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REQUEST FOR COUNCIL ACTION :mot CITY COUNCIL MEETING DATE: MAY 2, 2017 TITLE: CITY OF SANTA ANA THIRD STREET AND BROADWAY DEVELOPMENT PROJECT UPDATE - STATUS REPORT (STRATEGIC PLAN NO. 3, §A) RECOMMENDED ACTION CLERK OF COUNCIL USE ONLY: ❑ As Recommended ❑ As Amended ❑ Ordinance on 1" Reading ❑ Ordinance on Z' Reading ❑ Implementing Resolution ❑ Set Public Hearing For CONTINUED TO FILE NUMBER Receive and file City of Santa Ana Third Street and Broadway Development Project Update status report. DISCUSSION On March 21, 2017, the City Council authorized the City Manager and Clerk of the Council to enter into an Exclusive Negotiation Agreement (ENA) with the Reimbursement Agreement for consideration to be executed with Caribou Industries Inc. ( "Developer ") for the Third Street and Broadway Development Project with the Proposed Scope of the project, subject to non - substantive changes approved by the City Manager and City Attorney. On April 4, 2017, City Staff met with the Developer to discuss the terms of the ENA and the 29 Proposed Scope of said Project. The result of the meeting was that of the 29 Proposed Scope of the Project, both City staff and the Developer agreed on 8 conditions that were proposed. The conditions agreed on were numbers: 13, 14, 15, 18, 21, 24, 25, and 29. However, there are discrepancies between 21 of the conditions proposed by the Developer and those outlined by the City. The following are the conditions where the Developer's proposal deviates from the City's requirements: 1. Developer is to submit audited financial statements to the City of Santa Ana. 2. Developer is to purchase the property at market value with the intention of demolishing the existing parking garage and building a mixed use residential /retail/ office /hotel project. 3. The City shall impose a lien on the property for the market value purchase of said 19K -1