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Home My WebLink About80B - SANTIAGO STREET LOFTS MEETING DATE: ~ ~ CLERK OF COUNCIL USE ONLY: REQUEST FOR AGENCYI COUNCIL ACTION DECEMBER 19, 2005 TITLE: JOINT PUBLIC HEARING FIRST AMENDMENT TO DISPOSITION AND DEVELOPMENT AGREEMENT FOR THE SANTIAGO STREET LOFTS DEVELOPMENT APPROVED o As I~ecommended o As i~mended o Ordinance on 1 st Reading o Ordinance on 2nd Reading o Implementing Resolution o Set Public Hearing For . () /l CONTINUED TO (jd,"h~2._7;:k;C~ FILE NUMBER CITY MANAGER EXECUTIVE DIRECTOR RECOMMENDED ACTION CITY COUNCIL ACTION 1. Adopt a resolution making certain findings with respect to the consideration to be received by the Community Redevelopment Agency pursuant to the First Amendment to a Disposition and Development Agreement between the Agency and Santa Ana Transit Village, LLC for the sale of certain property in the Merged Redevelopment Project Area and approving the sale of said real property upon the terms and condi tions contained in the First Amendment to the Disposition and Development Agreement. 2. Approve transfer of property from the City of Santa Ana to the Community Redevelopment Agency for $2,050,000. REDEVELOPMENT AGENCY ACTION 1. Adopt a resolution approving a First Amendment to the Disposition and Development Agreement between the Community Redevelopment Agency and Santa Ana Transit Village, LLC. 2. Approve acceptance of property from the City of Santa Ana. DISCUSSION In April of 2004, the City and Redevelopment Agency approved a Disposition and Development Agreement (DDA) for the development of the Santiago Street Loft proj ect. The development will consist of 10 8 live/work units with sizes ranging from 1,500 to approximately 2,300 sq. ft. Each unit will also have a designated "commercial" space on the ground floor to encourage the development of small entrepreneurial businesses and provide an active pedestrian scene immediately adjacent to The Depot. 808-1 JT Public Hearing - Santiago Street Lofts Development December 19, 2005 Page 2 In order to comply with all of the terms and conditions of the DDA, the Developer has requested an amendment to the agreement. The original DDA provided for the sale of Agency-owned property for the combined fair reuse value. The First Amendment to the DDA now provides for the Developer to purchase one of the two remaining parcels from the Agency, at the current fair market value of $2,050,000. This action will allow for the assemblage of the five lots required to create a 4.38-acre development site. The project is strategically located immediately adjacent to The Depot and the 5 Freeway and will serve as a gateway into the Downtown. The DDA and the corresponding development it facilitates fulfill the City's goals for the area by improving land-use potential and implementing market rate housing along Santa Ana Boulevard. FISCAL IMPACT Funds from the sale of Agency-owned property will be deposited in the Merged Project Area Sale of Land account (account no. 570-01-5721). {j, patr{zg~~~ APPROVED AS TO FUNDS AND ACCOUNTS: Executive Director Community Development Agency ~(\~~~ \~L~__ Francisco Gutierrez Executi ve Director ~ @ Finance & Management Services Agen:~_ PCW/DM/mlr H:\ACTIONS\2005 CC\JT JT P.H. CC-CRA FirstAmendPrivateDDASantiagoStLoftsDev 12-19-05.doc 808-2 bk:12/05/05 RESOLUTION NO. 2005-123 A RESOLUTION OF THE CITY COUNCIL OF SANTA ANA MAKING CERTAIN FINDINGS WITH RESPECT TO THE CONSIDERATION TO BE RECEIVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA PURSUANT TO THE FIRST AMENDMENT TO THE DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, AND SANTA ANA TRANSIT VILLAGE, LLC, FOR THE SALE OF CERTAIN REAL PROPERTY IN THE CENTRAL CITY REDEVELOPMENT PROJECT AND APPROVING THE SALE OF SAID REAL PROPERTY UPON THE TERMS AND CONDITIONS CONTAINED IN THAT AGREEMENT BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA, AS FOLLOWS: Section 1: The City Council of the City of Santa Ana hereby finds, determines and declares as follows: A. The Community Redevelopment Agency of the City of Santa Ana (hereinafter referred to as the "Agency") is engaged in activities necessary to execute and implement the Redevelopment Plan for the Merged Project Area, in the area formerly known as the Inter City Commuter Station Redevelopment Project. B. In order to implement the Redevelopment Plan, the Agency has previously agreed, subject to the approval of this Council, to sell certain real property in the Project Area, pursuant to the terms and provisions of that certain Disposition and Development Agreement (hereinafter referred to as the "Agreement") between the Agency and Santa Ana Transit Village, LLC, which is on file in the office of the Executive Director of the Agency, in which said real property, commonly referred to as 901 & 927 East Santa Ana Boulevard, County of Orange Assessor Parcel Numbers 398-201-05 & 398-201-07 (collectively "the Site") is described. C. The sale previously agreed to, included the sale of one of the two parcels, 901 East Santa Ana Boulevard, at its fair reuse value. 808-3 D. The Developer has requested, by way of a First Amendment to the Agreement, to acquire 901 East Santa Ana Boulevard for its fair market value, rather than at a subsidized fair reuse value. E. The First Amendment to the Agreement, a true and correct copy of which is on file with the Secretary, contains all of the provisions, terms, conditions and obligations required by the state and local laws. F. Mitigated Negative Declaration and Mitigation Monitoring Program for Environmental Review No. 2003-182, was approved and adopted by resolution which came before the City Council on April 19, 2004. Except for financial terms, the project as described in this Mitigated Negative Declaration has not been altered in any way, and for this reason the subsequent use of this Mitigated Declaration is appropriate, and is hereby approved. This resolution incorporates by reference, as though fully set forth herein, said Council resolution and the Mitigated Negative Declaration and Mitigation Monitoring Program. G. Pursuant to the provisions of the California Redevelopment Law, the Agency and the City Council have held a duly noticed joint public hearing on the proposed sale of the Site pursuant to the Agreement. Section 2. The City Council has considered all terms and conditions of the proposed sale and hereby finds and determines that the sale and the redevelopment of the Site as provided for in the First Amendment to the Agreement is the best interests of the City of Santa Ana and the health, safety and welfare of its residents, and is in accord with the public purpose and provisions of the applicable state and local laws. Section 3. The City Council hereby finds and determines that the consideration for the revised sale price for 901 East Santa Ana Boulevard pursuant to the First Amendment to the Disposition and Development Agreement is not less than the fair market value of the Site determined in accordance with the covenants and conditions governing the sale. Section 4. The revised sales price and sale of 901 East Santa Ana Boulevard parcel by the Agency to Santa Ana Transit Village, LLC, upon the terms and conditions contained in the First Amendment to the Agreement is hereby approved. Section 5. The Clerk of the Council shall attest to and certify the vote adopting this Resolution. ADOPTED this day of ,2005. 808-4 Miguel A. Pulido Mayor APPROVED AS TO FORM: Joseph W. Fletcher, City Attorney By: Benjamin Kaufman Chief Assistant City Attorney AYES: Councilmembers: NOES: Councilmembers: ABSTAIN: Councilmembers: NOT PRESENT: Councilmembers: CERTIFICATION OF ATTESTATION AND ORIGINALITY I, PATRICIA E. HEALY, Clerk of Council, do hereby attest to and certify the attached Resolution No. 2005-123 to be the original resolution adopted by the City Council of the City of Santa Ana on Date: Clerk of Council City of Santa Ana 808-5 808-6