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1. Allow ownership by joint venture partner(s) <br />2. Revise timing for payment for neighborhood traffic plans <br />3. Delete 50 percent pre-lease provision <br />4. Delete provision prohibiting the ability to request economic assistance <br />5. Extend deadline to refill excavated foundation <br />Section 4.3 - Assignment <br />Requires applicant to retain a minimum 51 percent ownership interest in <br />project <br />• Request to delete provision <br />• Allows joint venture with financial entity(s) <br />• Applicant will retain daily managerial control <br />• Awkward for cities to attempt to control ownership <br />• Provision is temporary because DA expires in 2011 (with possible <br />extension to 2013) <br />• All other provisions of Section 4.3 to remain <br />Section 5.1.1 - Offsite Mitigation Measures <br />Requires payment of funds for neighborhood traffic plans ($1.2 million) at <br />permit issuance <br />• Neighborhood traffic plans to analyze pre and post project traffic <br />impacts in six neighborhoods <br />• Payment delay will assist in obtaining project financing <br />• Studies to commence 6 months prior to occupancy <br />• Staff recommends funding six months prior to occupancy, or 22 months <br />from permit issuance <br />Section 5.8 - Condition Precedent to Building Permit Issuance <br />Requires 50 percent preleasing of building to "Investment Grade Tenants" <br />• Provision not imposed on any other project in Santa Ana <br />• Has significantly impacted commencement of project <br />• Issues like this best regulated by the private market <br />• Requirement is temporary due to DA expiration <br />Section 5.8.2 - No Redevelopment Subsidy <br />Prohibits the applicant from requesting Redevelopment Agency assistance <br />• Deletion of provision would allow applicant to submit a request for <br />Agency assistance <br />• Agency participation would first require a detailed financial analysis and <br />action by Redevelopment Agency Board <br />Section 5.9 - Historic Structures on the Propert <br />y <br />Requires excavated areas to be refilled within 90 days after construction of <br />foundation piles <br />• Excavation necessary to construct part of building foundation i.e., the <br />piles <br />• Modification to allow additional 30 days provides more flexibility <br />CITY COUNCIL MINUTES 11 JULY 19, 2010 <br />1 0A-11