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G. The Developer submitted Land Use Process III applications on December <br /> 30, 2016. The Hearing Examiner held a public hearing on May 18, 2017, and issued a <br /> decision on June 5,2017. <br /> H. The City and Developer have agreed to enter into this Agreement for the <br /> purpose of transferring the property to the Developer. Developer will not pay City money <br /> for the property. Instead, in consideration for the transfer,the Developer will: <br /> 1. Secure the financing necessary to finance the development and <br /> construction of the Low Barrier Facility; <br /> 2. Execute and record against the Property the "Use Restriction <br /> Covenant" in substantially the form as attached hereto as Exhibit C, which will cause <br /> the Property to be used for low barrier supportive housing pursuant to the terms of such <br /> covenant; <br /> 3. Execute and record against the Property the "Project <br /> Construction Covenant"in substantially the form attached hereto as Exhibit D,which <br /> will govern the development and construction of the Low Barrier Facility <br /> The development, construction, and operation of a Low Barrier Facility will provide <br /> benefit to the City by addressing chronic homelessness, which is anticipated to reduce <br /> public safety costs and other costs to the City. All in all,the City Council,by its approval <br /> of this Agreement, has determined that the value of such consideration is greater than <br /> ninety percent of the appraised fair market value of such property. The City's real <br /> property manager has determined that such property disposition as provided in this <br /> Agreement is commercially reasonable. <br /> I. In addition,the City Council,by its approval of this Agreement,has <br /> determined that the transfer of property under this Agreement is necessary support of <br /> the poor and infirm. <br /> J. In addition,the City Council,by its approval of this Agreement,has <br /> determined that the transfer of the property under this Agreement is for a fundamental <br /> purpose of government, in that the Low Barrier Facility is anticipated to alleviate <br /> chronic homelessness and to reduce City police costs and other public safety costs, and <br /> as such is for the preservation and promotion of the public welfare. <br /> In consideration of the mutual covenants and promises contained herein,and for <br /> other good and valuable consideration,the receipt and sufficiency of which are hereby <br /> acknowledged, City and Developer agree as follows: <br /> 2 <br /> 82 <br />