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gJCD - P <br />COMMUNITY DEVE .OPMEN'I PARPNMRS <br />May 31, 2017 <br />Mr. Robert Cortez <br />Deputy City Manager <br />City of Santa Ana <br />20 Civic Center Plaza <br />Santa Ana, CA 92701 <br />Re: Tiny Tim Plaza Affordable — Request for City Funding Commitment <br />Dear Mr. Cortez; <br />This letter is to formalize our request for a commitment of $6,000,000 in City funds to serve as gap financing <br />for the Tiny Tim affordable housing development, located at 2223 W 5th St in Santa Ana. The project will <br />provide 51 units of new, high quality, affordable rental homes targeting large families, while also enhancing <br />the existing businesses through rehabilitation of the retail center. Upon completion the project will serve as a <br />community social node where housing, local businesses and community services interact to promote a <br />healthier neighborhood. The commitment of funds from the City of Santa Ana will provide our acquisition <br />lender the comfort needed to move forward with the acquisition loan and allow us to meet our close of <br />escrow deadline. Additionally the commitment of funds will make Tiny Tim more competitive when trying to <br />leverage alternative financing sources, including New Market Tax Credits (NMTCs) and Cap & Trade (AHSC) <br />funds. Both of these sources are not available until later in the year, after our escrow close deadline. <br />We believe the Tiny Tim project will have an incredibly large and positive impact on the surrounding <br />community. We also believe as a developer we should attempt to leverage City resources with alternative <br />funding sources available for the project. The commitment of City funds is a crucial component to allow the <br />project to compete for future sources. <br />Thank you for your consideration of the Tiny Tim project. Should you have any questions, please do not <br />hesitate to contact me at 949-922-3578. <br />Sincerely, <br />Kyle Paine, President <br />Community Development Partners <br />3416 Via Oporto, Ste 301, Newport Beach, CA 92663 T: 949.467.1344 FX: 949.419.0952 www.communitydevpartners.com <br />