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<br /> <br /> <br />BIA members experienced in the development of both market rate and affordable housing have <br />closely reviewed the KThe conclusion <br />of this review is clear: KMA vastly overstates the prototypical <br />supportable in-lieu fee. BIAOC analysis supporting this conclusion is attached hereto <br />as Attachment A. <br /> <br />Given all this, BIA respectfully requests that this Council direct KMA to revisit its assumptions <br />based on the data set forth in Attachment A. Until that is done, this Council should not proceed <br />with any changes to the current HOO. <br /> <br />Thank you for your thoughtful consideration. <br />Ɏ <br />Respectfully, <br /> <br />Steven C. LaMotte <br />Executive Officer <br /> <br /> <br /> <br /> <br />ATTACHMENT A <br /> <br />Santa Ana Housing Opportunity Ordinance <br />Review of KMA Analysis <br /> <br />Conclusion: <br />Residential Development that overstate the prototypical <br />supportable in-lieu fee, including: <br /> <br />1. Acquisition / land costs are significantly understated. <br /> <br />Ώ KMA assumed $43,560 per Unit or $60 per Land SF <br /> <br />Ώ BIA that higher land costs of $65,000 to $100,000 per <br />Unit are more realistic. <br /> <br />Ώ well as the <br />supportable in-lieu fee. <br /> <br /> <br /> <br /> <br /> <br />