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REQUEST FOR COUNCIL ACTION CITY COUNCIL MEETING DATE: AUGUST 5, 2013 CLERK OF COUNCIL USE ONLY: TITLE: APPROVED ❑ As Recommended PUBLIC HEARING — MODIFY DEVELOPMENT ❑ As Amended AGREEMENT NO. 2012 -01 TO ALLOW AN E] E] on n Reading E] 2 Ordinance on tl Reading AMENDMENT AND ASSIGNMENT TO A NEW ❑ Implementing Resolution PROPERTY OWNER FOR THE MET DEVELOPMENT ❑ Set Public Hearing For PROJECT LOCATED AT 200 EAST FIRST AMERICAN WAY - GENESIS REAL ESTATE GROUP, APPLICANT CONTINUED TO FILE NUMBER CITY RECOMMENDED ACTION Adopt an ordinance amending Development Agreement No. 2012 -01 directing the City Manager to authorize the assignment and amendment of Development Agreement No. 2012 -01 for The Met development project to First Rock Santa Ana, LLC, development entity for Genesis Real Estate Group, subject to the finalization of the sale of the subject property to First Rock, with such non - substantive changes as may be approved by the City Manager and City Attorney. 2. Adopt a resolution approving an addendum to the Mitigated Negative Declaration and Mitigation Monitoring Program, Environmental Review No. 2011 -46. PLANNING COMMISSION ACTION On July 8, 2013, the Planning Commission recommended that the City Council direct the City Manager to authorize the assignment and amendment of Development Agreement No. 2012 -01 for The Met development project to First Rock Santa Ana, LLC, development entity for Genesis Real Estate Group, subject to the finalization of the sale of the subject property to First Rock, with such non - substantive changes as may be approved by the City Manager and City Attorney; and approve and adopt an addendum to the Mitigated Negative Declaration and Mitigation Monitoring Program, Environmental Review No. 2011 -46 by a vote of 7:0 to facilitate a change in ownership for The Met development project located at 200 East First American Way. SUMMARY In 2012, the City Council approved this five -story, 271 -unit multi - family project, which would be constructed over a two -level parking garage. The project includes a variety of on -site amenities for its residents, commensurate with other recent projects approved or constructed in the City. A .8 -acre portion of the site was left for a future high -rise project, and this portion will require subsequent review and approval by the Planning Commission and City Council. The development agreement for the project prohibits transfer of the development rights within the first two years. The two -year period expires April 15, 2014. 75B -1