Laserfiche WebLink
<br /> <br /> <br /> <br /> 12-2-10 <br /> <br /> RECORDING REQUESTED BY: <br /> CITY OF SANTA ANA <br /> <br /> AND WHEN RECORDED MAIL TO: <br /> <br /> City of Santa Ana - Housing Division <br /> 20 Civic Center Plaza, M-37 <br /> Santa Ana, CA 92702 <br /> <br /> <br /> <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 /> <br /> Recitals: <br /> <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 /> <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 /> <br /> <br /> 1 <br /> <br /> EXHIBIT 8 <br /> 39A-17 <br />