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A-2O2O-241-1OA De Novo Planning Group MEMO A Land Use Planning, Design. and Environment-.' I - December 23, 2022 City of Santa Ana Planning Division Attention: Pedro Gomez, AICP, Senior Planner 20 Civic Center Plaza, Ross Annex M-20 Santa Ana, CA 92701 Via Email: pgomez@santa-ana.org SUBJECT: Revised Proposal for Peer Review of the Market Assessment and Economic and Fiscal Impact Analysis prepared for Cabrillo Town Center Dear Mr. Gomez: On behalf of De Novo Planning Group, thank you for the opportunity to submit this revised proposal to conduct a third party peer review of the "Market Assessment and Economic and Fiscal Impact Analysis for a Mixed -Use Development in Santa Ana, California (Cabrillo Town Center)" prepared for FRH Realty LLC by the Concord Group, dated May 2022. The purpose of the peer review is to verify the findings, assumptions and methodology contained within the report. It is our understanding the City of Santa Ana has received an application for a mixed -use project on an approximately 8.98-acre site located at 1901 E. Fourth Street. The Project proposes 507 housing units, including 449 rental units, 12 live/work units, and 58 for -sale townhomes, with an additional 6,000 square feet of retail. Under the direction of De Novo Project Principal, Starla Barker, AICP, our teaming partner, Economic & Planning Systems (EPS) will conduct the peer review. The following describes the tasks proposed to undertake review of the assumptions and findings contained in the above referenced Report. Task 1: Review of Submitted Market Analysis and Assumptions EPS will provide a high-level assessment of the key assumptions in the Report, including market rents and sale prices for both the residential and retail components of the Project. EPS will utilize Costar and publicly available data sources (e.g., U.S. Census and Department of Finance) to assess the appropriateness of the assumptions given the Project context (e.g., orientation, location, timeframe, etc.). Task 2: Review of Submitted Fiscal Impact Analysis Building on Task 1, EPS will evaluate the methodology and calculations for revenue and expenditures estimates contained in the Report to derive the net fiscal impact. The assessment will compare the assumptions and methodologies used with industry standard best practices and leverage EPS's experience in completing similar studies for California jurisdictions. To the extent any estimates appear potentially overly conservative or optimistic, EPS will conduct sensitivity analysis to indicate potential differences in results.