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Partial Assignment of Development Agreement <br />for the City Place Commercial Center <br />November 17, 2008 <br />Page 2 <br />or greater than Main Street Concourse LLC. Further, the transfer of <br />rights will include an assignment and assumption agreement confirming <br />that the duties, obligations and liabilities from this Agreement are <br />assumed by LIC, Santa Ana Retail, Inc., a Delaware Corporation. This <br />ensures that the plans approved by the Planning Commission and City <br />Council, together with all conditions and requirements, remain in place. <br />Staff has reviewed various information concerning LIC, Santa Ana Retail, <br />Inc., a Delaware Corporation. LIC, Santa Ana Retail, Inc., a Delaware <br />Corporation and have concluded that they are a stable, sound company with <br />the ability to maintain a high quality commercial project. Also, its <br />expertise in completing various types of projects, including mixed-use <br />urban infill projects and multi-family residential development <br />substantiates its solid track record in developing and maintaining high <br />quality projects. LIC, Santa Ana Retail, Inc., a Delaware Corporation <br />has a variety of projects throughout the country which have been <br />completed, including West Village, a five-building mixed-use urban <br />village with internal streets and pedestrian circulation, 179 units and <br />135,000 square feet of retail on the ground level in Dallas, Texas; <br />GrandMarc at Westberry Place, four and five story structures built over <br />one story of retail, service and amenity space, containing 244 housing <br />units and 30,000 square feet of retail in Fort Worth, Texas; and <br />GrandMarc at Seven Corners, a four story mixed use project containing 183 <br />housing units and 14,580 square feet of retail. <br />LIC, Santa Ana Retail, Inc., a Delaware Corporation is an experienced <br />company that has the capabilities to lease and maintain a high quality <br />commercial project. Therefore, staff recommends that the City Council <br />authorize the City Manager to execute documents transferring the <br />development rights for the City Place commercial center project to LIC, <br />Santa Ana Retail, Inc., a Delaware Corporation. <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />M. Trevino <br />Executive Director <br />Planning & Building Agency <br />SK:rb <br />sk\reports\City Place DA transfer 2008 <br />31 F-2 <br />