required by CEQA shall be completed. All Affordable Housing Projects and Programs to be funded with Grant funds from the Agency pursuant to this Agreement must be consistent with CEQA. This Agreement in no way limits the discretion of the Planning Commission, the Agency, and Town Council in completing environmental review of the Affordable Housing Projects. Section 2.4 Payment of Fees. The Town shall provide any ongoing monitoring of Affordable Housing Projects and the Authority's activities under this Agreement, consultations regarding the Affordable Housing Plan and Programs under this Agreement, and all reporting to the State of California as required under the Redevelopment Law for as long as required under the Redevelopment Law, or any successor provisions of law. The Authority shall pay the Town an administration fee of for each of fiscal years 2011-12 and 2012-13 to cover these services. The Authority and the Town may mutually agree in the future to additional administrative fees or other payments to be paid to the Authority or to the Town, to the extent warranted at such times. Section 2.5 Ongoing Authority Obligations. The Authority shall be responsible for ongoing administration of the Housing Funds comprising the Grant.. The Agency's grant and the Authority's acceptance of the Grant shall not imply any ownership or responsibility for the Affordable Housing Projects and Programs by the Agency or the Town. Section 2.6 Indemnity. The Authority shall indemnify, defend, and hold the Agency, the Town and their officers, board members, council members, agents, and employees, harmless against all claims, demands, damages, losses, costs, expenses, including without limitation, attorneys' fees and costs of litigation, or liabilities made against them which arise out of, or in connection with the Affordable Housing Projects and Programs; provided, however, that this indemnity shall not extend to any claim arising solely from the Agency's or Town's negligence or the Agency's or Town's negligent failure to perform its obligations under this Agreement. ARTICLE 3 GENERAL PROVISIONS Section 3.1 Notices, Demands and Communications. Forinal notices, demands, and communications among the parties shall be sufficiently given if, and shall not be deemed given unless, dispatched by certified mail, return receipt requested, or delivered by an express delivery service with a receipt showing date of delivery, or hand delivered with a receipt showing date of delivery, to the principal offices of the parties as follows: Agency: Town of Tiburon Redevelopment Agency 1505 Tiburon Boulevard Tiburon, CA 94920 Attn: Executive Director Town: Town of Tiburon 1505 Tiburon Boulevard Coop Ag MHA 2-16-11.DOC Tiburon, CA 94920 Attn: Town Manager Authority: Housing Authority of Marin 4020 Civic Center Drive San Rafael, CA 94903 Attn: Executive Director Such written notices, demands and communications may be sent in the same manner to such other addresses as the affected party may from time to time designate by mail as provided in this Section. Delivery shall be deemed to have occurred at the time indicated on the receipt for delivery or refusal of delivery. Section 3.2 Relationship of Parties. Nothing contained in this Agreement shall be interpreted or understood by any of the parties, or by any third persons, as creating the relationship of employer and employee, principal and agent, limited or general partnership, or joint venture among the Agency, the Town and the Authority or its agents, employees or contractors, and the Authority shall at all times be deemed an independent contractor and shall be wholly responsible for the manner in which it or its agents, or both, perform the services required of it by the terms of this Agreement. The Authority has and retains the right to exercise full control of employment, direction, compensation, and discharge of all persons assisting in the performance of services under the Agreement. The Authority shall be solely responsible for all matters relating to payment of its employees, including compliance with Social Security, withholding, and all other laws and regulations governing such matters, and shall be solely responsible for its own acts and those of its agents and employees. Section 3.3 No Claims. Nothing contained in this Agreement shall create or justify any claim against the Agency or the Town by any person that the Authority may have employed or with whom the Authority may have contracted with respect to the Affordable Housing Projects. Section 3.4 Non-Liability of Officials. No member, official, employee or agent of the Agency or the Town shall' be personally liable to the Authority or any successor in interest, in the event of any default or breach by the Agency or Town for any amount which may become due to the Authority or successor or on any obligation under the terns of this Agreement. Section 3.5 Actions of the Parties. Except as otherwise provided in this Agreement, whenever this Agreement calls for or permits a party's approval, consent, or waiver, the written approval, consent, or waiver of the Agency's Executive Director, the Town's Town Manager and the Authority's Executive Director (or their respective designees) shall constitute the approval, consent, or waiver of the Agency, Town and the Authority, respectively, without further authorization required from the governing board of the party; provided, however, that the person vested with such authority may seek such further advice or authorization from the applicable governing board when she/he deems it appropriate. Section 3.6 Nondiscrimination. 