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COMMUNITY DEVE .OPMEN'I PARPNMRS
May 31, 2017
Mr. Robert Cortez
Deputy City Manager
City of Santa Ana
20 Civic Center Plaza
Santa Ana, CA 92701
Re: Tiny Tim Plaza Affordable — Request for City Funding Commitment
Dear Mr. Cortez;
This letter is to formalize our request for a commitment of $6,000,000 in City funds to serve as gap financing
for the Tiny Tim affordable housing development, located at 2223 W 5th St in Santa Ana. The project will
provide 51 units of new, high quality, affordable rental homes targeting large families, while also enhancing
the existing businesses through rehabilitation of the retail center. Upon completion the project will serve as a
community social node where housing, local businesses and community services interact to promote a
healthier neighborhood. The commitment of funds from the City of Santa Ana will provide our acquisition
lender the comfort needed to move forward with the acquisition loan and allow us to meet our close of
escrow deadline. Additionally the commitment of funds will make Tiny Tim more competitive when trying to
leverage alternative financing sources, including New Market Tax Credits (NMTCs) and Cap & Trade (AHSC)
funds. Both of these sources are not available until later in the year, after our escrow close deadline.
We believe the Tiny Tim project will have an incredibly large and positive impact on the surrounding
community. We also believe as a developer we should attempt to leverage City resources with alternative
funding sources available for the project. The commitment of City funds is a crucial component to allow the
project to compete for future sources.
Thank you for your consideration of the Tiny Tim project. Should you have any questions, please do not
hesitate to contact me at 949-922-3578.
Sincerely,
Kyle Paine, President
Community Development Partners
3416 Via Oporto, Ste 301, Newport Beach, CA 92663 T: 949.467.1344 FX: 949.419.0952 www.communitydevpartners.com