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Home My WebLink About121905 Jt Ph 1st Amend DDA Santiago St Lofts DevelopREQUEST FOR AGENCY/ COUNCIL ACTION MEETING DATE: DECEMBER 19, 2005 TITLE: M"-=-`0 0� JOINT PUBLIC HEARING — FIRST AMENDMENT TO DISPOSITION AND DEVELOPMENT AGREEMENT FOR THE SANTIAGO STREET LOFTS DEVELOPMENT CITY MANAGER EXECUTIVE DIRECTOR RECOMMENDED ACTI CITY COUNCIL ACTION CLERK OA COUNCIL USE ONLY: /ho trorr : r 15t 214d : 9ola /+ a 5. a APPROVED X As RecommendedQ,Ql�r��'G. ❑ As Amended �LLSPp� ❑ Ordinance on 1st Reading ❑ Ordinance on 2nd Reading ❑ Implementing Resolution ❑ Set Public Hearing For CONTINUED TO FILE NUMBER 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 conditions 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 CA O' 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 Project. The development will consist of 108 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. 5 — 21 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 provided for the sale of reuse value. The First Developer to purchase one at the current fair market for the assemblage of tk development site. amendment to the agreement. The original DDA Agency -owned property for the combined fair Amendment to the DDA now provides for the of the two remaining parcels from the Agency, value of $2,050,000. This action will allow e five lots required to create a 4.38 -acre 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). Executive Community PCW /DM /mlr Director Development Agency APPROVED AS TO FUNDS AND ACCOUNTS: A ( \i1CQ . �:, l � _k' Francisco Gutierrez Executive Director ItA Finance & Management Services Agency —k- H: \ACTIONS \2005 CC \JT JT P.H. CC -CRA FirstAmendPrivateDDASantiagoStLo ftsDev 12- 19- 05.doc 5 -22 RESOLUTION NO. CRA 2005 -007 A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA APPROVING A FIRST AMENDMENT TO THE DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN THE AGENCY AND SANTA ANA TRANSIT VILLAGE, LLC BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, AS FOLLOWS: Section 1: The Board of the Community Redevelopment Agency 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 (the Redevelopment Plan "), 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, on or about April 19, 2004, to sell certain real property in the Project Area, pursuant to the terms and provisions of a Disposition and Development Agreement (hereinafter referred to as the "Agreement') between the Agency and Santa Ana Transit Village, LLC, a California limited liability company. As part of this Agreement, Santa Ana Transit Village committed to acquire the property known as 901 East Santa Ana Boulevard for its fair reuse value. C. Santa Ana Transit Village, LLC, now seeks to acquire said real property for its fair market value. D. The Agreement contains all of the provisions, terms, conditions and obligations required by the state and local laws. E. Santa Ana Transit Village, LLC possess the qualifications and financial resources necessary to acquire and insure development of the Site, in accordance with the purpose and objectives of the Redevelopment Plan. 5 -23 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. F. 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 First Amendment to the Agreement is hereby approved, and the Executive Director of the Agency is hereby authorized to execute the Agreement, with such non - substantive changes as may be approved by Agency's General Counsel. Section 3. The Executive Director of the Agency is hereby authorized to take all steps, and to sign all documents and instruments necessary to implement and carry out the Agreement on behalf of the Agency. ADOPTED this day of 2005. APPROVED AS TO FORM: Joseph W. Fletcher, General Counsel By: Benjamin Kaufman Assistant General Counsel 2 5 -24 Miguel A. Pulido Chair AYES: Boardmembers: NOES: Boardmembers: ABSTAIN: Boardmembers: NOT PRESENT: Boardmembers: CERTIFICATION OF ATTESTATION AND ORIGINALITY I, PATRICIA E. HEALY, Secretary of the Agency, do hereby attest to and certify the attached Resolution No. to be the original resolution adopted by the Community Redevelopment Agency of the City of Santa Ana on Date: Secretary City of Santa Ana 5 -25