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c. a loan from the City of the $4,000,000 HDG funds, <br /> which loan shall be evidenced by a note and secured <br /> by a second deed of trust ("HDG Deed of Trust") on <br /> the Project; <br /> <br /> d. a $1,000,000 loan from California Housing Finance <br /> Agency under its State/Local Rental Housing Program. <br /> The loan shall be secured by a third deed of trust, <br /> subordinate to the City's HDG Deed of Trust; and <br /> <br /> e. the possibility of the syndication of the <br /> Project's tax credits. To allow for the possibility <br /> of a syndication, the ownership entity of the Project <br /> shall be a limited partnership, the general partner <br /> of which shall be Eden Housing, Inc. Notwithstanding <br /> the foregoing, no syndication shall occur without the <br /> City Council's prior approval of the specific terms <br /> and conditions of the syndication. <br /> <br />Section 2: The City Council hereby authorizes and approves the <br /> lease of the Project site to the limited partnership, the <br /> general partner of which shall be Eden Housing, Inc. The <br /> Ground Lease terms presented at this meeting are hereby <br /> approved, and the Mayor is hereby authorized and directed <br /> to execute and deliver the Ground Lease substantially in <br /> the form presented. The Short Form Ground Lease shall <br /> also be executed and recorded to provide notice of the <br /> existence of the Ground Lease. <br /> <br />Section 3: The City Council hereby authorizes and approves HUD's <br /> terms and conditions for the $4,000,000 Grant and the <br /> City's and HUD's terms and conditions for the $4,000,000 <br /> loan to the Project owner. The City Council hereby <br /> authorizes and approves the following documents substan- <br /> tially in the form presented at this meeting: <br /> <br /> 1. Housing Development Grant Agreement between the <br /> City and the Secretary of Housing and Urban <br /> Development; <br /> <br /> 2. Owner/Grantee Agreement between the City and the <br /> Project owner; <br /> <br /> 3. Housing Development Grant Covenants between the <br /> City and the Project owner; <br /> <br /> 4. Early Construction Start Certification to the <br /> Secretary of Housing and Urban Development made by <br /> the City and the Project owner; <br /> <br /> 5. HDG Promissory Note; <br /> <br /> 6. HDG Construction and Permanent Deed of Trust; <br /> <br /> 7. HDG Loan Agreement; and <br /> <br /> <br />