75A - PH FOR CARIBOU INDUSTRIES - Laserfiche WebLink

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VI. Job Creation: This section describes the number of full-time, part-time, and temporary jobs created by effectuating the Agreement. This Summary Report and Agreement are to be made available for public inspection prior to the approval of the Agreement. I. SALIENT POINTS OF THE AGREEMENT A. Project Description The proposed project is located at 201 West 3rd Street, at the northeast corner of Broadway and 3rd Street. Caribou Industries, a local developer and property owner in the City, proposes to replace the existing City -owned, 3-level parking garage with a mixed - use development containing 171 housing units (with 19 for low income residents), a 75- room boutique hotel, 13,419 square feet of commercial space (including retail and food/beverage establishments), and rooftop amenities ancillary to residential and hotel uses. The development would be comprised of two buildings: a 16-story, 194-foot-tall mixed - use (residential and commercial) building and a 10-story, 128-foot-tall hotel building. The buildings would be separated by an extension of Sycamore Street from the north edge of the project site to West 3rd Street. The proposed project would provide 490total structured parking spaces, including 211 public parking spaces and the hotel will provide 83 parking spaces. The Agreement is with Caribou Industries, who proposes to redevelop an aging city - owned public parking structure at 210 W. 3'd Street into a residential and hotel project that will benefit from the economic development subsidy: Caribou Industries 1130 N Broadway St Santa Ana, CA 92701 B. City Responsibilities This Agreement requires the City to: 1. Provide the land. 2. Fund the costs for public improvements to ready the site for development. This will include the demolition of the existing parking structure, preparation of the site for development, the construction of Sycamore Street reconnection and construction of 211 public parking spaces to replace the existing parking currently provided at the 3'd and Broadway parking structure. The estimated cost for public improvements is $7 million for the construction of the 211 public parking spaces and $6 million for the additional public improvements. z 75A-206