HomeMy WebLinkAbout02 FIFTH AMENDMENT TO TUSTIN LEGACY DDA 04-02 & ICPAAgenda Item 2
AGENDA REPORT Reviewed:
City Manager '
Finance Director N/A
MEETING DATE: OCTOBER 5, 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 until
the next scheduled meeting on October 19, 2010.
BACKGROUND
The City Council at their last meeting continued the public hearing on this matter until
October 5t". Staff are preparing a response to Developer concerns regarding the
proposed DDA and ICPA amendments and are coordinating a meeting with the
Developer, as it has requested, prior to the matter being brought forward for a public
hearing.
r
Christine Shingleton
Assistant City Man r