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<br />REQUEST FOR <br />COUNCIL ACTION <br /> <br />-~ <br />~ <br />~ <br /> <br />CITY COUNCIL MEETING DATE: <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />FEBRUARY 6, 2006 <br /> <br />TITLE: <br />TRANSFER OF DEVELOPMENT RIGHTS <br />FOR THE NEXUS LAKE TOWERS HIGH <br />RISE CONDOMINIUMS AT MACARTHUR <br />PLACE SOUTH <br /> <br />4 <br /> <br />QtlJt2 <br /> <br />CITY MANAGER <br /> <br />APPROVED <br /> <br />o As Recommended <br />o As Amended <br />o Ordinance on 1 sl Reading <br />o Ordinance on 2nd Reading <br />o Implementing Resolution <br />o Set Public Hearing For <br /> <br />CONTINUED TO <br /> <br />FILE NUMBER <br /> <br />RECOMMENDED ACTION <br /> <br />Direct the City Manager to authorize the transfer of development rights <br />for the Nexus Lake Towers high-rise condominium project to MacArthur <br />Towers, LLC, a subsidiary of Intracorp, Los Angeles, LLC with such non- <br />substantive changes as may be approved by the City Manager and City <br />Attorney. <br /> <br />DISCUSSION <br /> <br />On June 20, 2005, the City Council approved numerous entitlements <br />requested by Nexus Development Corporation for MacArthur Place South, a <br />mixed-use project within Hutton Centre. These entitlements included a <br />development agreement for the entire development as well as a conditional <br />use permit, tentative tract map and variances to allow a 349 unit high- <br />rise condominium development to be constructed by Nexus Development. <br />Since the project's approval, Nexus has elected to sell its development <br />rights for the Lake Towers component to Intracorp Los Angeles, LLC. <br />Intracorp Los Angeles, LLC is affiliated with the Intracorp group of <br />companies, a developer of urban infill projects across the nation. <br />Intracorp Los Angeles, LLC is the subsidiary responsible for residential <br />development in Southern California and will be forming a special purpose <br />entity, MacArthur Towers, LLC, to develop this project. <br /> <br />Section 4.2 of Development Agreement No. 2005-02 allows for the transfer <br />of development rights to another party with City Council approval. Prior <br />to the transfer, the Development Agreement requires a review of <br />Intracorp's development experience and financial capability to ensure <br />Intracorp has the financial capability and development experience that is <br />equal to or greater than Nexus. Further, the transfer of rights will <br />include an assignment and assumption agreement confirming that the <br />duties, obligations and liabilities from this Agreement are assumed by <br />Intracorp. This ensures that the plans approved by the Planning <br />Commission and City Council, together with all conditions and <br />requirements, are fully satisfied. <br /> <br />31 C-1 <br />