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AHSC Resolution, Density Bonus Agreement, and Mitigated Negative Declaration February 5, 2019 Page 7 When analyzed cumulatively, the two requested concessions could be avoided if the project were designed using a different site plan or constructed using a different type of construction (steel- frame/Type I versus wood/Type III). If the project were designed with a multi-level parking and/or subterranean parking structure, or if the applicant used different building materials to construct a taller project, additional area on site would become available to provide open space and parking, and would allow the project to meet the required front yard setback. However, these changes would substantially increase the project's total development costs and result in a project that would exceed the maximum permitted building height, resulting in the affordable housing project becoming financially infeasible due to the significantly increased financial implications of an alternative construction type. Key Terms in the Density Bonus Agreement The following is a list of key terms agreed upon in the Density Bonus Agreement: 1. Term of Agreement. The term of the Agreement shall commence on February 5, 2019 and shall continue until the date that is fifty-five (55) years after the City issues the last certificate of occupancy for the Project. 2. Project. Developer shall develop, operate, and maintain the property as a ninety-three (93) unit affordable residential rental community, with ninety-two (92) affordable units and one (1) unrestricted unit (Manager's Unit). Each Affordable Unit shall be restricted to use and occupancy by an Eligible Household for a total period of no less than fifty-five (55) years 3. Unit Mix. No less than seventy-five (75) Affordable Units in the Project shall at all times during the term of the agreement be rented to, or held vacant and available for immediate occupancy by Very Low Income Tenants (< 50% AMI) and no less than seventeen (17) Affordable Units in the Project shall at all times be rented to, or held vacant and available for immediate occupancy by Low Income Tenants (<60% AMI). 4. Affordable Rent Schedule. The rents shall be determined by the regulatory agreements entered into between the developer and the California Tax Credit Allocation Committee and the California Debt Limit Allocation Committee governing the project. 5. Selection of Tenants. Developer shall give preference in leasing units to households that live and/or work in the City of Santa Ana or who have an active Housing Choice Voucher. 6. Application and Financial Preparedness. Developer shall submit for review and approval by the City a booklet to inform interested persons regarding minimum application and eligibility requirements and to assist interested persons with application and financial preparedness and eligibility for residency at the Project at the initial leasing of the units. Developer shall also work with the City to hold a minimum of two workshops to be coordinated by the Developer at least 12 months prior to the initial leasing of the units. 7. Marketing Program. Prior to Certificate of Occupancy, Developer shall prepare and obtain City's approval of a marketing program for the leasing of the Affordable Units at the Project. 8. Onsite Supportive Services, Programs and Amenities. Developer shall provide residents of the Project access to discounted or no -cost onsite supportive services, programming, and amenities that promote child development, youth development, senior independent living, and economic mobility and include but are not limited to: health and wellness services, transportation services, social activities, and physical or recreational amenities. 9. Local Sourcing Plan. Developer agrees to make a good faith effort to encourage contractors and suppliers to hire and procure locally. Prior to issuance of building permit, Developer shall develop and submit to the Community Development Agency a local sourcing plan for the Project targeting, to the extent feasible, the hiring of qualified workers, construction contractors, or the purchasing of goods locally within the City of Santa Ana. 75A-7