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Density Bonus Agreement for 1212 E. Fourth Street <br />October 17, 2023 <br />Page 10 <br />the project. In addition, these changes would reduce the number of units that could be <br />constructed on the site and therefore eliminate the affordable housing unit that would <br />result from the project. <br />In addition, the changes would increase development costs and reduce the financial <br />feasibility of redeveloping the site, resulting in the affordable housing project becoming <br />financially infeasible due to the significantly increased financial implications. Lastly, the <br />proposed deviations are necessary to make the project economically feasible for the <br />applicant to utilize a density bonus authorized for the development pursuant to Section 41- <br />1603 of the SAMC. <br />Public Notification and Community Outreach <br />Project notifications were posted, published, and mailed in accordance with City and <br />State regulations. In addition, staff contacted the provided contacts for the Saddleback <br />View Neighborhood Association to ensure they were aware of the project and public <br />hearing. At the time this report was printed, no issues of concern were raised regarding <br />the proposed development. <br />ENVIRONMENTAL IMPACT <br />Pursuant to the requirements of the California Environmental Quality Act (CEQA), an <br />Environmental Impact Report (EIR) was prepared and certified in 2010 in order to <br />address the potential environmental impacts associated with the Transit Zoning Code. A <br />mitigation monitoring and reporting program (MMRP), findings of fact, and a statement <br />of overriding consideration were adopted with the 2010 EIR. <br />As proposed, the development is not anticipated to have additional environmental <br />impacts not addressed in the 2010 EIR. Therefore, no additional environmental review <br />will be required. Based on this analysis, a Notice of Exemption, Environmental Review <br />No. 2022-04 will be filed for this project. However, all applicable mitigation measures in <br />the original EIR and associated MMRP will be enforced. <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />EXHIBIT(S) <br />1. Resolution — Density Bonus Agreement <br />2. Draft Density Bonus Agreement <br />3. August 28, 2023 - Planning Commission Staff Report and Exhibits <br />Submitted By: Minh Thai, Executive Director of Planning and Building Agency, and <br />Michael L. Garcia, Executive Director of Community Development Agency <br />Approved By: Steven A. Mendoza, Assistant City Manager <br />