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Entitlement Actions at MacArthur Place <br />April 6, 1998 <br />Page 2 <br />2. Adopted a resolution finding that the previously certified <br />Environmental impact Report No. 87-01 (MacArthur Place) and <br />Environmental Impact Report No. 97--01 (Land Use Element of the <br />General Plan) is adequate for Environmental Review No. 97-126 <br />pursuant to the California Environmental Quality Act (CEQA) Section <br />15168(c) and that no further environmental documentation is necessary <br />for the project. <br />3. Adopted a resolution approving Street Name Change No. 98-01 at its <br />meeting of March 23, 1998 by a vote of 5:0 (Verino and Doughty <br />absent). <br />DISCUSSION <br />Request of Applicant <br />The applicant, Birtcher Development on behalf of First American Financial <br />Corporation, is requesting approval of the following: <br />1. a Termination Agreement which terminates their interest in the <br />Disposition and Development Agreement with the Redevelopment <br />Agency; <br />2. a Cooperation Agreement between the Redevelopment Agency and the <br />City in which the Agency agrees to pay the City an amount equal <br />to the Transportation System Improvement Fees and the Fire <br />Facilities Fees for the project (not to exceed $497,000); <br />3. a Project Implementation Agreement which identifies and assigns <br />responsibility for public infrastructure improvements needed for <br />the development of the property; and <br />4. a street name change to allow Regency Boulevard to be renamed <br />First American Way. <br />Property Description <br />The First American office development site is on 16.94 acres within the <br />MacArthur Place development. The project site is bounded by an existing <br />office building and vacant land to the west; MacArthur Boulevard to the <br />south; the Costa Mesa Freeway to the east; and vacant land abutting <br />Columbine Avenue to the north. The General Plan land use designation for <br />the site is District Center (DC). The zoning is Specific Development No. <br />43 (SD-43) (Exhibits 1 and 2). <br />Rev. 116 <br />5A <br />