Laserfiche WebLink
EXHIBIT 5 <br />SUMMARY AND SUBSIDY REPORT <br />Pursuant to Government Code Sections 52201 and 53083 <br />For a Disposition and Development Agreement <br />between <br />the City of Santa Ana and <br />Caribou Industries at 201 W 3rd Street <br />The following Summary Report has been prepared pursuant to California Government <br />Code Sections 52201 and 53083, the City Council of the City of Santa Ana must hold a <br />noticed public hearing and, prior to the public hearing, provide all of the following <br />information in written form and available to the public through the City's website regarding <br />a proposed economic development subsidy provided by the City pursuant to a <br />Development and Disposition Agreement between the City of Santa Ana and Caribou <br />Industries (Agreement). Notice was published on the City's website for a public hearing <br />to be held on October 20, 2020. <br />The report sets forth certain details of the proposed Disposition and Development <br />Agreement required pursuant to Government Code Sections 52201 and 53083. <br />BACKGROUND <br />The following Summary Report is based upon information contained within the <br />Agreement, and is organized into the following five sections. <br />I. Salient Points of the Agreement: This section includes a description of the <br />project and the major responsibilities imposed on the City and the Development <br />by the Agreement. <br />II. Estimated Value of the Interests to be Conveyed Determined at the <br />Highest and Best Use of the Property: This section estimates the value of <br />the interests to be conveyed determined at the highest use permitted under the <br />existing zoning. <br />III. Economic Incentive/Development Subsidy Provide, and the Cost of the <br />Agreement: This section details the economic incentive/development subsidy <br />to be provided by the City and the costs to be incurred by the City associated <br />with implementing the Agreement. <br />IV. Consideration Received and Comparison with the Economic <br />Incentive/Development Subsidy Provided: This section describes the <br />financial compensation to be received by the City pursuant to the Agreement. <br />V. Creation of Economic Opportunity and Public Purpose: This section <br />describes how the Agreement will assist in the creation of economic opportunity <br />in the City. <br />1 <br />75A-205 <br />