60A - 2ND READING NO. 2018-01 2525 MAIN

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EXHIBIT 1 MEMORANDUM To: Honorable Mayor and City Council City Manager Ridge From: Minh Thai, Executive Director Planning and Building Agency Date: December 19, 2019 Subject: 2525 N. Main Project 2nd Reading of December 17, 2019 Follow During the City Council 2nd reading discussion regarding the 2525 N. Main project on December 17, 2019, questions were raised regarding a two -page submission (Attachment 1) by a member of the public. Below is a clarification of the two -page submission in a Q & A format. Question 1: From what document did the two -page submission come from? Response: The two -page submission is an excerpt from a 51-page economic analysis completed by the Concord Group ("Concord Study' or "Study') commissioned by the applicant. The Study was submitted by the applicant as part of their project application. Question 2: What information is represented on the submitted pages? Response: The first page is the title page of the Study. The second page is part of a two -page exhibit shown in the Study identifying the existing inventory as well as the location and construction status of multifamily development projects in the local market area. The complete exhibit is shown on pages 16 and 17 of the Study. See Attachment 2. Question 3: The table in the excerpt identified "Map Key" No. 6 as a project located at "2525 Main St." consisting of 272 units under construction with a forecasted completion year of 2019. Is this the same project being considered by the City Council? Response: No. The project identified in the Study is a project located in the City of Irvine within the Irvine Business Complex (IBC). Question 4: Did the City Council receive a copy of the Concord Study? Response: Yes. The Concord Study was delivered to the City Council as Exhibit 10 to the February 5, 2019, City Council RFCA for the project. Attachment 3 is a complete copy of the Study. 60A-4