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ARA-2009/09/01 ANAHEIM REDEVELOPMENT AGENCY REGULAR MEETING OF SEPTEMBER 1, 2009 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 Tom Wood, City Attorney Cristina Talley, and Secretary Linda Andal A copy of the agenda was posted on August 28, 2009 on the kiosk outside City Hall. At 5:25 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 oral communications related to the Redevelopment Agency agenda. JOINT PUBLIC HEARING (Redevelopment Agency and City Council): 1. This is a joint public hearing between the Anaheim Redevelopment Agency and the AGR 4601.1 City Council to consider a Disposition and Development Agreement by and between the Agency and Brookfield Olive Street 11 LLC for Phase III of the Colony Park development. Redevelopment Agency Action: RESOLUTION NO. ARA 2009 -007, A RESOLUTION OF THE GOVERNING BOARD OF THE ANAHEIM REDEVELOPMENT AGENCY approving a Disposition and Development Agreement with Brookfield Olive Street 11 LLC and making certain findings in connection therewith. Elisa Stipkovich, Community Development Executive Director, reported staff was recommending the Agency approve a Disposition and Development Agreement with Brookfield homes for the sale of Agency land for development of 182 for -sale condo units and flats for Phase III of Colony Park, a new community established in the downtown area. She indicated Phases I and 11 of Colony Park, situated on a 40 acre site, developed a total of 270 homes and to date, 165 homes had been sold of which 42 were affordable. She noted staff had been in negotiations with Brookfield for a 9.4 acre site for the development of Phase III, consisting of 70 paired townhomes and 112 motor court units and townhomes (46 of which would be affordable). She added, if approved, the developer would pay the agency $11.5 million for the land, the City would commit to public improvements including public streets, a sound wall along the Metrolink right -of -way and also reimbursement for a public park. She noted Brookfield was asking the City to provide $775,000 in down payment assistance primarily from federal funds which would be in the form of loans to homeowners to be paid back to the Agency. A summary of costs and Anaheim Redevelopment Agency Minutes of September 1, 2009 Page 2 of 3 revenues had been provided to the Agency looking at not only the cost of land value but bond interest on funds used, mediation costs and Agency improvements totaling approximately $18 million. The developer would pay the City for the public streets estimated at $13 million, and the City would also agree to develop those streets and receive over $17.8 million over the life of the redevelopment project in tax increment. The total cost to the Agency was approximately $18 million and total revenue would be over $30 million for a net revenue of $13 million. She added Brookfield had been a tremendous partner in developing this area and recommended approval of the agreement. Chairman Pringle opened the public hearing. John O'Brien, Brookfield Homes, thanked Council and staff, reporting Brookfield had recently passed its two year milestone of selling homes at Colony Park and celebrated with a community event. He stated Brookfield had focused on the creation of a community through market research, and now proposed Phase III to the City. He added the new offering would have paired homes, starting from the high $300,000 to mid $400,000 for paired homes and from $270,000 to the high $300,000 for some of the flats and townhomes. He added Brookfield was happy to be part of an area wide improvement which included utility pole undergrounding and hoped to get the public park which was at the center of the 40 acres off the ground this fall. Council Member Galloway thanked Brookfield for creating a community with its beautiful design features rather than focusing on just building homes. Paul Beckman, East Neighborhood Council District, remarked he had attended the Housing Commission meetings consistently over the year and believed the first two phases of Colony Park had moved well and benefited the area. He wondered whether the rental product earmarked for that area could be moved to a for -sale product to keep the area cohesive. With no other comments offered, Chairman Pringle closed the hearing. Chairman Pringle remarked there was one portion of this large city block proposed as rental, and not part of this development, in which the City had issued an RFP to determine if apartment developers were interested. He indicated no proposals had come in yet, however, were expected at some point in the future. He added he did not object to rentals and was in favor of combining rental into this block as an opportunity for others to enjoy the benefits of this neighborhood. He added the look of Colony Park was distinct and the floor plans were unique and impressive. He further emphasized this project sold more new homes than any other development in Orange County last year and laws positioned to do the same for this year. Agency Member Sidhu commended Brookfield for taking an undesirable area and turning it into a desirable neighborhood. Agency Member Kring concurred and moved to approve RESOLUTION NO. ARA2009 -007 OF THE ANAHEIM REDEVELOPMENT AGENCY approving a Disposition and Development Agreement with Brookfield Olive Street 11 LLC and making certain findings, seconded by Agency Member Hernandez. Roll Call Vote: Ayes 5: Chairman Pringle and Agency Members: Galloway, Hernandez, Kring and Sidhu. Noes 0. Motion Carried. Anaheim Redevelopment Agency Minutes of September 1, 2009 Page 3 of 3 ADJOURNMENT: With no other business to conduct, Chairman Pringle adjourned the meeting at 6:18 P.M. Respectfully submitted, ik°/ /4'‘ Linda N. Andal, CMC Secretary, Anaheim Redevelopment Agency