80A - JOINT - LOAN AGMT AND VOUCHER AGMTS DEPOT AT SANTIAGO

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Depot at Santiago Loan Agreement & Vouchers May 20, 2013 Page 2 consider proposals for new construction or acquisition and rehabilitation projects. It also identified a number of criteria that would be used to evaluate proposals, including the experience and track record of the development team in both developing and managing affordable projects, project readiness, proposed levels of affordability, the location of the proposed project, and leveraging of City funds with outside sources. The RFP was published on the City's website, and letters announcing its availability were sent to 153 individuals and firms who had previously requested to be informed of development opportunities. Two developers submitted questions regarding the RFP. A third developer submitted the only proposal that was received. The City's review team was made up of senior staff members from the City's Planning and Building Agency, and from the Community Development Agency's Administrative/Successor Agency and Housing Development Divisions. The team met on April 3, 2013 to review the proposal. It was determined that the proposal met and/or exceeded the submission requirements of the RFP, and unanimously recommended that it be submitted to City Council for approval. The proposal was submitted by a partnership composed of Orange Housing Development Corporation, Magis Realty, and C&C Development. They have tentatively chosen to name their partnership the Depot at Santiago, LP. Over the past twenty years, Orange Housing Development and C&C Development have partnered with each other and with the City and other municipalities on many successful affordable housing projects. Their most recently completed project is Terraces at Santiago, a 36- unit new construction project located at 605-611 E. Washington. Magis Realty is a real estate development and consulting firm focused on mixed use, multifamily and hospitality developments. The proposed mixed use project will be known as the Depot at Santiago, and is located within the Station District at the Northeast corner of Santa Ana Blvd. and Santiago Street (Exhibit 1). The developer has control of the site which is currently occupied by a collection of small, single tenant industrial units and a contractor's yard. The developer will be required to work with a qualified relocation consultant. When completed, the project will be comprised of 70 one, two and three bedroom rental units, 8,500 square feet of retail space, and a 3,000 square foot community room. The project will be designed to meet the Transit Zoning Code's "California Contemporary" architecture standard, and to achieve a LEED Gold certification, and adhere to all development and processing requirements. The developer has already held several meetings with surrounding community members, and will be conducting additional outreach throughout the planning process. The proposed unit mix and levels of affordability are as follows: Bedroom Size Square Feet 30% AMI 40% AMI 50% AMI 60% AMI Total 1 Bedroom 875 2 3 6 3 14 2 Bedroom 1,085 2 6 11 10 29 3 Bedroom 1,350 3 5 11 7 26 Totals 7 14 28 20 69 8OA-2