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