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Main Street Concourse Entitlement Actions April 19, 1993 Page 11 of 12 A $1 million live performance theater to be constructed in conjunction with the entertainment complex of the project. In order to ensure the project is truly a mixed use project and that the City is not left in the position of having a townhouse project sitting on the site all by itself, the City and developer have agreed on a phasing plan that ensures the commercial is under substantial construction prior to the release of occupancy for any residential unit. The assurance requires demonstration of project funding, building permits issued and substantial construction prior to the issuance of occupancy permits for the townhouses. 10. Owner Participation Agreement The Owner Participation Agreement is between the City's Redevelopment Agency and the developer. It covers the terms of sale and purchase of the City and Agency surplus land on Owens Drive as well as the possible acquisition of the Polly's Pies site by the Agency for inclusion into the overall development site. Costs related to the sale and purchase of properties covered by this agreement will be the developer's responsibility. The applicant is in the process of acquiring the Polly's Pies site to complete their proposed development site. Should their negotiations with the owner of Polly's Pies be unsuccessful, the Redevelopment Agency of the City of Santa Ana is anticipated to work with the parties to resolve acquisition and relocation issues. The developer is also working with the City on establishing a Mello -Roos district to assist in funding public improvement needed for this project. Environmental Analysis An Environmental Impact Report (EIR) for the Main Street Concourse Project was released by the City on December 13, 1991 for public review. After additional review by the City, it was determined that additional analysis and clarification was required for the traffic discussion in the EIR. The public was notified that a new, revised EIR would be released. On April 15, 1992, the revised Draft EIR for the Main Street Concourse project was circulated to the public for a 45 -day review period ending June 1, 1992. A public hearing on the draft document was held on May 11, 1992 before the Planning Commission. During the Notice of Preparation process and neighborhood meetings, a number of concerns were expressed with the proposed project. In general, the concern focused on the level of existing and proposed development in the area, the intensity of the site (floor area ratio of 2.54), the height of the office towers (up to 32 stories) and the traffic congestion resulting from the development. Off -site parking within residential neighborhoods adjacent to the project was also a concern. These issues are discussed in the EIR. It A 212