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manatk Santa Ana City Council Janaury 17, 2020 Page 2 First, what is the document that is being discussed? The "paperwork" that is referenced is a report titled, "Market Feasibility Assessment and Fiscal Impact Analysis for an Apartment Development at 2525 Main Street, Santa Ana, CA, Final Report (December 11, 2017)" prepared by The Concord Group. A copy is attached. Second, who prepared this study, what is the source of the study and why was it prepared? The Concord Group prepared this study for the Applicant. The Concord Group is a national firm that provides real estate advisory services to U.S, and international developers, homebuilders, financial institutions, and public -sector agencies. The study was prepared for the Applicant, and the Applicant submitted the study to the City. It is common practice for developers, including this Applicant, to have third party economic studies prepared to study the economic impacts and market data for a development proposal. The purpose of the study is to assess the feasibility of the proposed project or whether it should be changed to better address, among other factors, market demands. Third, has this study been submitted to the City? Yes, this study was submitted to the City and was attached as Exhibit 10 to the Staff Report prepared for the City Council hearing on February 5, 2019. The entire study, including the chart that was presented to the City Council at the December 17a' hearing was included in the materials distributed to the City Council in February 2019, The study is 52 pages, and can be found at: https://santaana.graiiieus.com/MetaViewer.php?view—id=2&clip_id=2225&meta—id=81955 Fourth, what information was presented to the Council and what did it say about the Addington (2525 Main) Project? Ms. Helvig selected one page from the 52 page report, and characterized the information inaccurately and presented it totally out of context, thereby creating considerable confusion, and grossly misrepresenting the facts about the Addington (2525 Main) Project, Ms. Helvig presented information about a multifamily project being developed in the City of Irvine at the corner of Main Street and Von Karman which has the same address — 2525 Main— and intentionally mislead the Council by claiming that it was the Addington (2525 Main) Project in Santa Ana. Intentional is a strong word, but the report included a map (described below) which clearly showed a project called "2525 Main" in the City of hvine. Ms. Helvig tools a 272 unit project that is clearly mapped as being located in the City of Irvine and misled the Council by claiming it was the Addington project in Santa Ana.