25B - AGMT - HOUSING M AND A GABAEE

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Inclusionary Housing Agreement — M & A Gabaee August 15, 2017 Page 2 habitable square foot instead of $15.00 per square foot because the project is considered a "Pipeline Project" under the Housing Opportunity Ordinance adopted by City Council in October 2015. A "Pipeline Project" is any project for which an application was submitted and the application was deemed complete prior to August 4, 2015. The development is a mixed-use project that will consist of a 4 -story building with 94 studio, one - and two-bedroom rental units, and 11,000 square feet of commercial retail space along North Harbor Boulevard, designed around a five -story parking structure. The units will range in size from 517 to 1,196 square feet. The project will also include 18 percent of the 1.85 acre site (14,506 square feet) to be dedicated for common open space and recreational areas. The entire development is market -rate housing. The estimated start date for construction is April 2018 and it will take approximately 14 — 16 months to complete. The project will be built in one phase. The developer has been working with staff to complete the documents required by the Housing Opportunity Ordinance. The Inclusionary Housing Agreement (Exhibit 2) satisfies the inclusionary housing requirement of the project and is consistent with the standards set forth in the Ordinance. STRATEGIC PLAN ALIGNMENT Approval of this item supports the City's efforts to meet Goal #5 - Community Health, Livability, Engagement & Sustainability, Objective #3 (Facilitate diverse housing opportunities and support efforts to preserve and improve the livability of Santa Ana neighborhoods), Strategy B (Ensure compliance with the City's Housing Opportunity Ordinance by requiring rental and ownership housing projects that meet specified criteria provide a minimum of 15% affordable units). FISCAL IMPACT It is anticipated that funds in the amount of $717,388.10 will be received according to the Inclusionary Housing Plan which details that the fee is to be paid prior to obtaining the first building permit related to the project. Upon receipt, the revenues will be deposited into the Inclusionary Housing Fund revenue account (no. 41718002-57896). Robert C. C rte Deputy City anager City Manager's Office Exhibits: 1. Location Map 2. Inclusionary Housing Agreement APPROVED AS TO FUNDS AND ACCOUNTS: Francisco Gutierrez Dp Executive Director Finance and Management Services Agency 25B-2