HomeMy WebLinkAbout20A - BOWERS EXPANSION STEADFAST
REQUEST FOR
COUNCIL ACTION
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CITY COUNCIL MEETING DATE:
CLERK OF COUNCIL USE ONLY:
APRIL 17, 2006
TITLE:
APPROVED
o As Recommended
o As Amended
o Ordinance on 1 st Reading
o Ordinance on 2nd Reading
o Implementing Resolution
o Set Public Hearing For
APPROPRIATION ADJUSTMENT AND
AMENDMENT TO VARIOUS
AGREEMENTS AND LAND EXCHANGES
RELATING TO BOWERS MUSEUM
EXPANSION AND STEADFAST
COURT(ll!.{1~
CITY MANAGER
CONTINUED TO
FILE NUMBER
RECOMMENDED ACTION
1. Approve an appropriation adjustment to recognize $750,000 from
Steadfast Courtyards, L.P. to pay a portion of the cost of the Bowers
Museum's new north parking lot.
2. Approve an amendment to the Land Exchange Agreement between the City
of Santa Ana and Steadfast Courtyards, L.P.
3. Approve First Amendment to the Ground Lease and Second Amendment of
the Amended and Restated Operating Agreement between the City of Santa
Ana and the Charles W. Bowers Museum Corporation.
DISCUSSION
In September 2005, the City Council and Redevelopment Agency approved and
authorized several actions to facilitate the 30,000 square feet expansion
of the Bowers Museum. As part of the expansion, the City effectuated a
land exchange with Steadfast, the residential developer who owns the
property immediately north of the Museum. Under the exchange, Steadfast
will develop a luxury condominium proj ect on the Museum's existing 20th
Street parking lot, and the museum will be expanded upon the former
Steadfast parcel.
Amendments to the Land Exchange Agreement, the Amended and Restated
Operating Agreement, and Ground Lease are needed in order to fulfill the
land exchange and development of the Bowers Museum expansion and
Steadfast's Cordoba proj ect. Changes to the agreements call for the
following actions to occur:
20A-1
Agreement with American Hot
Foods Systems
January 3, 2006
Page 2
.
Steadfast to demolish and clear all building improvements
structures on its existing property north of the Museum,
provide the City with a clean, rough graded site. Ci ty will
access rights to inspect the site prior to close of escrow.
and
and
have
· Steadfast to pay the sum of $750,000.00 toward the costs incurred
by City in constructing the Museum's north parking lot.
· City responsible for additional costs of constructing north parking
lot.
· Simultaneous escrow closing and delivery of possession of City and
Steadfast properties.
· Immediately following escrow closing, City will lease back its
former 20th Street parking lot from Steadfast for a 90 day period
for the sum of one dollar, and will allow Bowers Museum to continue
to use the lot for parking during construction of the new lot.
Commencement of construction of the museum's new improvements has begun
and is scheduled for completion in October 2006. Development of
Steadfast's condominium proj ect is anticipated to begin in September
2006.
FISCAL IMPACT
Upon approval of the appropriation adjustment, funds will be available in
the Bowers Museum Improvement Other than Buildings account (account no.
11-221-6631, Project 06-7214).
APPROVED AS TO FUNDS AND ACCOUNTS
v2e e will;
Patricia C. Whitaker
Executive Director
Community Development Agency
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Francisco Gutierrez
Executive Director ~
Finance & Management Services Agency
PCW/JLQ/mlr
H:\ACTIONS\2006 4-17-06 CC Bowers-Steadfast agmts.doc
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