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Inclusionary Housing Plan and Agreement <br />February 17, 2015 <br />Page 2 <br />The affordability gap is a good measurement of the impact of the inclusionary requirements. In <br />this case, the cost to provide the Inclusionary units on -site exceeds the amount of the in -lieu fee <br />for providing the units on -site. Approval of the in -lieu fee will allow for the construction of a new <br />mixed -use multi - family project on a 7.6 -acre site located in the Harbor Mixed Use Transit Corridor <br />Specific Plan area (SP -2). <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's efforts to meet Goal No. 3 Economic Development, <br />Objectives No. 2 (create new opportunities for business /job growth and encourage private <br />development through new General Plan and Zoning Ordinance policies) and No. 5 (leverage <br />private investment that results in tax base expansion and job creation citywide) of the Santa Ana <br />Strategic Plan. Moreover, approval of this item supports Goal No. 5 Community Health, <br />Livability, Engagement & Sustainability, Objectives No. 3 (facilitate diverse housing opportunities <br />and support efforts to preserve and improve the livability of Santa Ana neighborhoods) and No. 4 <br />(support neighborhood vitality and livability). <br />FISCAL IMPACT <br />Funds received will be deposited into the Inclusionary Housing Fund account (No. 41718002- <br />57896). <br />Vince Fregos , AICP / <br />Interim Executf erector <br />Planning & Building Agency <br />0 <br />Kelly Re der <br />Executiv Director <br />Community Development Agency <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />Francisco Gutierrez s� <br />Executive Director <br />Finance & Management Services Agency <br />AP:rb <br />epWARopons Staff Reports for COWTTM14,01 In Lieu Fee C &C North Harbor Dovt.cc <br />Exhibit: 1. Inclusionary Housing Agreement <br />25G -2 <br />