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ER No. 2019-85/DBA No. 2020-01/SPR No. 2020-01/SPR No. 2020-02/DDA October 20, 2020 Page 2 OR ALTERNATIVELY, 6. Authorize the City Manager to execute a second amendment to the second Exclusive Negotiation Agreement (ENA) with Caribou Industries to extend the term for a 60-day period from November 6, 2020 to January 5, 2021 for the 3rd and Broadway development, subject to non -substantive changes approved by the City Manager and City Attorney EXECUTIVE SUMMARY Mike Harrah, representing Caribou Industries, is requesting approval of multiple entitlements to replace the existing City -owned, 3-level parking garage with a mixed -use development that will consist of two separate buildings. Specifically, the applicant is proposing to construct a 16-story mixed -use building consisting of 171 residential units (with 19 very -low income units) and 13,419 square feet of commercial space (including retail and food/beverage establishments), and a 10- story, 75-room hotel at 201 West 3rd Street. Additionally, the applicant is requesting approval of an addendum to the Transit Zoning Code Environmental Impact Report, a density bonus agreement (DBA) with concessions and waivers, two site plan review (SPR) applications and a Disposition and Development Agreement (DDA). The current Exclusive Negotiation Agreement (ENA) with Caribou Industries expires on November 6, 2020. If the City Council does not approve the actions presented, an alternative action is to extend the term of the ENA for another 60 days to allow for additional time to bring the project back to the City Council. This public -private partnership will result in the redevelopment of underutilized land and aging infrastructure, development of apartments and extended stay hotel rooms to accommodate a demand in Downtown Santa Ana and to the nearby Orange County Courthouse facility, development of 19 affordable housing units for very low-income families in downtown Santa Ana, increased employment opportunities within the City, reconnecting the City's grid system with Sycamore Street and additional property taxes, sales taxes, and transient occupancy taxes produced from the project site. As the project is located in the City's Opportunity Zone, investors will be extremely attracted to this high - profile project in the heart of downtown Santa Ana. This exciting project for the downtown has been in discussion since 2014 and will add tremendous economic value to the existing businesses and the surrounding neighborhoods. DISCUSSION The proposed project is located at 201 West 3rd Street, at the northeast corner of Broadway and 3rd Street. Caribou Industries, a local developer and property owner in the City, proposes to replace the existing City -owned, 3-level parking garage with a mixed -use development containing 171 housing units (with 19 for low income residents), a 75-room boutique hotel, 13,419 square feet of commercial space (including retail and food/beverage establishments), and rooftop amenities ancillary to residential and hotel uses. The development would be composed of two buildings: a 16-story, 194-foot-tall mixed -use (residential and commercial) building and a 10-story, 128-foot tall hotel building. The buildings would be separated by an extension of Sycamore Street from the north edge of the project site to West 3rd Street. The proposed project would provide 490 total parking spaces, including 211 public parking spaces, 196 residential parking spaces, and 83 hotel parking spaces. 75A-2