60A - 4TH AND MAIN MIX USE DEVELOPMENT

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Site Plan Review No. 2019-01 and Density Bonus Agreement No. 2019-01 — Fourth and Main Mixed -Use Residential and Commercial Development November 19, 2019 Page 7 1602(c)(5) requires that affordable units provided as part of a density bonus be "comparable" to any market rate units in the project. The proposed project complies with both the California Density Bonus Law and the City's Density Bonus for Affordable Housing Ordinance. As such, a Density Bonus Agreement has been prepared (Exhibit 4). The Developer has paid the City's Density Bonus Setup fee in the amount of $65,128.47 to prepare this agreement. Key Items in the Density Bonus Agreement The following is a list of key items agreed upon in the Density Bonus Agreement: • Affordable Units. The Project shall have eleven (11) affordable units which shall be comprised of three (3) studio units, (4) one -bedroom units, and four (4) two -bedroom units. The affordable units shall be restricted to use and occupancy by eligible households for a total period of no less than fifty-five (55) years including: o The affordable units in the Project shall at all times during the term of the Agreement be rented to very low-income tenants at 50% Area Median Income (AM I ). • Affordable Rent Schedule. The affordable rents shall be created in accordance with the Orange County, California Primary Metropolitan Statistical Area ("PMSA") as published by the California Department of Housing and Community Development ("HCD"), adjusted for family size, and shall be updated no less than annually. • Marketing and Resident Selection Plan. Developer shall prepare and obtain City's approval a marketing program and resident selection plan for the leasing of the affordable units at the project prior to occupancy. • Selection of Tenants. The 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 issued by the Housing Authority of the City of Santa Ana or any other Public Housing Authority. Implementation of the preference will be monitored by staff in the Community Development Agency. • Monitoring. Developer agrees to pay a reasonable fee for the City's obligation to monitor Owner's compliance with the affordability restrictions contained in the Agreement. • Rental Lease Agreement. Developer shall prepare and obtain City's approval of a rental Tease agreement consistent with the terms contained in this Density Bonus Agreement. • Onsite Parking Management Plan. Developer has provided a parking management plan attached to the agreement. The Density Bonus Agreement has been signed by the Developer to acknowledge their acceptance of the terms. The Agreement is not considered final until the City Council has reviewed and approved the Agreement and the Agreement is executed by all parties. Onsite Parking The City has identified the Transit Zoning Code area for high -intensity, mixed use development in order to reduce demands for parking and traffic impacts. To address community concerns regarding 60A-7