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VTTM No. 2015 -01 & Inclusionary Housing Agreement August 4, 2015 Page 2 current ordinance, the amount of the fee is based on the affordability gap associated with fulfilling the required affordable housing units on -site within the development. A calculation was performed to determine the fee amount. The fee calculation is based on the affordability gap of $92,500 per unit, which results in a total in -lieu fee of $484,575 under the current ordinance to be paid prior to issuance of a building permit for any portion of the project. The applicant has elected to proceed with the current agreement pending potential changes to the HOO that could retroactively result in a modified in -lieu fee calculation; should the HOO change in the future, the applicant would be required to request modification of the in -lieu amount if he elects to pursue modification (Exhibit B). Approval of the in -lieu fee will allow for the construction of a new mixed - use multi - family project on a 2.27 -acre site located in the Harbor Mixed Use Transit Corridor Specific Plan area (SP -2). STRATEGIC PLAN ALIGNMENT Approval of this item supports the City's efforts to meet Goal No. 3 Economic Development, Objectives No. 2 (create new opportunities for businessfiob growth and encourage private development through new General Plan and Zoning Ordinance policies) and No. 5 (leverage private investment that results in tax base expansion and job creation citywide) of the Santa Ana Strategic Plan. Moreover, approval of this item supports Goal No. 5 Community Health, Livability, Engagement & Sustainability, Objectives No. 3 (facilitate diverse housing opportunities and support efforts to preserve and improve the livability of Santa Ana neighborhoods) and No. 4 (support neighborhood vitality and livability). FISCAL IMPACT If the developer is issued permits to proceed with the project, payment of the in -lieu fees will be paid at that time and this may occur in FY 15116. Upon receipt, the estimated fees in the amount of $484,575 will be deposited into the Inclusionary Housing Fund revenue account (no. 41718002- 57896). Hassan Hagtldni, AI Executive Director Planning & Building Agency Kelly Reendfrs / Executive Director v Community Development Agency APPROVED y(4 TO FUNDS AND ACCOUNTS: r-rapclsco uutierrez _5F, Executive Director Finance & Management Services Agency AP:rb apiRoxir1515teg Reports far CWTTiAl "l C &C Single Family Hoes and In Lieu Fe&w Exhibit: A. Planning Commission Staff Report B. Inclusionary Housing Agreement 32B -2