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EXHIBIT 2 <br />Terri Eggers /Judson Brown, City of Santa Ana June 221 2023 <br />Bewley Street —Preliminary Financial Gap Analysis Page 3 <br />2. The Developer has secured $1 million in fundraising dollars. <br />3. The Developer has committed to securing at least $1.50 million in additional <br />fundraising dollars for the Project. <br />4. Illumination Foundation, or one of it's affiliated legal entities, proposes to <br />provide an approximately $2.77 million loan to the Project. <br />PROJECT 01-St WIP I 1 <br />The Developer currently owns the Site. The Site was formerly used by the Sisters of Holy <br />Cross as a convent and preschool. The Site is improved with the following uses: <br />1. Two (2) two-story residential buildings totaling 7,032 square feet of GBA; <br />2. A 1,230 square foot preschool building; and <br />3. Multiple storage sheds and a covered patio. <br />The Developer proposes to complete the following scope of development: <br />1. Convert the two residential buildings into eleven rental units comprised of the <br />following unit mix: <br />a. Two (2) one -bedroom units; <br />b. Seven (7) two -bedroom units; and <br />C. Two (2)three-bedroom units. <br />2. Construct an accessory dwelling unit (ADU) to be used as offices for <br />programming. <br />3. Renovate the existing preschool building to continue as a preschool use.' <br />1 Per the Developer, Head Start will be responsible for any costs associated with the preschool operation. <br />It is KMA's understanding that costs for the preschool space were not included in the development <br />budget information provided by the Developer. <br />2306002v3.SA.TRB <br />19090.018.028 <br />