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1:04:ILy11111c3 <br />Economic Development Subsidy Report <br />Pursuant to Government Code Section 53083 <br />For a Ground Lease with THRIVE Santa Ana, Inc. <br />Pursuant to Government Code Section 53083, the City Council of the City of Santa Ana <br />must hold a noticed public hearing and, prior to the public hearing, provide all of the <br />following information in written form and available to the public through the City's <br />website regarding a proposed economic development subsidy provided by the City <br />pursuant to a Ground Lease at 1901 W. Walnut Street, Santa Ana, CA 92703, with <br />THRIVE Santa Ana, Inc. Notice was published on the City's website for a public hearing <br />to be held on March 3, 2020. <br />The purpose of this report is to provide the information required pursuant to <br />Government Code Section 53083 in regards to the Agreement. This report shall remain <br />available to the public and posted on the City's website until the end date of the <br />economic development subsidy, as further described in number 2 below. <br />(1) The name and address of all corporations or any other business entities, <br />except for sole proprietorships, that are the beneficiary of the economic <br />development subsidy, if applicable. <br />The Agreement is with THRIVE Santa Ana, Inc., a 501(c)(3) tax exempt California <br />Public Benefit Corporation. <br />THRIVE Santa Ana, Inc. <br />P.O. Box 1935 <br />Santa Ana, CA 92702 <br />(2) The start and end dates and schedule, if applicable, for the economic <br />development subsidy. <br />Upon City Council approval of a Disposition and Development agreement, and if <br />certain conditions for the development of the site are met, a proposed 99-year <br />Ground Lease agreement is estimated to commence on April 1, 2021, and end on <br />March 31, 2120. <br />(3) A description of the economic development subsidy, including the estimated <br />total amount of the expenditure of public funds by, or of revenue lost to, the <br />local agency as a result of the economic development subsidy. <br />The economic development subsidy is in the form of a subsidized 99-year ground <br />lease for 1901 W. Walnut Street, Santa Ana, CA, 92703. The estimated amount of <br />lost revenue is estimated at $817,000, the appraised value of the property. <br />No expenditure of public funds is anticipated by this agreement. <br />75A-113 <br />