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City of Santa Ana Community Development Agency Request for Proposals for Housing Successor Agency Properties Page 11 percent of the residual receipts. E. DISCLOSURES • All documents submitted to the Agency in response to the requirements of this RFP are subject to public records requests. This includes Financial Statements, pro formas and other information submitted in response to the RFP that the Agency will review and evaluate the reasonableness of the return on the developer’s investment in the project. The City cannot guarantee that these records will be kept confidential. • The Agency will require developers to enforce the federal occupancy standard of two persons per bedroom plus one. • The City utilizes rent and income tables developed by the State of California Department of Housing and Community Development, and for 30 percent of median rents, tables developed by the California Tax Credit Allocation Committee. Allowable rents and incomes may remain unchanged or may go down from one year to the next. Attainable rents may be significantly less than allowable rents. • When awarded, the Agency will transfer the proposed site to the awarded developer once the project has all of its funding commitments and it’s all approvals from the City’s Planning Department. • Due to the Agency’s deadline to transfer properties, awarded project will have 24 months to gain Planning Approval. V. DEVELOPER REQUIREMENTS AND RESPONSIBILITIES i. INSURANCE Prior to undertaking performance of work under this Agreement, Developer shall maintain and shall require its subcontractors, if any, to obtain and maintain insurance as described below: 1. Commercial General Liability Insurance. Developer shall maintain commercial general liability insurance which shall include, but not be limited to protection against claims arising from bodily and personal injury, including death resulting there from and damage to property, resulting from any act or occurrence arising out of Developer’s operations in the performance of this Agreement, including, without limitation, acts involving vehicles. The amounts of insurance shall be not less than the following: single limit coverage applying to bodily and personal injury, including death resulting there from, and property damage, in the total amount of $2,000,000 per occurrence, $2,000,000 in the aggregate. 2. Business automobile liability insurance, or equivalent form, with a combined single limit of not less than $2,000,000 per occurrence. Such insurance shall include coverage for owned, hired and non-owned automobiles. 3. Worker’s Compensation Insurance. In accordance with the provisions of Section 3300 of the Labor Code, Developer is required to be insured against liability for worker’s compensation or to undertake self- insurance. Prior to commencing the performance of the work under this Agreement, Developer agrees to obtain and maintain any employer’s liability insurance with limits not less than $1,000,000 per accident. 4-14