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I& <br />4W THE CONCORD GROUP <br />IV <br />Executive Summary <br />To: FRH Realty LLC <br />From: The Concord Group <br />Date: April 13, 2023 <br />Re: Market Assessment and Economic, Fiscal, and Retail Impact Analyses for a Mixed -Use <br />Development in Santa Ana, California (Cabrillo Town Center) <br />Background: <br />We understand FRH Realty LLC ("FRH") is pursuing the development of a 507-unit community <br />(449 rental, including 12 live/work units, and 58 for -sale) plus 6,000 square feet of retail located <br />at Cabrillo Park and 4" Streets in Santa Ana, California. As you prepare submittals to the City of <br />Santa Ana, The Concord Group ("TCG") prepared a third -party confirmation of the rent/revenue <br />levels for the product offerings as well as calculated the primary fiscal and economic benefit to <br />the City of Santa Ana from the development of the sites. <br />Response to Peer Review: <br />• The study was peer reviewed by Economic & Planning Systems, Inc. ("EPS") and their <br />comments were taken into account. <br />Key Findings: <br />• Due to the mixed -use environment and strong access and visibility, TCG concludes the <br />rental apartments, for -sale townhomes and ground floor retail are well positioned within <br />the market. <br />• Given the proposed land -use mix and rent/pricing assumptions provided by FRH, TCG <br />projects the overall assessed value upon stabilization to be $286 million <br />• Over the course of the 28-year analyzed period, 3-year construction followed by a 25- <br />year operating forecast, The Subject Site will have a positive fiscal and economic impact <br />on the City of Santa Ana generating $8.3 million in net new revenues. <br />• The project will generate 1,266 new direct jobs over the 3-year construction period and <br />21 direct jobs from on -going operations after completion of the development. <br />• A total of 1,913 total temporary jobs including direct, indirect, and induced jobs will be <br />created during the 3-year construction period and 32 total direct, indirect, and induced <br />permanent jobs from operations. <br />• The city of Santa Ana will also receive an additional $15.5 million in revenue for permits <br />and fees to develop on the Subject Site <br />• Currently, the Subject Site is generating approximately $250K in recurring revenue, the <br />proposed development will increase recurring revenue to $368K per year on a net revenue <br />basis <br />FRH Realty LLC <br />22179. i y ifounci 18 — 376 10/3/20M <br />1 <br />I 2023 <br />