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Assignment of Development Rights for <br />the Lyon Communities Residential Project <br />September 16, 2014 <br />Page 2 <br />Lyon Communities is an experienced, fiscally sound company that has the capabilities to <br />construct and manage the proposed development project. The assignment of development rights <br />to the new entity will still result in the construction of the project by the Lyon Communities team, <br />which has successfully completed a similar project in south Santa Ana. Therefore, staff <br />recommends that the City Council authorize the City Manager to execute documents assigning <br />the development rights for the 264 -unit development project to 1901 First Street Owner, LLC. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's efforts to meet Goal No. 5 Community Health, Livability, <br />Engagement & Sustainability, Objective No. 3 (facilitate diverse housing opportunities and <br />support efforts to preserve and improve the livability of Santa Ana neighborhoods). <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action <br />K 04n&- <br />Haluza <br />Interim Executive Director <br />Planning & Building Agency <br />VF: rb <br />vfveportsH801 E Rmt assiBnment.ccO91614 <br />39A -2 <br />