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Transfer of Development Rights for <br />the Integral Low Rise Condominiums <br />February 6, 2006 <br />Page 2 <br />Staff has reviewed various financial information concerning D.R. Horton. <br />According to the most recent data, D.R. Horton was the number one <br />homebuilder in the United States, with over 53,000 homes sold in 2005 and <br />was the third largest homebuilder in terms of revenue with over $11 <br />billion dollars. Also, its expertise in building various types of <br />housing, including single-family, multi-family and urban infill projects, <br />substantiates its solid track record in developing the low-rise <br />condominiums. D.R. Horton/Western Pacific Housing has a variety of <br />similar projects that are presently under construction or which have been <br />completed, including a 251-unit mixed use project in Anaheim, a 220-unit <br />project in Garden Grove and a 263-unit development in San Diego. <br />Reference checks regarding these similar projects and D.R. Horton/Western <br />Pacific Housing's overall ability to perform have also confirmed a <br />successful track record. <br />Construction of the low-rise residential condominium project will not <br />commence until permits have been obtained and substantial construction <br />has begun on either the Lake Towers or Cinema Tower projects. <br />Substantial construction consists of foundation work for the towers, <br />including structural steel work and the pouring of concrete. <br />D.R. Horton/Western Pacific Housing is an experienced, fiscally sound <br />company that has the capabilities to construct the low-rise condominium <br />project. Therefore, staff recommends that the City Council authorize the <br />City Manager to execute documents transferring the development rights for <br />the 276-unit low-rise condominium project to D.R. Horton. <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />M. Trevino <br />x cutive Director <br />P1 nning & Building Agency <br />VF:rb <br />of \repor[s\in[egralt rane Eer.cc <br />31 B-2 <br />