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ER No. 2019-85/DBA No. 2020-01/SPR No. 2020-01/SPR No. 2020-02/DDA November 17, 2020 Page 13 The parking study supports the parking ratio of one space for every studio and one bedroom and two spaces for every two -bedroom unit for variety of factors. These include the project's proximity to existing and future mass transit, such as standard bus service, high-capacity/express bus service, the Santa Ana Regional Transportation Center, and the under -construction OC Streetcar; the project's location within a high amenity, mixed -use environment with shopping and major employment centers nearby; and proximity to nearby existing parking facilities, including parking structures, parking lots, and on -street parking. Key Terms in the Density Bonus Agreement The following is a list of key terms agreed upon in the Density Bonus Agreement: • Affordable Units. The project shall have nineteen (19) affordable units which shall be composed of ten (10) studio units, six (6) one -bedroom units, and three (3) two -bedroom units. The units shall be evenly distributed among all levels of the project. 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. • 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. • 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 lease agreement consistent with the terms contained in this Density Bonus Agreement. • On -Site Parking Management Plan. Developer has provided a parking management plan attached to the agreement. The City may enforce the provisions of the parking management plan against the Developer at the City's sole discretion. • Payment of Density Bonus Setup Fee. Developer must pay the Density Bonus Setup Fee in the amount of $56,697.12 prior to the issuance of building permits for the project. 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. 75A-13