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Chapter 3 Flndings Regarding Protect Alternat)ves Findings The Agency hereby Finds that specific economic, legal, social, technological, or other considerations make the adoption of this alternative infeasible. Specifically, Alternative 5 would reduce the number of residential units by 11 and would increase costs to the Agency by approximately $6.62 million, according to the Financial analysis prepared by Keyser Marston Associates (KMA) for the City of Santa Ana (as updated on May 22, 2010) and included in Appendix J of the EIR. Additionally, this alternative would cost the Agency approximately $56,800 more per unit than the proposed Developer Project, due primarily to the substantial rehabilitation and relocation costs that would be involved in this alternative. (See Appendix J (updated).) This represents a 39% increase in per unit costs. This is a significantly less efficient and effective way to spend the funds available for redevelopment of the Agency-owned parcels than the proposed Developer Project. The siQniFicant additional cost to the Agency of this Alternative renders it economically infeasible. Further, under Alternative 5, the proposed park identified in the Developer Project would no longer be included as a project component. The park was one element of several in the overall vision for development of the Agency-owned properties. The selection of Alternative 5 effectively elinunates the ability to construct a park on the block on which it is currently envisioned given that the three structures currently located on the Agency-owned properties within that block would remain under Alternative 5. Finally, Alternative 5 would not meet the objective of the Developer Proposal to redevelop all of the Agency-owned properties. Nor would it meet the objective of providing an economically viable redevelopment scenario fox Agency-owned properties, as explained above. In light of these considerations, the Agency rejects this alternative as infeasible. ~ Alternative 6: Rehabilitate 611 N. Minter Street in Place Description This alternative would be identical to the proposed Developer Project, with the exception that the bungalow court located at 611 N. Minter Street would be retained and rehabilitated. Once rehabilitated, the units at 611 N. Minter Street would be offered for rent to very-low and extremely-low income households. Alternative 6 would provide 88 rental units, of which 85 would be available to low, very-low and extremely-low income households, and would provide 32 ownership units, of which six units would be available for sale to households meeting the Orange County criteria for Moderate Income. In total, this Alternative would provide approximately 36 fewer low, very-low and extremely-low income units than the proposed Developer Project. (See EIR Appendix J (updated) [Alternatives Testing: Financial Analysis], 'Table 1, Alternatives Analysis.) Findings The Agency hereby finds that specific economic, legal, social, technological, or other considerations make the adoption of this alternative infeasible. Specifically, as described above, construction of affordable housing units is critical to meeting the City's RHNA for 2006-2014. The location of the 611 N. Minter Street property at the southeast corner of 3-12 Transit Zoning Code (SD 84) EIR Findings of Fact/Statement of Overriding Considerations