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HomeMy WebLinkAboutPOWERPOINT PRESENTATION - ST. ANTON AND IRVINE CO.!w DA 2012-001, CP 2012-002, DR 2012-004, Density Transfer, Density Bonus, PM 2012-136 THE IRVINE COMPANY - DEVELOPMENT -OF IS OSITION PACKAGE 2A - 7 MOQERATE-UNI T INCOME UNITS AND 496 MARKET RATE UNITS DA 2012-002, CP 2012-003, DR 2012-005, Density —Transfer, and Density Bonus 1 ST. ANION PARTNF.�RS - DEVELOPMENT DISPOSITION i�A CK4 NORTH - 225 AFFORABLE APARTMENT UNITS Site 2A (The Irvine Company) and Site 1A -North (St. Anton Partners) On February 3, 2003, the Tustin City Council adopted the MCAS Tustin Specific Plan ` ' Tustin City Council approved the "Tustin Legacy Disposition Strategy for the Former Master r Developer Footprint" for Neighborhoods B, D, E, and G. A Request for Proposal (RYA) was advertised for' Dispo itio Package 2A, a 21.735 -acre par�el, a d Pac e 1 A -North, a 1 .779 acre parcel that includes a 4.706 acre parcel for park developme An Exclusive Negotiation Agreement (ENA) was r- executed on June 19, 2012 for multi -family f apartment development by The Irvine Company (2A), and St. Anton Partners (1 A -North). Site 2A (The Irvine Company) and Site 1A -North (St. Anton Partners) General Principles in Negotiating p g g the DDA �11 �. DDA includes performance measures such as construction commencement and completion dates. rf Property to be conveyed at not less than Fair Market Value. Property conveyed in an "as -is -where is -and with all faults" condition. Development and construction of the project would be at no cost or expense to the City. Developer will bees�onsible for paying Tustin Legacy Backbone Infr�structure Prog am costs. _. Developer will b sponsible for local infrastructure costs. 7. City will retain certain special rights including covenants for a rd e r ' ho sing. 8. City's risk as the seller of property is limited to the maximum extent possible. " City will retain certain rights and remedies in the event the Developer fails to perform as specified in the DDA, including the right to repurchase. Site 2A (The Irvine Company) and Site 1A -North (St. Anton Partners) Fiscal Impact At conveyance, City to receive $30,148,000 with the conveyance of 2A (The Irvine Company); $1.00 with the conveyance of 1A -North (St Anton). ��. Proceeds will be placed in "Tustin Legacy Land Sale" account. .-9 J r' Appraisal conducted by the City for the combined parcels 2A and 1A - North; A -North; confirmed Fair Market Value. Appraisal recognized the burden of backbone fees and affordable housing obligations. a • The Irvine Company to pay at conveyance a Tustin Legacy Master Marketing Program F e of $50,000. • Backbone Obligation • The Irvin man - $1513003644 • St Anton Partners — $4/32,393 • eveloper to pay a annual CFD fee, known as Tax -fit to exceed 0.15 percent of assessed value; escalated at 2.0 percent annually. CFD ., proceeds will be used for essential services and maintenance within Tustin Legacy. • The City's transaction costs are being borne by The Irvine Company. Site 2A (The Irvine Company) and Site 1A -North (St. Anton Partners) t Schedule for Conveyance and Construction r f� The Irvine Company Anticipated-�. conveyance April/May 2013; howev(�, not later than 12 months following execution of DDA. Construction must be completed within 36 months of building permits being issued by the City. r St Anton Anticipated conven e In A ril/Ma 2013 however, no la er 15 p Y p Y > months following exe ution of the DDA. • Construction must be completed within 30 months of uildi p permits being issued by the City. Site 2A (The Irvine Company) and Site 1A -North (St. Anton Partners) The Irvine Company has submitted rti r. Development Agreement (DA) 2012- 001 Concept Plan (CP) 2012-002, Desian Review (DR) 2012-004, Densitv Transfer, Density Bonus, Concessions or Incentives authorized under Tustin City Coye Section 91� re ted to the pr vi io� of affordable hos units in c m lia�ce w�i li Californi o ernment Cod S ction 65915(1), and Prcel Map (PM) 20124,36, required for th: proposed development of 533 residential apartment units at Disposition Package 2A at Tustin Legacy. Site 2A (The Irvine Company) and Site 1A -North (St. Anton Partners) The Irvine Company project (2A) includesI in : .,AN Six, 3 -story buildings and eight, 4 -story buildings totaling 533 J apartment units. _J_1_ _- J Several ancillary buildings in lulling a community re reation ming, carports, etc. �_� IJLIL R7__]L1R= • 3 21�bedroom units (589-766 '� = _ �'.�_ = s uare' et q ) 191 2 -bedroom units (928-1,171 square feet) iiilHO. .. .. ..... Site 2A (The Irvine Company) and Site 1A -North (St. Anton Partners) St. Anton Partners has submitted Development Agreement (DA) 2012- 002, Concept Plan (CP) 2012-003, Design Review (DR) 2012-005, Density Transfer, Density Bonus, and -, Concessions or Incentives authorized '{ under Tustin City Code Section 9123 related to the development of 225 affordable residential apartment housing units in compliance with California overnment Code Section 6591 (1) at Disposition Package 1A - North, Tustin Legacy. L The site includes a 4.706 acre parcel for improvement as a City park. Site 2A (The Irvine Company) and Site 1A -North (St. Anton Partners) The St. Anton project (1A -North) includes: ��: f: Fourteen, 3 -story buildings and one 4 -story building totaling 225 affordable apartment units. r Several ancillary buildings including a community recreation building, carports, etc. v, 78 1 -bedroom units (750-781 square feet) r. 117 2 -bedroom units (939-1,127 square feet) el. 30 3 -bedroom units , M� (1,327 square feet) Lop - ON, a 1i Site 2A (The Irvine Company) and Site 1A -North (St. Anton Partners) Affordable Housing Component The project is proposing that 262 of the 758 units proposed at Sites 1A - North and 2A (35%) accommodate very low, low, and moderate income households. The proposal assists the City in meeting its 2006-2014 Regional Housing Needs Assessment Goal. 2006-2014 RHNA GOAL To -Date Total Site 1A Site 2A New Total RHNA Goal �ery Low 303 88 0 451 512 Low 271 73 0 200 410 Moderate 19f 64 37 292 468 Total 681 225 37 943 1, 490 State law and the Tustin City Code supports the approval of density bonus units, and concessions and incentives to encourage the development of affordable units. Affordable units must be available for at least 55 years. Site 2A (The Irvine Company) and Site 1A -North (St. Anton Partners) On October 9, 2012, the Tustin Planning Commission approved Resolution Nos. 4205 and 4206 recommending that the Tustin City Council approve the applications proposed by The Irvine Company and St. Anton Partners. r . Recommendation f-- Adopt Resolution Nos. 12-95, 12-1003 12-93, introduce Ordinance No. 1422, and authorize the Executive Director/City Manager to expcu a all agree ents approving the proposed level pment of 533 apart ent units (inc ding 37 affordable units) at Tustin Legacy DispositkRPackage 2A (The Irvine Company). A opt Resolution Nos. 12-96, 12-991 12-94, introduce Ordinance No. ' 142 and authorize the Executive Director/Cit Manager erto execute all agreements approving the propose development of 225 affordable apartment units (including 88 very low-income, 73 low- income, and 64 moderate -income units) at Tustin Legacy Disposition Package 1A -North (St. Anton Partners).