COMMUNITY REDEVELOPMENT AGENCY (44)

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Entitlement Actions at MacArthur Place April 6, 1998 Page 3 Project Description In April 1988, the City and the Redevelopment Agency entered into agreements with BGS Partners for a mixed -use development on 66 acres at the northeast corner of Main Street and MacArthur Boulevard. The total development consisted of 4.051 million square feet of office and retail space and a maximum of 400 residential units, in an urban village setting known as MacArthur Place. Since entitlements were granted, the only activity to occur is development of an 11 story, 270,000 square foot office building and the sale of approximately 12 acres to MacArthur Partners for future development of the residential/retail component. In 1997, MacArthur Place LLC became the successor -in -interest to the remaining undeveloped 40 plus acres. First American Financial Corporation is proposing to acquire the 40 plus acres and initially develop approximately 16.94 acres of land with a campus style office development to serve as their international corporate headquarters. A portion of the remaining acreage is proposed to be sold to an office developer, and the balance held by First American for future development. The First American Financial headquarters project will consist of two phases with a total of 360,000 square feet of office space. Phase I will consist of the construction of three office buildings totaling 207,920 square feet and surface parking. Phase II will consist of the construction of two office buildings totaling 151,000 square feet and a five level parking structure. The project will incorporate a Jeffersonian design and include a fountain and garden terrace. The proposed development conforms with all provisions of the specific development plan for the project, meeting or exceeding development standards. A site plan was reviewed and approved by the Planning Commission at their meeting of March 23, 1998 (Exhibit 3). In addition, a lot line adjustment is being processed by the Planning & Building and Public Works Agencies to modify the existing subdivision. Analysis of the Issues The First American Financial project, together with the additional development anticipated at MacArthur Place, falls well within the scope of development approved in 1988. To proceed with development, however, First American is requesting actions related to the Redevelopment Agency's involvement in the project and concerning the allocation of infrastructure responsibilities. Each action requested is explained below. All agreements referred to are on file in the City Clerk's office for review. Termination Agreement: The current owner of the 40 plus acre parcel, MacArthur Place LLC, and First American Financial have entered into a Purchase and Sale Agreement and Joint Escrow Instructions for the property. In order to facilitate Rev. 117 «ti 4' 'F;