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Exhibit 1 <br />3rd Street and Broadway Project <br />Proposed Scope of the Project <br />1. Developer is to submit audited financial statements to the City of Santa Ana. <br />2. Developer is to purchase the property at market value with the intention of <br />demolishing the existing parking garage and building a mixed use <br />residential /retail /office /hotel project. <br />3. The City shall impose a lien on the property for the market value purchase of <br />said property. Said lien shall be maintained for no less than 25 years. <br />4. The City shall release the lien after 25 years and upon the developer's <br />accomplishment of all performance requirements and terms of the loan as <br />outlined in the DDA. <br />5. The developer shall be required to deposit a determined amount within five <br />(5) days of opening an escrow. <br />6. The transfer of the title of the property shall only take place after certain City <br />of Santa Ana conditions have been met by the developer. <br />7. The developer shall obtain all necessary entitlements at their own expense <br />prior to transfer of property titles from the City to the developer. <br />8. The developer shall prepare a complete environmental document consistent <br />with California Environmental Quality Act (CEQA) for the proposed project. <br />9. A minimum four (4) -star hotel component, consisting of no fewer than 60 <br />rooms is a required component of the proposed project. The hotel may be <br />built at the same time as the rest of the project or in a subsequent phase, as <br />described by the developer with a justification for its phasing and timing. <br />Developer must submit documentation to verify a commitment from a major <br />hotel, development proforma for the hotel, and signed labor agreements as <br />required but the City in order to meet the hotel component requirement for <br />the project. <br />10. A hotel tax rebate incentive may be negotiated between the City and the <br />hotel operator consistent with the City's Hotel Incentive Program. <br />11. The developer shall build the project paying prevailing wages and the hotel <br />component shall employ unionized labor at prevailing wages for its <br />operations. <br />12. The developer will not be required to replace the existing public parking. <br />Therefore, no public funds shall be directed to the development project for <br />the purpose of creation of public parking. <br />13. The City and the developer will review and resolve all existing parking <br />obligations associated with the existing municipal parking structure. <br />14. The City shall convey property titles immediately prior to a previously <br />scheduled and fully authorized demolition of the existing improvements on <br />the property. <br />25J -3 <br />