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ARA 2008/08/12ANAHEIM REDEVELOPMENT AGENCY REGULAR MEETING OF AUGUST 12, 2008 The Anaheim Redevelopment Agency met in regular session in the Chambers of Anaheim City Hall located at 200 South Anaheim Boulevard. Present: Chairman Curt Pringle, Agency Members: Lorri Galloway, Bob Hernandez, Lucille Kring and Harry Sidhu Staff Present: City Manager Dave Morgan, City Attorney Jack White, and Secretary Linda Andal. A copy of the agenda for the meeting of the Redevelopment Agency was posted on August 8, 2008 on the kiosk outside City Hall. At 6:31 P.M., Chairman Pringle called the meeting of the Anaheim Redevelopment Agency to order for a joint public comment session with the Anaheim City Council. ADDITIONS/DELETIONS TO THE AGENDA: None PUBLIC COMMENTS: No comments offered during the joint public comment session related to the Agency agenda. JOINT PUBLIC HEARING: 1. This is a joint public hearing to approve an Amended and Restated Disposition and 4600.2 Development Agreement with Trucor, Inc. to add two parcels to the five original parcels and restructure economic terms and conditions, anticipated sales prices and methods of payment (Lemon and Water Phase III). RESOLUTION NO. ARA 2008-003 RESOLUTION OF THE GOVERNING BOARD OF THE ANAHEIM REDEVELOPMENT AGENCY approving an Amended and Restated Disposition and Development Agreement with Trucor, Inc., and making certain findings in connection therewith. Elisa Stipkovich, Director of Development Services, announced the joint public hearing was to consider an amendment to a Disposition and Development (DDA) agreement approved on August 21, 2007 for five properties known as the Lemon/Water Historic Preservation Project, generally located near Lemon and Water. She explained that the amendment before Council was to add two parcels to the DDA. One of the parcels to be added was the sixth parcel in this subdivision where a historic home was recently relocated from Vermont Avenue for the purposes of restoration along with the original five parcels. The DDA would add this parcel with the intent of Trucor restoring this home along with homes on the surrounding parcels and completing the historic streetscape for this neighborhood. The second parcel to be added to the DDA was located on Center Street and would finish the Five Points project in which the developer was also building a residential component. By adding these two parcels and re-doing the economic terms, the Agency would be putting up the land in this project through participation. She explained this would be an open book project where the developer must show actual costs and would be limited to a fixed 15 percent overhead and profit and Anaheim Redevelopment Agency Minutes of August 12, 2008 Page 2 of 2 any other proceeds from sale of the property would be split with two-thirds going to the Agency and one third going to the developer. She emphasized, based on current market conditions, this would be the only way to get these projects completed and staff felt it was critical, because six parcels with historic homes had been sitting on blocks for a lengthy period of time and should be put into productive use. Agency Member Hernandez requested an anticipated completion date and Ms. Stipkovich responded that it would depend on how fast the properties sold but she hoped the entire project would be completed in 18 months. He asked how the value of the properties was determined. Ms. Stipkovich indicated Keyser Marston had performed an analysis of the current fair market value that was based upon projected sales and also by what the developer determined the homes would sell. She added it was a tough market in which to get comparable figures and difficult to predict a final sales price which is why the Department went to a participation formula. The land value was then based on a formula derived when the actual sale took place. Chairman Pringle opened the public hearing. Barbara Gonzales, recipient of the Mills Act plaque for 115 West Steuckle Avenue which sits adjacent to the six homes awaiting restoration, spoke of the positive impact on neighbors when rehabilitation takes place. She supported this project and the significant impact the homes would have on her neighborhood. With no other speakers, Chairman Pringle closed the public hearing. Agency Member Kring moved to approve RESOLUTION NO. ARA 2008-003 OF THE GOVERNING BOARD OF THE ANAHEIM REDEVELOPMENT AGENCY approving an Amended and Restated Disposition and Development Agreement with Trucor, Inc., and making certain findings in connection therewith, seconded by Agency Member Galloway. Chairman Pringle supported this project and this developer and commended staff for being creative and figuring out a way to restore these historic homes in a challenging economic time. He added that one of the homes was the old Katella house pointing out the original owner named Katella Avenue for his two daughters, Kate and Ella, and this project would preserve a very special Anaheim home. Roll call vote: Ayes - 5; Chairman Pringle, Agency Members: Galloway, Hernandez, Kring and Sidhu. Noes - 0. Motion Carried. ADJOURNMENT: There being no further business, Chairman Pringle adjourned the Anaheim Redevelopment Agency meeting at 6:52 P.M. Res c Ily submitted, Linda N. Andal Secretary, Anaheim Redevelopment Agency