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Inclusionary Housing Agreement— Heritage Village <br />February 21, 2017 <br />Page 2 <br />efforts to preserve and improve the livability of Santa Ana neighborhoods), Strategy B (Ensure <br />compliance with the City's Housing Opportunity Ordinance by requiring rental and ownership <br />housing projects that meet specified criteria provide a minimum of 15% affordable units). <br />FISCAL IMPACT <br />It is anticipated that funds in the amount of $9,695,725.60 will be received in three phased <br />payments according to the Project's Development Agreement, which are to be paid when the <br />developer pulls building permits for the residential structure of each project phase. The dates <br />below are only estimates. <br />Project Phase <br />Estimated Fee <br />Estimated Payment Date <br />Fiscal Year <br />Phase 1 <br />$2,700,000.00 <br />April 2017 <br />Phase 2 <br />$3,250,000.00 <br />August 2017 <br />Phase 3 <br />$3,745,725.60 <br />December 2017 <br />TOTAL <br />$9,695,725.60 <br />Upon receipt, the revenues will be deposited into the Inclusionary Housing Fund revenue account <br />(no. 41718002-57896). <br />Robert C. Cortez <br />Deputy City Manager"`' <br />City Manager's Office <br />Exhibits: 1. Location Map <br />2. Inclusionary Housing Agreement <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />Com! �°k �4k <br />Francisco Gutierrez Do <br />Executive Director <br />Finance & Management Services Agency <br />25E-2 <br />