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<br />8. Resolution No. 85-09: A RESOLUTION OF THE COMMUNITY REDEVELOPMENT <br />. AGENCY OF THE CITY OF SANTA ANA AUTHORIZING AND DIRECTING THE CONDEMNATION <br />OF CERTAIN REAL PROPERTY FOR REDEVELOPMENT PURPOSES IN THE SANTA ANA AUTO <br />CENTER DEVELOPMENT SITE IN THE CITY OF SANTA ANA, STATE OF CALIFORNIA, AND <br />DECLARING THE PUBLIC NECESSITY THEREFOR (2101 EAST EDINGER AVENUE). <br /> <br />REQUEST FOR CONCEPTUAL APPROVAL OF A-8 SITE PRELIMINARY MASTER PLAN AND <br />AMENDMENTS TO THE EXCLUSIVE NEGOTIATION AGREEMENT <br /> <br />Roger A. Kooi, Downtown Development Commission Director, deferred to Edward <br />Henning, DDC Assistant Director, to present staff's oral report. Mr. <br />Henning provided a very brief background on the City's first ownèr/tenant <br />participation development site. <br /> <br />Mr. Henning then introduced Mark Briggs, President of Mark Briggs and <br />Associates, who has been serving as an Urban Development Action Grant <br />(UDAG) consultant on this project. Mr. Briggs presented a summary of the <br />UDAG program and indicated that the A-8 application would be submitted by <br />the March 31st deadline. <br /> <br />. <br /> <br />Chairman Griset asked what the prospects for this development would be in <br />the event that the UDAG is not procured. Mr. Briggs stated that such a <br />scenario would mean higher equity for the owners. Mr. Hart asked what kind <br />of return the owners would receive for their 30% equity, and Mr. Briggs <br />replied that 10-15% is all that is expected. Mr. Young asked what was <br />going to be done about the gap in finances. Mr. Briggs replied that <br />several financial programs were available to the development entity. Mr. <br />Young then asked at what point in the schedule the matter of private equity <br />would come up. Mr. Luxembourger queried about the staging of construction. <br />Mr. Henning stated that the Agency is buying several buildings within the <br />si te. Relati ve to over-runs and the cost factor, Mr. Briggs stated that <br />the development enti ty has to be responsible for its project. Mr. Young <br />asked if there is now a central ownership entity and if it will be the <br />party attempting to borrow, to which Mr. Briggs replied that, out of the <br />Greater Eastern Development Corporation, a limited partnership having <br />approximately 12 parcels will be formed and will retain parcel ownership. <br /> <br />Mr. Briggs then introduced Mr. Irving M. Chase, of the Greater Eastern <br />Development Corporation and of Chase Development, who narrated a land use <br />master plan. Mr. Chase referred to extensive condi tions, covenants, and <br />restrictions which would be intended to serve the community already in <br />place. <br /> <br />- Mr. Luxembourger asked what size the proposed parking structure will be. <br />~ Mr. Kooi stated that both a bond counsel and an economics consultant were <br />being utilized for the proposed parking structure, with approximately 500 <br />spaces being proposed at this time. Chairman Griset asserted that the <br />development concept appears to be constantly changing. Mr. Chase responded <br />that, due to the many individuals involved with the A-8 planning process to <br />date, it has been a challenge to pinpoint an exact scope of development, <br />but that it appears at this time that they are close to a final concept. <br />Mr. Chase also stated that each owner will have to sign development <br />agreements with the partnership, thereby assuring architectural maintenance <br />and use controls over the entire A-8 site. Chairman Griset summarized the <br /> <br />1 <br />