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Santiago Street Lofts Development <br />April 19, 2004 <br />Page 4 <br />the five lots required to create a 4.38 -acre development site. The <br />development will consist of 108 live /work units with sizes ranging from <br />1,500 to approximately 2,300 sq. ft. Each unit will also have a designated <br />"commercial" space on the ground floor to encourage the development of <br />small entrepreneurial businesses and provide an active pedestrian scene <br />immediately adjacent to the Santa Ana Regional Transportation Center. <br />As part of an effort to ensure the project's long -term success, the <br />developer commissioned two different marketing studies to confirm the <br />viability of this live /work development. The target market was identified <br />as creative professionals looking for a high degree of mobility as well as <br />access to an active urban core. The project was strategically located <br />immediately adjacent to The Depot and the 5 Freeway and will serve as a <br />gateway into the Downtown. The DDA and the corresponding development it <br />facilitates fulfill the City's goals for the area by improving land -use <br />potential and implementing market rate housing along Santa Ana Boulevard. <br />Based upon the market pro forma, the new development will generate an <br />additional $400,000 in annual property tax increment. <br />Grading and off -site work is anticipated to commence in May 2004, while <br />completion of the models along Santiago Street south of Santa Ana Boulevard <br />is expected by November 2004. <br />FISCAL IMPACT <br />The proposed project will generate $1,620,000 in land sale proceeds and <br />approximately $400,000 in annual property tax increment. <br />if P& <br />40ii P. Reekstin <br />xecutive Director <br />Community Development Agency <br />24 <br />Stephen G. Har ing <br />Executive Director <br />Planning and Building Agency <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />VII V <br />Rod R. Coloma rA <br />Executive Director <br />Finance & Management Services Agency <br />BSP:rb <br />bsp \staff reports\ cup04- 03zoa04- O1spr04- O1ttm04- 0l.joint cc -cra /` <br />5 <br />