HomeMy WebLinkAboutTPFA RESOLUTION 06-02
TPFA RESOLUTION NO. 06-02
A RESOLUTION OF THE TUSTIN PUBLIC FINANCING
AUTHORITY, CALIFORNIA, APPROVING THE TUSTIN
LEGACY DISPOSITION AND DEVELOPMENT
AGREEMENT 06-01 (MASTER DEVELOPMENT SITE)
The Tustin Public Finance Authority does hereby resolve as follows:
I. The Tustin Public Financing Authority finds and determines as follows:
A. The Tustin City Council in Section I of Resolution No. 06-42 has made
certain findings regarding the background related to the Tustin Legacy
Disposition and Development Agreement 06-01 for the Master
Development Site and made certain findings which are incorporated
herein and affirmatively confirmed by the Tustin Public Financing Authority
as though fully set forth herein.
B. A portion of the Tustin Legacy Master Developer Site is owned by the
Tustin Public Financing Authority.
II. The Tustin Public Financing Authority hereby finds and determines, based upon
substantial evidence provided in the record before it that:
A. The foregoing recitals are true and correct.
B. The Tustin Public Financing Authority has received and heard all oral and
written testimony to the proposed DDA and to the Developer's proposed
development of the Property in connection therewith, and to any other
matters pertaining to this transaction.
C. The FEIS/EIR, the Addendum thereto, and the Public Financing Authority
and City Council's resolution relating to the Addendum, are the controlling
environment documents for the Project.
D. The sale of the Property by the City of Tustin and Tustin Public Financing
Authority will assist in the elimination of blight in the Redevelopment
Project Area is consistent with the Implementation Plan adopted by the
City of Tustin and Agency for the Redevelopment Plan will provide
significant job generating uses furthering the City and Agency's economic
development goals; is consistent with the Conveyance Agreement and the
Governmental Requirements will provide needed retail services and open
space and recreational opportunities to the community and will assist in
the mitigation of California affordable housing crisis by providing 453 units
of additional affordable housing.
TPFA Resolution No. 06-02
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E. The DDA provides for disposition of the Property to the Developer only if
certain predisposition conditions are met.
F. The consideration for the Tustin Public Financing Authority's and the
City's disposition of the Property, pursuant to the DDA, is not less than the
fair market value of the Property in accordance with conditions,
covenants, and development costs required by the DDA and that the sale
of the Property is for more than its fair market price as determined by an
independent appraisal. This finding is based on the facts and analysis set
forth in the Recitals and supporting documents, which may be briefly
summarized as follows:
1) The Fair Market Value of the Property based on an independent
appraisal has been determined to be in a range of between
$194,000,000 to $216,000,000. The appraiser has also
determined that there is a negative land value of approximately
$152 million dollars associated with development of Phase 1 due to
costs required for backbone infrastructure that would be incurred
during that phase, with any positive value for the overall project
accruing only with development of Phase 2 and 3 of the Project.
2) The purchase price to be paid for the Property by Developer under
the DDA is $236,000,000 with $150,000,000 to be paid with the
Phase 2 conveyance, and $86,000,000 to be paid in the Phase 3
conveyance.
G. The Project is in the best interests of the City of Tustin and the Tustin
Public Financing Authority and the health, safety, morals, and welfare of
its residents, and is in accord with the public purposes and provisions of
applicable state and local law and requirements.
H. The foregoing findings are based upon the record of the public meeting on
the DDA.
III. The DDA, a copy of which is on file with the Office of the City Clerk, is hereby
approved subject to any non-substantive modifications as may be determined
necessary as may be approved by the City Manager's office, or as recommended by
the City's special counselor the City Attorney.
IV. The City Manager and Assistant City Manager are also hereby authorized to take
such actions, and execute such documents and instruments, as deemed necessary or
desirable to implement the terms of the DDA and all attachments to the DDA including
the Memorandum of DDA, Ground Leases, Bill of Sales, Quitclaim Deed, any
necessary Subordination Agreements, any Assignment and Assumption Agreements,
and Certificates of Compliance, any Estoppels, any Special Restrictions, and other
TPFA Resolution No. 06-02
Page 2 of 3
documents as necessary and, upon satisfaction of all conditions and obligations of the
Developer thereto and pursuant to the DDA, to transfer the subject site in phases to the
Developer.
PASSED, APPROVED, AND ADOPTED at a regular meeting of the Tustin
Public Financing Authority on the 3rd day of April, 2006.
VERT
, Board of Directors
~-~Q~~
PAMELA STO E
City Clerk
STATE OF CALIFORNIA )
ORANGE COUNTY )SS
CITY OF TUSTIN )
I, Pamela Stoker, City Clerk and ex-officio Clerk of the Board of Directors of the Tustin
Public Financing Authority, California, do hereby certify that the whole number of the
members of the Tustin Public Financing Authority is five; that the above and forgoing
TPFA Resolution No. 06-02 was duly passed and adopted at a regular meeting of the
Tustin Public Financing Authority, held on April 3, 2006, by the following vote:
NONE
(5)
(0)
(U)
(0)
BOARDMEMBER AYES:
BOARDMEMBER NOES:
BOARDMEMBER ABST AI NED:
BOARDMEMBER ABSENT:
DAVERT, HAGEN, AMANTE, BONE, KAWASHIMA
NONE
NUN];
~n~~
PAMELA STOK
City Clerk
TPFA Resolution No. 06-02
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