HomeMy WebLinkAbout01 TLCP WAIVER REQUEST 01-18-08 Agenda Item 1
AGENDA REPORT
MEETING DATE: January 18, 2008
TO: WILLIAM HUSTON, CITY MANAGER
FROM: REDEVELOPMENT AGENCY
SUBJECT: Tustin Legacy Community Partners, LLC (TLCP) Waiver Request of Certain Provisions
of the Disposition and Development Agreement (Master Development) between the City
of Tustin, Tustin Public Financing Authority and TLCP
SUMMARY: A Request has been received from TLCP for the City and Financing Authority to
waive provisions of Section 8.7.4 of the Disposition and Development Agreement (Master
Developer) between the City and TLCP to permit Vertical Builders to enter into binding sale and
rental agreements prior to Master Association Documents being in place and prior to approval of
an applicable Sector B Final Map. In addition, TLCP has requested concurrence on proposed
hotel products within Neighborhood D of the Tustin Legacy Project.
FISCAL IMPACT: At this time unknown. Modifications of hotel product types may impact
originally projected Tustin Legacy Fiscal Impacts based on actual transient occupancy tax
receipts.
RECOMMENDATION:
Pleasure of the City Council and Tustin Public Financing Authority.
BACKGROUND:
The City Council reviewed at their closed session meeting on January 15, 2007 a number of
terms and conditions of payment and conveyance of property to TLCP. Based on this
discussion, a proposed response letter to TLCP will be available for consideration by the City
Council.
Staff will be available to answer any questions that the Council may have.
Christine Shingleton
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