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<br />500 SOUTH GRAND AVENUE, SUITE 1480  LOS ANGELES, CALIFORNIA 90071  PHONE 213.622.8095 <br /> 2106011.SA:KHH <br />WWW.KEYSERMARSTON.COM 19090.017.021 <br /> <br /> <br /> <br /> <br /> <br /> <br />ADVISORS IN: <br />Real Estate <br />Affordable Housing <br />Economic Development <br /> <br />BERKELEY <br />A. Jerry Keyser <br />Timothy C. Kelly <br />Debbie M. Kern <br />David Doezema <br />Kevin Feeney <br /> <br />LOS ANGELES <br />Kathleen H. Head <br />James A. Rabe <br />Gregory D. Soo-Hoo <br />Kevin E. Engstrom <br />Julie L. Romey <br />Tim R. Bretz <br /> <br />SAN DIEGO <br />Paul C. Marra <br /> <br /> <br />MEMORANDUM <br /> <br /> To: Judson Brown, Housing Division Manager <br />City of Santa Ana <br /> From: Kathleen Head <br /> Date: June 28, 2021 <br /> Subject: Housing Opportunity Ordinance: Updated In-Lieu Fee Analysis <br /> At your request, Keyser Marston Associates, Inc. (KMA) updated our May 2020 financial <br />analysis of the in-lieu fee that can be supported by residential development that is <br />subject to the City of Santa Ana (City) Housing Opportunity Ordinance (Ordinance). The <br />following memorandum describes the methodology and assumptions that KMA used in <br />preparing the analysis. <br />The results of the following analysis can be summarized as follows: <br />Supportable In-Lieu Fee: Housing Opportunity Ordinance Update <br /> Rental Residential Development $17.10 to $17.80/Sq. Ft. of Leasable Area <br /> Ownership Housing Development $13.00/Sq. Ft. of Saleable Area <br /> <br />BACKGROUND <br />Existing Ordinance <br />The Ordinance was originally adopted by the City Council on November 28, 2011. The <br />Ordinance has been amended multiple times; the most recent modifications were <br />adopted in September 2020. The Ordinance imposes inclusionary housing requirements <br />on residential development that embodies any of the following characteristics: