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80A - SETTLEMENT AGMT FINAL VERSION
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80A - SETTLEMENT AGMT FINAL VERSION
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1/3/2012 3:47:44 PM
Creation date
4/20/2011 3:07:37 PM
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City Clerk
Doc Type
Agenda Packet
Date
4/18/2011
Destruction Year
2016
Notes
FINAL VERSION
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D. On or about June 7, 2010, the City Council of the City ("City Council") certified the <br />Transit Zoning Code (SD 84A and SD 84B) Environmental Impact Report ("EIR") (SCH <br />No. 2006071100) prepared by the City under the California Environmental Quality Act <br />("CEQA", Public Resources Code § 21000, et seq.), which analyzed the environmental <br />impacts of the TZC at a programmatic level and the Station District Project at a project- <br />specific level. On or about June 7, 2010, the City Council also adopted certain <br />resolutions and ordinances necessary to implement the TZC. <br />E. On or about June 7, 2010, the Board of the Agency ("Board") approved the Disposition <br />and Development Agreement ("DDA"), attached hereto as Exhibit "G", between the <br />Agency and the Developer for development of the Station District Project by Resolution <br />No. CRA 2010-002, and the City Council consented to the approval of the DDA by <br />Resolution No. 2010-027. <br />F. Certain parcels within the Station District and the Lacy Neighborhood, on the northeast <br />corner of Santa Ana Boulevard and Garfield Street (APN 398-303-04, APN 398-303-05, <br />APN 398-303-06, and APN 398-303-07), may be developed for special needs affordable <br />housing (the "Mercy House Project") or another form of affordable housing or other <br />use. <br />G. The City has identified an approximately 1.5 acre site within the Station District and the <br />Lacy Neighborhood for potential future park/open space uses ("Potential Park Site"). <br />The site is bound by Sixth Street on the north, Fifth Street on the south, Porter Street on <br />the west and Lacy Street on the east, as shown on the Site Map (Exhibit "A"). <br />H. On July 8, 2010, FOL filed a Petition for Writ of Mandamus against the City and Agency <br />challenging the certification of the EIR and approval of the TZC, the Station District <br />Project and the related purchase and demolition of certain structures in the Lacy <br />Neighborhood in Orange County Superior Court Case No. 30-2010-00388033-CU-WM- <br />CXC (the "Litigation"). <br />Financing of the affordable rental housing component of the Station District Project is <br />dependent on receipt of an allocation of federal low income tax credits granted pursuant <br />to section 42 of the Internal Revenue Code and/or, if applicable, state tax credits pursuant <br />to California Revenue and Taxation Code Sections 17057.5, 17058, 23610.4 and 23610.5 <br />and California Health & Safety Code Section 50199, et seq. ("Tax Credits"), as allocated <br />by the California Tax Credit Allocation Committee ("TCAC"). TCAC will hold two <br />application cycles for awarding Tax Credits in 2011, unless circumstances warrant a <br />reduction in the number of cycles. The Developer has submitted an application for the <br />first funding cycle, and an award may be issued, if at all, on or about June 8, 2011 ("First <br />Round"). Only rental housing projects are eligible for Tax Credits. Tax Credits can be <br />allocated to new construction projects or existing properties undergoing rehabilitation. <br />Tax Credits are allocated on a competitive basis so that those meeting the highest housing <br />priorities and public policy objectives, as determined by TCAC, have first access to Tax <br />Credits.
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