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G 4,ti�BRAy,I4 <br />� G� <br />KEYSER MARSTON ASSOCIATES <br />MEMORANDUM <br />ADVISORS IN: <br />Real Estate To: <br />Terri Eggers, Homeless Services Division Manager <br />Affordable Housing <br />Economic Development <br />Judson Brown, Housing Division Manager <br />BERKELEV <br />City of Santa Ana <br />A. Jerry Keyser <br />Timothy C. Kelly <br />Debbie M. Kern From: <br />Tim Bretz <br />David Doezema <br />EXHIBIT 2 <br />Los ANGELES <br />Date: June 22, 2023 <br />Kathleen H. Head <br />James A. Rabe <br />Gregory D. Soo-Hoo <br />Subject: Bewley Street— Preliminary Financial Gap Analysis <br />Kevin E. Engstrom <br />Julie L. Romey <br />Tim R. Bretz <br />At your request, Keyser Marston Associates, Inc. (KMA) prepared a preliminary financial <br />SAN DIEco <br />gap analysis for the project proposed to be developed at 918 North Bewley Street (Site) <br />Paul C. Marra <br />LinnieA. Gavino <br />by Illumination Foundation (Developer). The Site is currently comprised of two <br />residential buildings totaling 7,032 square feet of gross building area (GBA), a 1,230 <br />square foot preschool building, and two storage sheds. The Developer proposes to <br />rehabilitate the existing residential buildings and construct a new accessory dwelling <br />unit on the Site. The Developer proposes to create a total of eleven (11) permanent <br />supportive housing (PSH) units on the Site for the following purposes: <br />1. Eight (8) units restricted to homeless Transition Age Youth (TAY); <br />2. Two (2) three -bedroom units structured as shared housing and restricted to <br />homeless senior citizens households; and <br />3. One (1) unrestricted unit for an on -site manager (Project). <br />The Developer is requesting financial assistance from the City of Santa Ana (City) for the <br />purposes of developing the Project. The purpose of this KMA analysis is to provide a <br />preliminary evaluation of the Developer's request for assistance from the City. <br />777 SOUTH FIGUEROA STREET, SUITE 2555 , LOS ANGELES, CALIFORNIA 90017 PHONE 213.622.8095 <br />WWW.KEYSERMARSTON.COM <br />2306002v3.SA.TRB <br />19090.018.028 <br />