Item 23 - Density Bonus Agreement No. 2023-01: 4th and Grand (1212 E. Fourth Street)

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requested or provided. The Project will provide seventeen (17) total onsite parking spaces or 1.1 spaces per unit at a ratio of one (1) stall for studio or one -bedroom units, and one and one-half (1.5) stalls for two -bedroom units. 2.5 No Further Concessions, Incentives, or Waivers. Developer acknowledges and agrees that the concessions, incentives, and waivers set forth in section 2.3, and the parking requirements set forth in section 2.4, above, fully satisfy any duty City may have under the City Density Bonus for Affordable Housing, the Density Bonus Law, or any other law or regulation to provide any density bonus incentive or to waive any building, zoning, or other requirement in connection with a density bonus. By this Agreement, Developer releases any and all claims Developer may have against City in any way relating to or arising from City's obligation to waive requirements of or provide development incentives pursuant to the City Density Bonus for Affordable Housing and the Density Bonus Law applicable to the Project. 2.6 Unrestricted Units. The Project, for purposes of this Agreement, may have no more than fourteen (14) Unrestricted Units comprised of six (6) studio units, five (5) one bed -room units and three (3) two -bedroom units. Any change to the unit distribution of the Unrestricted Units may affect the comparability of the Affordable Units and is subject to City Manager approval. 2.7 Affordable Units. The Project, for purposes of this Agreement, shall have no less than one (1) Unit, which shall be comprised of one (1) one -bedroom unit designated as an Affordable Unit pursuant to the terms and conditions of this Agreement. The Affordable Unit shall be consistent with all City approvals, comparable in bedroom distribution and amenities to the Unrestricted Units, and shall be located throughout the Project as required under Santa Ana Municipal Code section 41-1602(c)(5). 2.8 Minimum Development Standards for Affordable Units. The Affordable Unit shall be constructed with the same exterior appearance and interior features, fixtures, and amenities, and shall use the same type and quality of materials as provided for any Unrestricted Units, regardless of whether such Unrestricted Units are in the Project. 2.9 Permits and Processing; Compliance with Laws. Developer, at its sole cost and expense, or as otherwise set forth in a separate written agreement, shall secure or cause to be secured any and all permits that may be required for development of the Project by City or any other federal, state, or local governmental entity having or claiming jurisdiction over the Property or Project. Upon securing any and all permits, and all necessary financing and property interests, Developer shall carry out and perform the development, operation, and maintenance of the Project or cause the performance of the development, operation, and maintenance of the Project, in conformity with all applicable federal, state, and local laws and regulations, and all conditions of approval issued by the City Council and City's Planning Commission for the Project. Any changes to the Project shall be reviewed by the City to determine compliance with this Agreement. If any changes to the Project shall materially alter the ability of Developer to comply with any terms of this Agreement in City's sole determination, then City and Developer shall meet and confer to address amendments and revisions to this Agreement as necessary. 501