2024-053 - Final Supplemental for The Related Bristol Specific Plan Project

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• The Project transforms an underutilized site currently dominated by an asphalt parking lot and partially vacant retail center into a walkable, pedestrian -friendly village with approximately 13.1 acres of actively programmed, publicly accessible open space. • The Project transforms an underutilized site to an economically viable development consistent with the General Plan objectives for the South Bristol Street Focus Area and combines residential uses with community -serving commercial uses near employment opportunities, freeway access, and transit. • The Project implements the SCAG Regional Transportation Plan,/Sustainable Communities Strategy (RTP/SCS) Land Use Policies related to population and housing by providing additional housing near employment centers. • Consistent with the General Plan, the Project facilitates the economic development of the City by creating an expanded employment base and new diverse employment opportunities. The Economic and Fiscal Analysis (2023) prepared for the Project determined that the Project will generate approximately 5,900 construction jobs and 1,600 permanent jobs. The Project's implementation will be a powerful catalyst for business growth and sustainability in south Santa Ana for generations to come. • The Economic and Fiscal Analysis (2023) prepared for the Project determined that due to greater construction costs and scale, the Project would generate close to $2.9 billion in total economic activity in Orange County. • The Economic and Fiscal Analysis determined that the Project could generate a net surplus of approximately $10.7 million per year to the City's General Fund. In comparison, the existing (partially vacant) commercial center on the site is estimated to generate a net fiscal benefit of about $2.8 million per year. • The Project creates a high quality, master planned mixed -use development that will attract an array of businesses and provide a variety of employment and housing opportunities and creates an annual net fiscal surplus.