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EXHIBIT 2 <br />KEYSER MARSTON ASSOCIATES. <br />ADVISORS IN PUBLIC/PRIVATE REAL ESTATE DEVELOPMENT <br />MEMORANDUM <br />ADVISORS IN: <br />Real Estate <br />To: Judson Brown, Housing Division Manager <br />Affordable Housing <br />Economic Development <br />City of Santa Ana <br />BERKELEY <br />A. Jerry Keyser <br />From: Tim Bretz <br />Timothy C. Kelly <br />Debbie M. Kern <br />Parker Dietz <br />David Doezema <br />Kevin Feeney <br />Date: May 22, 2019 <br />Los ANGELES <br />Kathleen H. Head <br />James A. Rabe <br />Subject: 1126-46 East Washington Ave— Preliminary Financial Gap Analysis <br />Gregory D. Soo-Hoo <br />Kevin E. Engstrom <br />Julie L. Romey <br />At your request, Keyser Marston Associates, Inc. (KMA) prepared a preliminary financial <br />Tim R. Bretz <br />gap analysis for the project proposed to be developed at 1126 —1146 East Washington <br />SAN DIEGO <br />Paul C. Marra <br />Avenue (Site) by Related California (Developer). The Developer is proposing to <br />construct an 86-unit apartment project with 85 units restricted to extremely -low income <br />households (Project). One unit will be un-restricted and reserved for an on -site <br />manager. <br />EXECUTIVE SUMMARY <br />The Site consists of two adjacent parcels. The Housing Authority of the City of Santa <br />Ana (Housing Authority) owns one parcel totaling approximately 1.43 acres of land area <br />(Housing Authority Parcel). The County of Orange (County) owns an adjacent parcel <br />totaling approximately 0.85 acres of land area (County Parcel). Collectively, the Housing <br />Authority Parcel and the County Parcel are referred to as the "Site" in this analysis. The <br />Housing Authority and the County are working together to develop the Site with the <br />proposed Project. <br />The Developer is requesting the following assistance from the City of Santa Ana (City) <br />and the Housing Authority: <br />1. A long-term ground lease for the Housing Authority Parcel; <br />500 SOUTH GRAND AVENUE, SUITE 1480 > LOS ANGELES, CALIFORNIA 90071 > PHONE 213.622.8095 <br />1905019:SA:TRB <br />19090.017.019 <br />VAM.KEYSERMARSTON.COM <br />80B-19 <br />