75A - PH - DEV AGMT 200 FIRST AMERICAN WAY

Home Browse Search

Development Agreement No. 2015 -01 Site Plan Review No. 2015 -02 March 23, 2015 Page 6 The General Plan land use designation for the site is District Center (DC), which allows for major development projects such as the proposed multi - family residential development. District Centers are designed to serve as anchors to the City's commercial corridors and to accommodate major development activity. The project site is consistent with this General Plan land use designation. The zoning for the site is MacArthur Place District CenterlSpecific Development No. 43 (SD -43). This zone allows for a mix of uses including residential, office, restaurant, retail, and hospitality land uses. Previous amendments to SD -43 have resulted in an increase in the total number of units permitted within the zone and allowance for tandem parking while also reducing the amount of open space required per unit and the overall parking ratio for the project. The proposed project is consistent with this designation as well as the design and development standards for the site. Project Analysis Development Agreement Amend ment/Assignment Following the City Council's approval of the project in 2012, the City authorized the assignment and amendment of Development Agreement No. 2012 -01 for The Met development project to First Rock Santa Ana, LLC, the development entity for Genesis Real Estate Group, subject to the finalization of the sale of the subject property to First Rock. No other changes to the original development agreement were made. Although the assignment and amendment was completed, First Rock never submitted a development proposal and the property was subsequently acquired by Legado Companies. Legado now proposes to establish a new development agreement which would serve to replace the 2012 agreement. Development Agreement No. 2015 -01 will recognize Legado Companies as the primary developer and owner of the property and include revisions related to the project description, the removal of the provision requiring a subdivision map and Covenants, Conditions and Restrictions (CC &R's), and compliance with the City's Housing Opportunity Ordinance (HOO). All other elements of the development agreement will remain (Exhibit 21). The development agreement is a legal contract between the developer and the City that defines the terms and nature of development proposed for the project site. This agreement establishes development intensity, permitted uses and standards for the term of the agreement. In exchange for the City vesting the proposed project, the development agreement requires certain improvements and public benefits. The primary components of the agreement include: 1. Ten Year Term: The right to build out the project as entitled for a period of ten (10) years, with one two -year extension. 75A -8