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REQUEST FOR AGENCY/ <br />COUNCIL ACTION <br />MEETING DATE: <br />DECEMBER 19, 2005 <br />TITLE: <br />M"-=-`0 <br />0� <br />JOINT PUBLIC HEARING — FIRST <br />AMENDMENT TO DISPOSITION AND <br />DEVELOPMENT AGREEMENT FOR THE <br />SANTIAGO STREET LOFTS DEVELOPMENT <br />CITY MANAGER EXECUTIVE DIRECTOR <br />RECOMMENDED ACTI <br />CITY COUNCIL ACTION <br />CLERK OA COUNCIL USE ONLY: <br />/ho trorr : <br />r 15t <br />214d : 9ola <br />/+ a <br />5. a <br />APPROVED <br />X <br />As RecommendedQ,Ql�r��'G. <br />❑ <br />As Amended <br />�LLSPp� <br />❑ <br />Ordinance on 1st Reading <br />❑ <br />Ordinance on 2nd Reading <br />❑ <br />Implementing Resolution <br />❑ <br />Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />1. Adopt a resolution making certain findings with respect to the <br />consideration to be received by the Community Redevelopment Agency <br />pursuant to the First Amendment to a Disposition and Development <br />Agreement between the Agency and Santa Ana Transit Village, LLC for <br />the sale of certain property in the Merged Redevelopment Project Area <br />and approving the sale of said real property upon the terms and <br />conditions contained in the First Amendment to the Disposition and <br />Development Agreement. <br />2. Approve transfer of property from the City of Santa Ana to the <br />Community Redevelopment Agency for $2,050,000. <br />REDEVELOPMENT AGENCY ACTION CA O' <br />1. Adopt a resolution approving a First Amendment to the Disposition <br />and Development Agreement between the Community Redevelopment Agency <br />and Santa Ana Transit Village, LLC. <br />2. Approve acceptance of property from the City of Santa Ana. <br />DISCUSSION <br />In April of 2004, the City and Redevelopment Agency approved a Disposition <br />and Development Agreement (DDA) for the development of the Santiago Street <br />Loft Project. The development will consist of 108 live /work units with <br />sizes ranging from 1,500 to approximately 2,300 sq. ft. Each unit will <br />also have a designated "commercial" space on the ground floor to encourage <br />the development of small entrepreneurial businesses and provide an active <br />pedestrian scene immediately adjacent to The Depot. 5 — 21 <br />