6 Coop Ag MHA 2-16-1 LDOC (a) In Performance of Agreement. The Authority and its contractors, subcontractors, agents, and employees shall not, because of the race, color, creed, religion, sex, sexual orientation, marital status, national origin, ancestry, familial status, source of income, age, or disability of any person, refuse to hire or employ the person, or refuse to select the person for a training program leading to employment, or bar or discharge the person from employment or from a training program leading to employment, or discriminate against the person in compensation or in terms, conditions or privileges of employment with respect to performance of this Agreement. (b) With Respect to Use of the Affordable Housing Projects. The Authority covenants by and for itself and its successors and assigns that there shall be no discrimination against or segregation of a person or of a group of persons on account of race, color, creed, religion, sex, sexual orientation, marital status, national origin, ancestry, familial status, source of income, age, or disability in the sale, lease, sublease, transfer, use, occupancy, tenure or enjoyment of the Affordable Housing Projects and programs. Section 3.7 Discretion Retained. The Town's execution of this Agreement in no way limits the discretion of the Town in the pen-nit and approval process in connection with development of any Affordable Housing Project. In addition, the Agency retains the right to cease providing funding to the Authority from the source identified in Section 1.2(b) of this Agreement upon thirty (30) days written notice to the other parties and provided the Authority shall not be required to return any funds previously paid to the Authority under this Agreement, except to the extent required by court order. Section 3.8 No Third Party Beneficiaries. No person or entity other than the Agency, the Town, the Authority and their permitted successors and assigns, shall have any right of action under this Agreement. Section 3.9 State Law; Venue. The laws of the State of California shall govern this Agreement, and the rights and obligations of the parties hereto. In the event a dispute arises regarding this Agreement, the venue for resolution of that dispute shall be the County of Marin. Section 3.10 Records. The Authority shall maintain complete and accurate financial accounts, documents and records with respect to the performance of its obligations under this Agreement, and shall make same available to the Agency's or Town's authorized agents for copying and auditing upon reasonable prior notice. Such accounts, documents and records shall be retained by the Authority for ten (10) years following completion of any applicable Affordable Housing Project. Section 3.11 Inspection of Documents. During the regular office hours and upon reasonable prior notice, the Town and the Agency, by their duly authorized representatives, shall have the right to inspect and make copies of any books, records or reports of the Authority pertaining to this Agreement. Section 3.12 Additional Acts. The parties each agree to take such other and additional actions and execute and deliver such other and additional documents as may be 7 Coop Ag MHA 2-16-11.DOC reasonably requested by the other party for purposes of consummating the transactions contemplated in this Agreement. Section 3.13 Litigation Regarding Agreement Validity. In the event litigation is initiated attacking the validity of this Agreement, each party shall in good faith defend and seek to uphold the Agreement. Section 3.14 Severability; Validity of Agreement. If any provisions of this Agreement, or the application thereof to any person, party, transaction, or circumstance, is held invalid, the remainder of this Agreement, or the application of such provision to other persons, parties, transactions, or circumstances, shall not be affected thereby. Section 3.15 Entire Agreement; Modification and Amendment. This Agreement contains all of the agreements and understandings of the parties pertaining to the subject matter contained herein and supersedes all prior or contemporaneous agreements, representations and understandings of the parties. Except as otherwise provided in Section 2.2, this Agreement cannot-be amended or modified except by written agreement of the parties. Section 3.16 Defaults and Remedies. If any party breaches any other material provision of this Agreement, one of the other parties shall first notify the breaching party and the other party in writing of the purported breach or failure, giving the breaching party thirty (30) days from receipt of such notice to cure or, if cure cannot be accomplished within thirty (30) days, to commence to cure such breach, failure, or act. In the event the breaching party does not then so cure within such thirty (30) days, or if the breach or failure is of such a nature that it cannot be cured within thirty (30) days, the breaching party fails to commence to cure within such thirty (30) days and thereafter diligently complete such cure within a reasonable time thereafter but in no event later than one hundred twenty (120) days, then the non-breaching parties shall be afforded all of their rights at law or in equity, by taking all or any of the following remedies: (a) terminating in writing this Agreement (provided, however, that the indemnification provisions of this Agreement shall survive such termination); (b) return of unused or improperly used Grant `funds to the Town; and (c) prosecuting an action for damages or specific performance. Section 3.17 Binding Upon Successors. This Agreement shall be binding upon and inure to the benefit of the heirs, administrators, executors, successors in interest and assigns of each of the parties to this Agreement, whether by agreement or operation of law, and including, without limitation, any Successor to the Agency. Any reference in this Agreement to a specifically named party shall be deemed to apply to any successor, heir, administrator, executor or assign of such party who has acquired an interest in compliance with the teens of this Agreement, or under law. Section 3.18 Time Of The Essence. Time is of the essence in the performance of all duties and obligations under this Agreement. 8 Coop Ag MHA 2-16-11.DOC IN WITNESS WHEREOF, this Agreement has been executed as of the date set forth in the opening paragraph of this Agreement. TOWN OF TIBURON REDEVELOPMENT AGENCY Approved as to Form Agency Counsel Approved as to Form , Chairperson TOWN OF TIBURON Town Attorney , Town Manager HOUSING AUTHORITY OF MARIN COUNTY Executive Director 9 Coop Ag MHA 2-16-1 LDOC EXHIBIT A AFFORDABLE HOUSING PLAN I. Affordable Housing Projects and Programs. A. Types of Projects • Developer Loans for development of affordable rental housing • First Time Homebuyer Program consistent with Redevelopment Law - including down payment assistance, equity share or closing cost loans • Transitional Housing to assist with homeless prevention • Housing Rehabilitation consistent with Redevelopment Law B. Required Income Levels Pursuant to current Redevelopment Law, the Housing Fund monies provided to the Authority under this Agreement must be spent in the following percentages on the identified income levels, which percentages may be modified from time to time as the Town's Regional Housing Needs Allocations are modified: • on Extremely Low Income Units • % on Very Low Income Units • on Low Income Units • % on Moderate, Low, Very Low or Extremely Low Income Units A-1 Coop Ag MHA 2-16-1 LDOC