HomeMy WebLinkAboutPOWERPOINT PRESENTATION - TUSTIN LEGACYAgenda Item N13
Selection Process
• City Council confirmed Short Listed Developers
for the Disposition Packages based on
recommendations of Expert Panel in Fall 2011
• RFP's for Disposition Packages 1 B issued in February
to:
• New Home Company
■ Brookfield Homes
■ Standard Pacific Homes, So. Ca. Division
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Process -Continued
• On April 13, 2012 responses to the RFP's were received
• RFP responses were ranked by a Technical Evaluation
Team representing City Manager's Office, Community
Development and Public Works and outside City
Consultants RBF and SMS Architects, special real estate
counsel Amy Freilich.
• References checked and smaller sub -committee of
Technical Evaluation Committee also interviewed each
team.
• Standard Pacific Homes recommended to proceed to an
ENA to be brought back for City Council approval
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Process -cont.
■ Disposition Package 1 B is approx. 51.375 acres
gross (including any local or internal streets)
■ Located east of portions of Legacy Road and
Park Avenue currently being constructed by the
City.
■ Approx. 7.69 acres to be privately owned (by
HOA), publicly accessible park and open space
greenbelt areas
■ Subject to entitlements, Developer proposes two
alternative designs with staff recommending
Concept Plan B, which proposes 238 units at
approx. 6.7 units/acre(RFP identified up to 247)
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Process -Cont.
• Standard Pacific is one of largest homebuilders in U.S.
and has built more than 115,000 homes. It's largest
housing markets include California, Florida, Arizona and
South Carolina.
• It is a publicly traded company on NYSE
• Headquartered in Irvine and all members of team have
worked together for more than 10 yrs.
• A key aspect of being able to execute development is
financial capacity. They have more than $390 Million in
cash balances and an available credit line of $190
million. They intend to use cash for the project.
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Process -cont.
■ Developer to construct:
• Legacy Road east of Park Ave.
• All private local streets within the project necessary for
internal circulation
• All required open space
• All utilities and drainage, including IRWD requirements
• All in -tract improvements.
■ Developer will make a $8,787,926 Fair Share
Contribution towards the Tustin Legacy Backbone
Infrastructure Program.
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