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Judson Brown, City of Santa Ana <br />June 28, 2021 <br />Housing Opportunity Ordinance: Updated In -Lieu Fee Analysis Page 7 <br />4. The parking provided for the prototype project complies with the City's parking <br />code.2 <br />V /� ^ A 1 <br />In June 2021, KMA surveyed rental residential projects in Santa Ana and Anaheim that <br />have been built within the past five years and that received four or more stars in the <br />CoStar quality ranking system. The survey is presented in Attachment 1—Appendix A. <br />The purpose of this survey was to assist in estimating the currently achievable market <br />rents for the types of projects likely to be constructed in Santa Ana. However, the <br />characteristics of actual projects will vary to some degree from the prototypes. <br />The market rate monthly rent estimates that are used in this pro forma analysis are! <br />Projected Monthly Market Rate Rents —Rental Residential Development <br />Average Monthly Rent Per Unit <br />Studio Units $2,420 <br />One -Bedroom Units $2,600 <br />Two -Bedroom Units $2,830 <br />Three -Bedroom Units $3,750 <br />Weighted Average Rent Per Square Foot of Leasable Area $2.86 <br />The Ordinance calls for "Affordable Rents" to be calculated using the methodology <br />imposed by California Health and Safety Code (H&SC) Section 50053. The calculations <br />are presented in Attachment 1 —Appendix B — Exhibit I, and the assumptions and results <br />can be summarized as follows- <br />2 The density bonus scenario used to test the on -site production requirement is based on the Section <br />6S91S (p) provision that allows no guest parking requirement to be applied. <br />City Council 28 — 12 217J ia!Q21i <br />19090 017 D21 <br />