80A - JOINT - TINY TIM PLAZA - Laserfiche WebLink

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Loan Agreements with Tiny Tim LP April 16, 2019 Page 4 Tiny Tim Plaza was first developed between 1962 and 1963 as a commercial center consisting of two freestanding, single -story commercial buildings and a separate automotive repair facility. Since its construction in the early 1960s, minor alterations to the site have been constructed, mostly in the form of interior tenant improvements to individual businesses. In 2013, following approval of a conditional use permit to allow the sale of alcoholic beverages for onsite consumption, the site's landscaping, parking lot, and trash enclosure were upgraded. In late 2016, the Community Development Partners ("CDP) first submitted plans to construct the proposed project. Following input from the community and from the City's Development Review Committee, the plans were revised to lessen the number of residential units, increase the number of onsite parking spaces for the residential component of the project, and to enhance the onsite amenities and architecture. In addition, CDP eliminated all studio and one -bedroom units and revised the project to satisfy the City's goal of providing family-oriented affordable housing. The new project design was approved in November 2017. Ownership The project will be owned and operated through a partnership between CDP and Mercy House. Community Development Partners will be the lead developer for the project. CDP is focused on transformative change responsible for creating life -changing affordable development projects that adhere to strict standards of environmentally, socially, and economically responsible buildings and communities. CDP is an experienced multifamily and mixed-use developer focused exclusively on creating and preserving vibrant housing communities. The company's principals have over 30 years of combined experience working with cities and public agencies to bring new investment into existing neighborhoods. As the primary developer and the representative lead for the project team, CDP will ensure the success of the future development. Formed in 2011 by leaders in the field of residential housing development, CDP has successfully built a portfolio of 22 unique projects comprising over 1,650 units and $350 million in total development costs. CDP is committed to improving the communities in which it works by not only providing quality affordable housing developments, but also ensuring that all CDP developments are sustainable and enhance the fabric of the overall community. Their infill communities are more than just housing. Their designs focus on creating activated centers of culture and education for the surrounding community in addition to fulfilling the basic housing needs of low-income residents. CDP has a strong focus on the integration of the arts community by incorporating artwork and ongoing art programming into the supportive services through partnerships with local artists. CDP currently operates 18 affordable rental -housing properties, with over 1,450 units. Included in those properties is The Orchard in Santa Ana, which provides all 71 units of supportive housing for chronically homeless persons, in partnership with Mercy House. In addition, Mercy House and CDP are scheduled to begin construction in 2019 on Aqua Housing, a new 57 -unit supportive housing property in Santa Ana. Mercy House will be the lead service provider offering high-quality supportive services that are designed to help low-income and formerly homeless residents maintain stable housing and generate positive changes in their lives. Mercy House has been providing supportive services • I .