Item 12 - Density Bonus Agreement No. 2025-03

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DBA No. 2025-03 — Olive Crest (2130 East Fourth Street) June 23, 2025 Page 4 Project Description The development will consist of two identical, two-story buildings each 7,976 square feet in size, to be located towards the rear (south) of the existing site. As outlined in Exhibit 4, the Project would be developed with a gross density of 5.68 dwelling units per acre (du/ac) and a net density of 46.87 du/ac, well below the permitted 90 du/ac by the DC-3 land use designation. The units are designed as flats/apartments with Building Al having seven two - bedroom units and an area dedicated as Common Area, to include a community room, office, bathroom, and laundry area. Building A2 would include eight two -bedroom units. The unit sizes will vary between 761 and 785 square feet, and each unit will be fully equipped with a kitchen, bedrooms, bathrooms, and common living areas. As previously described, the Project will include affordable units, with three units designated for very low-income households earning 30-50 percent of the AMI which is currently $84,600 for a four -person household, as determined by the California Department of Housing and Community Development (HCD). Two affordable units would be included in Building A2, and would be 785 square feet in size. The additional affordable unit would be included in Building Al and would be 761 square feet in size. Like the market rate units, each affordable unit will be fully equipped with a kitchen, bedrooms, bathrooms, and common living areas, ensuring a high standard of living for future residents. The Project incorporates a combination of a contemporary/Mediterranean architectural style consistent with many multi -family and mixed -use residential communities currently under construction in Santa Ana and the surrounding region. The overall design, massing, materials, and architectural features are intended to be compatible with, yet distinct from multi -family residences existing and currently under construction in the MEMU. The architectural style is characterized by a combination stucco walls painted in a warm earth tone color, natural stone wainscoting along the building base, decorative louvers, window trims, and exposed rafter tails. Table 2 below details the Project's conformance to the MEMU development standards. Table 2: Development Standards Development Standards MEMO Standard Required/Allowed Provided Use Mixed -use Horizontal mixed -use (multi- family and professional offices) Density 90 du/ac 5.68 du/ac (net) and 46.87 du/ac (gross) Lot Size 30,000 square feet 115,029 (2.67 acres) Floor Area Ratio (FAR) 3.00 FAR 0.38 FAR Building Height Six stories (max.) Two stories Minimum Floor Heights 9-15 Feet 9'-l" ground; 9'-l" upper