25D - AGMT SHEA HOMES 2001 W MACARTHUR

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Inclusionary Housing Agreement — Shea Homes Limited Partnership November 7, 2017 Page 2 Shea Homes Limited Partnership, developer of the project located at 2001 W. MacArthur Boulevard (Exhibit 1), will comply with the Housing Opportunity Ordinance by paying an in -lieu fee of $15 per habitable square foot in the total approximate amount of $1,727,055. The developer will pay this fee prior to pulling their first building permit, anticipated in March 2018. The development, the Artisan at South Coast, will consist of a 42 -unit single-family residential development within a gated community. The residences will range in size from 2,819 square feet to 3,038 square feet, will be two stories high, and will contain a minimum of three bedrooms and four bathrooms. Plan 1 will have a flex space that can be used as either a fourth bedroom or a den, with the Plan 2 incorporating an "In -Law Suite" into the residences. Four parking spaces will be provided for each unit, with two spaces in the garage and two spaces in the driveway. The project will also include 7,053 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 March 2018 and it will take approximately 18 months to complete. The project will be built in seven phases. 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 $1,727,055 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). F�obert M. Zurc mied Interim E irector Community Development Agency Exhibits: 1. Location Map 2. Inclusionary Housing Agreement PPROVED AS TO FUNDS AND ACCOUNTS: Francisco Gutierrez Executive Director Db Finance and Management Services Agency 25D-2