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City of Santa Ana Community Development Agency Request for Proposals for Housing Successor Agency Properties Page 7 necessarily limited to the amounts and frequency of loan repayments (all sources), annual rent increases, occupancy levels, operating costs as a percent of revenue, timing and amounts of replacement costs. The developer should indicate whether the cost estimates in the Sources and Uses budget assume the payment of Davis Bacon wages and relocation benefits, if applicable. The pro forma must include a calculation of the return on investment to the developer. This will enable the Agency to evaluate the reasonableness of the level of profit or return on owner’s or developer’s investment in a project. 3. Projected Rental Income. Include evidence that the rental income shown in the pro forma is reasonable and achievable. If proposing all rents to be at extremely low, very low, or low income, include a market study that supports that this is achievable. 4. Proposed Development Schedule. Taking as a starting point City Council approval of the proposed site agreement, provide a proposed development schedule that includes the following milestones at a minimum: Site acquisition, additional required loan commitments and funding from all other funding sources, preparation and approval of construction plans, start of construction, completion of construction, and lease-up. The schedule should take into consideration that the Agency will transfer the proposed site once all funding commitments are in place and the project has received Planning Approvals. 5. Exhibit B – Alignment to the City’s Goals (Housing Element and Five-Year Strategic Plan) 6. Exhibit C – Additional Insured Endorsement for Commercial General Liability Policy. Not required until after Developer selection. 7. Exhibit D – Proposer’s Statement 8. Exhibit E – Certification of Nondiscrimination 9. Exhibit F – Non-Collusion Affidavit The proposal must be completely responsive to the RFP. Incomplete proposals will be deemed as nonresponsive and will be rejected. The City reserves the right to reject any or all proposals submitted and no representation is made hereby that any contract will be awarded pursuant to this RFP or otherwise. XIV. DEVELOPER SELECTION – PROPOSAL AND EVALUATION Immediately following the submission deadline, the Housing Successor Agency will create a review panel composed of City staff from relevant City departments. Each member of this panel will evaluate and rank each proposal using the evaluation criteria listed below: 1. Demonstrated ability of the developer team to develop. Capacity to obtain such additional funding as may be necessary, to obtain the necessary entitlements, to successfully manage and complete the construction process as quickly as possible. (20 percent) 2. Demonstrated ability to manage affordable rental or for-sale units so as to insure both ongoing compliance with affordability requirements and long term financial solvency. (15 percent) 4-10