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• Community Garden • Bicycle Parking (32 Spaces) • 64 Residential Units • 20 -Studio ■ 9 — Live / Work Lofts ■ 8 — One Bedrooms • 5 —Two Bedrooms • 3 —Two Bedroom Townhomes • 14 — Three Bedrooms • 5 —Three Bedroom Townhomes Artist Preference • Target Population: Working Artist Families • Santa Ana Arts Collective would offer a preference to applicants who are artists, who can demonstrate a commitment to participation in the creative arts, a willingness and ability to contribute to a cooperative / creative environment, and a commitment to engage in the greater community. • Applicants will complete an artist questionnaire and submit their resume to be reviewed by an Artist Selection Committee. • The Committee will be trained in Fair Housing Law and comprised of parties from the developer, City and the service provider. • This is an allowable preference under HERA 2008: "A project does not fail to meet the general public use requirement solely because of occupancy restrictions or preferences that favor tenants... who are involved in artistic or literary activities." Project Financing • Permanent Loan ($3,788,911) • City of Santa Ana — HOME Funds ($2,260,000) • City of Santa Ana — CDBG Funds ($500,000) • City of Santa Ana — Inclusionary Housing Funds ($1,875,000) • HCD — Cap & Trade Funds ($3,500,000) • Tax Credit Equity ($14,213,448) • Deferred Developer Fee ($420,974) Mayor Pro Tern Sarmiento, supports proposed project, recommends in the future additional 2 bedroom units and robust efforts to increase the 30% IMI areas. Councilmember Martinez, thanked applicants for bringing forth creative option; may become model for other adaptive reuse projects. MOTION; Award a pre -loan commitment to Meta Housing Corporation /Santa Ana Arts Collective and authorize the City Attorney and the Community Development Agency to draft loan agreements in an amount not to exceed $4,635,000 for the Santa Ana CITY COUNCIL MINUTES 12 NOVEMBER 3, 2015 1 0A -12