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).