HomeMy WebLinkAbout02 FIFTH AMENDMENT TO TUSTIN LEGACY DISPOSITIONAgenda Item Z
AGENDA REPORT RCty Manager
Finance Director N/A
MEETING DATE: SEPTEMBER 21, 2010
TO: WILLIAM A. HUSTON, CITY MANAGER
FROM: REDEVELOPMENT AGENCY STAFF
SUBJECT: FIFTH AMENDMENT TO TUSTIN LEGACY DISPOSITION
AND DEVELOPMENT AGREEMENT 04-02 (RETAIL DEVELOPMENT)
AND FIFTH AMENDMENT TO THE INFRASTRUCTURE
CONSTRUCTION AND PAYMENT AGREEMENT
SUMMARY
A Public Hearing had been scheduled for the City Council to consider approval of a Fifth
Amendment to the Tustin Legacy Disposition and Development Agreement (Retail
Development) ("DDA") and a Fifth Amendment to the Infrastructure Construction and
Payment Agreement ("ICPA") between the City of Tustin and Vestar/Kimco Tustin, L.P.
("Developer") as the amendments affect The District at Tustin Legacy.
RECOMMENDATION
It is recommended that the City Council continue the public hearing on this item to the
next scheduled meeting on October 5, 2010.
BACKGROUND
Although staff has been working for over eight months with the Developer on the subject
amendments to the DDA and ICPA (the "Amendments"), the Developer has recently,
after publication of the public hearing notice, voiced additional new concerns and has
requested that the scheduled public hearing on the proposed Amendments be
continued.
.~Cj~r~,G'd
Christine Shingleton
Assistant City Manager