02/18/1986 - Laserfiche WebLink

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" .' . . . . , The Executive Director/Economic Development introduced the Project Manager, Ms. Sandi Daniels, and asked her to make a brief staff presentation on the proposed development. The Project Manager stated that, on March 19, 1985, the Redevelopment Agency granted Riverview Community Partnership an exclusive right to negotiate for development of an 18.2 acre site adjacent to the Santa Ana River, between First, Fifth and Susan Streets, with a residential project. She added that the Riverview Community Partnership is in escrow for approximately 16.1 of the 18.2 acres required for the project and is requesting that the Agency assist in assembling the remaining properties. She pointed out that the developer is proposing to construct a $17 million project consisting of 220 apartments and 60 single-family detached homes and that the construction is scheduled to begin in spring, 1986 with completion to be within two years thereafter. She added that the developer will advance all costs to the Agency and that the Agency will write down $1.2 million which will be repaid within three years from the completion of the project. She stated that staff was recommending approval of this Owner Participation Agreement between the Agency and Riverview Community Partnership in that it will set quality standards for the community and provide both rental and homeowner opportunities to members of the community. She then introduced Mr. Fred Armstrong of Ridgeway Development, one of the partners of the Riverview Community Partnership. Mr. Armstrong thanked the Agency for the opportunity to appear before it. He pointed out that Ridgeway Development had an aggregate of 75 to 80 years of experience in the type of development that was being proposed for the Riverview site. He added that the single-family detached housing will range in size from 1,100 to 1,200 square feet. He pointed out that both the single-family and the apartment developments would have security gates. He then made a comprehensive slide presentation, showing the existing development on the site and site plans for the proposed development. The Chairman then announced that the Agency would like to hear from the public, asking them to step forward to the podium, give their name and address, and limit comments to five minutes. The following people Riverview development: Al Sutherland, 695 Town Center Drive, Costa Mesa Bill Vetter, 3026 Fifth Street, Santa Ana spoke in opposition the proposed to 2.