65D - 3RD AND BROADWAY AD HOC - Laserfiche WebLink

Home Browse Search

NWIFIM CITY OF SANTA ANA DISPOSITION AND DEVELOPMENT AGREEMENT Downtown Hotel and Mixed -Use: Residential and Retail/Commercial Project At Third and Broadway This DISPOSIT10N AND DEVELOPMENT AGREEMENT ("Agreement" or "DDA") is entered into as of , 2016 (the "Effective Date"), by and between the CITY OF SANTA ANA, a California municipal corporation ("City"), and _, a ("Developer"). RECITALS A. City is the fee owner of certain real property collectively consisting of approximately acres located at and approximately acres that constitutes a portion of the parcel located at as more particularly described in Attachment No. 3, attached hereto and incorporated herein by reference and depicted on the Map of the Project Site (collectively, the "City Property"). B. In 20 , Developer contacted City to express an interest in purchasing the City Property N;71t—hthe int—ent of redeveloping the City Property and the Developer Property with a mixed use hotel and commercial/retail. project. C. City and Developer have negotiated terms pursuant to which Developer will purchase the City Property from the City for the development of an approximately _ room hotel and retail, restaurant and. caf6 space as more particularly described in the Scope of Development, attached hereto as Attachment No. 5 (the "Project"), which will be located on the City Property (the "Project Site"). The proposed Project will result in the redevelopment of iandenitilized land and aging structures, development of extended stay hotel rooms to accommodate a demand in Downtown Santa Ana and nearby to the Orange County Courthouse facility, increased employment opportunities within the City and additional property taxes, sales taxes and transient occupancy taxes produced from the Project Site. Additionally, Developer has agreed to pay the City the full fair market value for the purchase of the City Property, which will provide additional general fund revenue for the City. D. Based on the reasons identified in Recital C, above, together with the commitments and obligations of the Developer to develop the Project Site as contained in this Agreement, the City has determined that the sale of the Project Site to the Developer for development in accordance with this Agreement is in the best interest of the City. NOW THEREFORE, the Parties hereby agree as follows. Article 1 PURPOSE, PARTIES, AND PROJECT SITE 1.1 Recitals. The Recitals axe hereby incorporated into this Agreement. EXHIBIT 1 55394.00000'09008220.1 65D-1 2