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12-2-10 <br />RECORDING REQUESTED BY: <br />CITY OF SANTA ANA <br />AND WHEN RECORDED MAIL TO: <br />City of Santa Ana - Housing Division <br />20 Civic Center Plaza, M-37 <br />Santa Ana, CA 92702 <br />DENSITY BONUS AGREEMENT <br />WITH AFFORDABLE HOUSING REQUIREMENT <br />(2034-2038 N. Bush Street, Santa Ana, CA) <br />THIS DENSITY BONUS AGREEMENT WITH AFFORDABLE HOUSING <br />REQUIREMENT, is made and entered into this day of , 2010, by and <br />between the City of Santa Ana, a charter city and municipal corporation of the State of California <br />("City"), and Santa Ana WBBB, L.P. ("Developer"). <br />Recitals: <br />1. Section 41-1600 et seq. of the Santa Ana Municipal Code and section 65915 et <br />seq. of the California Government Code set forth the process to provide increased residential <br />densities to property owners who guarantee that a portion of their residential development will be <br />available to low income, very low-income, or senior (also known as "qualified") households. <br />These regulations are intended to materially assist the housing industry in providing adequate <br />and affordable shelter for all economic segments of the community and to provide a balance of <br />housing opportunities for very low income, low income, and senior households throughout the <br />City. <br />2. Developer is proposing to the City to develop five (5) residential rental units (the <br />"Project") on the Property located at 2034-2038 N. Bush Street in the City of Santa Ana (the <br />"Property") legally described as set forth in Exhibit A, attached hereto and incorporated herein. <br />The Project is more particularly set forth in Density Bonus Application No. 2010-02, <br />Environmental Review No. 2010-101, and Development Plan Review No. 2010-27. <br />3. The Project is currently being negotiated through a Disposition and Development <br />Agreement with the Community Redevelopment Agency of the City of Santa Ana ("Agency") <br />and close of escrow shall occur when the Developer obtains the entitlement, private activity bond <br />financing, tax credits and a residual receipts loan from the City and the Agency necessary to <br />develop five (5) multi-family rental units on the Property (the "Close of Escrow"). <br />4. The maximum number of dwelling units which may be developed on the Property <br />under applicable provisions of the City's general plan is 28, and 3 under the provision of the <br />zoning ordinance, without a density bonus. <br />EXHIBIT 8 <br />39A-17