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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />NOVEMBER 17, 2008 <br />TITLE: <br />PARTIAL ASSIGNMENT OF DEVELOPMENT <br />AGREEMENT FOR THE CITY PLACE <br />COMMERCIAL CENTER AT THE NORTHEAST <br />CORNER OF MAIN STREET AND MEMORY <br />LANE <br />l~ ~ % ~ J u <br />CITY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />^ As Recommended <br />^ As Amended <br />^ Ordinance on 1S` Reading <br />^ Ordinance on 2"d Reading <br />^ Implementing Resolution <br />^ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Direct the City Manager to authorize the partial assignment of the <br />Development Agreement for the City Place commercial center to LIC, Santa <br />Ana Retail, Inc., a Delaware Corporation, with such non-substantive <br />changes as may be approved by the City Manager and City Attorney. <br />DISCUSSION <br />On February 14, 2005, the City Council approved numerous entitlements <br />requested by Main Street Concourse LLC for City Place, a mixed-use <br />project located at the northeast corner of Main Street and Memory Lane. <br />These entitlements included a development agreement for the entire <br />development as well as a environmental impact report, conditional use <br />permit and vesting tentative tract map to allow approximately 58,000 <br />square feet of commercial space and 185 residential condominium units in <br />the form of live-work and townhouse development to be constructed by Main <br />Street Concourse LLC. Since the project's approval and development, Main <br />Street Concourse LLC has elected to sell its development rights for the <br />commercial center component to LIC, Santa Ana Retail, Inc., a Delaware <br />Corporation. LIC, Santa Ana Retail, Inc., a Delaware Corporation is <br />affiliated with the Phoenix Property Company, a developer of luxury <br />residential and mixed-use properties across the nation. These <br />properties, comprised of over 6243 units and 165,000 square feet of <br />retail space, are currently valued in excess of $1 billion. <br />Section 4.4 of Development Agreement No. 2004-04 allows the transfer of <br />property to another party with City Council approval. Prior to the <br />transfer, the Development Agreement requires a review of LIC, Santa Ana <br />Retail, Inc., a Delaware Corporation development experience and financial <br />capability to ensure LIC, Santa Ana Retail, Inc., a Delaware Corporation <br />has the financial capability and development experience that is equal to <br />31 F-1 <br />