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RECORDING REQUESTED BY: <br /> AND WHEN RECORDED MAIL TO: <br /> City of Santa Ana <br /> Clerk of the Council <br /> 20 Civic Center Plaza(M-30) <br /> P.O. Box 1988 <br /> Santa Ana,California 92702 <br /> Attention: Clerk of the Council <br /> Free Recording pursuant to <br /> Return FULLY EXECUTED Government Code 27383 <br /> iNSURANCE NOT REQUIRED COPY to City Cleric, M-30 <br /> WORK RIAY PMAVE2D 2025 DENSITY BONUS HOUSING'AGREEMENT A-2025-030 <br /> CITY CLERK <br /> DATE: This DENSITY BONUS HOUSING AGREEMENT ("Agreement"), made and entered <br /> I lh�lL 41nf1 it z G ) into this 5 day of F , 202y, by and between the City of Santa Ana, a charter city <br /> and municipal corporation of the State of California ("City"), and Caribou Industries, Inc., a <br /> Nevada corporation ("Developer"). City and Developer are sometimes referred to collectively as <br /> the "Parties" and individually as a "Party." <br /> RECITALS <br /> A. The City owns that certain property located within the City of Santa Ana, County <br /> of Orange, State of California, commonly known as 201 West 3`d Street, Santa Ana, California, <br /> 92701, and legally described as set forth in Exhibit A attached hereto and incorporated herein by <br /> this reference as if set forth in full ("Property"). <br /> B. Based on the reasons identified in the Disposition and Development Agreement <br /> between the Parties, the City desires to convey the Property and the Developer desires to accept <br /> the Property for the purpose of development of the Project as defined herein. <br /> C. Developer is proposing to construct a mixed use commercial and residential <br /> development consisting of one-hundred and seventy-one (171) residential rental units and 13,419 <br /> square feet of commercial space on the Property, in addition to a parking structure and hotel, as <br /> more particularly set forth in Density Bonus Application No. 2020-01 and Site Plan Review <br /> No.2020-01 ("Project"). <br /> D. Santa Ana Municipal Code sections 41-1600, et seq. ("City Density Bonus for <br /> Affordable Housing"), and California Government Code sections 65915, et seq. ("State Density <br /> Bonus Law"), set forth a process to provide increased residential densities and/or incentives, <br /> concessions, or waivers to property owners or developers who guarantee that a portion of their <br /> residential development will be available to low income, very-low income, or senior(also known <br /> as "qualified") households. These regulations are intended to materially assist the housing industry <br /> in providing adequate and affordable housing for all economic segments of the community and to <br /> provide a balance of housing opportunities for very-low income, low income and senior <br /> households throughout the city. <br /> 1 <br />