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33. AMENDMENT TO THE DEVELOPER AGREEMENT BETWEEN MESA BROADWAY PROPERTY LIMITED PARTNERSHIP AND MARICOPA COUNTY COMMUNITY DEVELOPMENT DEPARTMENT MARICOPA HOME CONSORTIUM Approve Amendment No.2 to the developer agreement (C-17-02-001-0-ZZ and C-17-02-018-0) between Mesa Broadway Property Limited Partnership, a for-profit limited partnership, as executed by Mesa Broadway Community Housing, LLC, general partner and Maricopa County. The amendment is to extend affordability period for the project for an additional two more years, until no earlier than March 1, 2024. The amendment will also extend the term on the Urban County HOME Loan Agreement-Attachment VIII, Exhibit B, Promissory Note, by extending the term an additional two (2) years and allow the Note to be due and payable in full upon no earlier than (a) twenty two years after completion of construction, or (b) March 1, 2024. Approve an updated Subordination Agreement to subordinate the Maricopa County Deed of Trust and Note to Freddie Mac - primary lien holder. All other provisions and requirements of the Urban HOME Loan agreement remain unchanged and are in full force and effect. This Amendment #2 does not impact the County’s General Fund. The HOME Loan Agreement was executed in October 2001 and project was completed in 2002. Total project cost was $10.3 million and Maricopa County provided $400,000 of HOME funds for the construction of Ventana Estates, an affordable rental housing apartment community in Mesa. The project accomplished low-income housing for the community. The County required that at least six (6) of the units in the project be for household whose income is at or less than 50% Area Median Income (AMI). The project is currently refinancing their primary debt and in order to match the terms of the first lien holder, Maricopa County, is extending the term of the loan and the required affordability restrictions by two years until March 1, 2024. This program is funded through a grant from the U. S. Department of Housing and Urban Development. (C-17-02-018-0-02)

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