ARA2006/03/28
ANAHEIM, CALIFORNIA
ANAHEIM REDEVELOPMENT AGENCY MEETING
March 28, 2006
The Anaheim Redevelopment Agency met in regular session in the Chambers of the Anaheim
City Hall located at 200 South Anaheim Boulevard.
Present: Chairman Curt Pringle, Agency Members: Richard Chavez, Lorri Galloway, Bob
Hernandez, and Harry Sidhu
Staff Present: City Manager David Morgan, City Attorney Jack White, and Secretary Sheryll
SchR)9der .
A copy of the agenda for the meeting of the Anaheim Redevelopment Agency was posted on
March 24, 2006 on the City Hall outside bulletin board.
At 5:15 P.M., Chairman Pringle called the regular meeting of the Anaheim Redevelopment
Agency to order for a joint session with Anaheim City Council and Anaheim Housing Authority.
ADDITIONS/DELETIONS TO THE AGENDA: None
PUBLIC COMMENTS:
No remarks offered during the joint Agency/Housing Authority/Council public comment session
related to the Anaheim Redevelopment Agency.
CONSENT CALENDAR:
Agency Member Sidhu moved to approve the consent calendar, seconded by Agency Member
Chavez. Roll Call vote: Ayes - 5; Chairman Pringle, Agency Members: Chavez, Galloway,
Hernandez, and Sidhu. Noes - O. Motion carried.
1. Authorize the Executive Director to negotiate obtaining a loan in the principal amount of
ARA $18,000,000 to acquire a 18.3-acre site at Olive Street/South Street for the purpose of
developing a housing project.
2. Approve the regular meeting minutes of March 7,2006.
ANAHEIM REDEVELOPMENT AGENCY MINUTES
MARCH 28, 2006 - Page 2
JOINT PUBLIC HEARING:
2. A Joint Public Hearing to consider approving a Disposition and Development Agreement
ARA with Brookfield Olive Street LLC.
RESOLUTION NO. ARA-2006-001 RESOLUTION OF THE GOVERNING BOARD OF
THE ANAHEIM REDEVELOPMENT AGENCY approving a Disposition and
Development Agreement with Brookfield Olive Street LLC and making certain findings in
connection therewith.
Elisa Stipkovich, Community Services Director, provided background on the Disposition and
Development agreement with Brookfield Olive Street LLC remarking staff had been working on
this project for some time. She explained the Agency had authorized staff to enter into a
Purchase and Sale agreement with the owner of the 18.3 acre industrial property at the
northeast corner of Olive and South Streets as the developer had requested assistance from the
Agency in acquiring the site. The developer was also acquiring two more acres for the 339
condominium housing project of which 10 percent or 34 units were to be affordable moderate
income condominiums. She stated the Agency was purchasing the site from an institutional
owner for $36 million at fair market price and would be selling it to the Brookfield Olive Street
LLC for the same cost less the public street and park which would be retained and then
conveyed to the City. She noted the City would be receiving over $15 million in property tax
over a 30-year period from this project with $4.3 million going towards affordable housing
setaside funds. In addition, if the developer sold the units for more than the estimates in the pro
forma and as long as costs remained the same, the City would receive 25 percent of any
increase in revenue. She also indicated the Agency would provide for a minimum of $750,000
to be used for down payment assistance for the 34 affordable moderate income units.
Chairman Pringle confirmed with staff that the developer had requested the City's assistance in
purchasing the site due to a variety of timing issues and that the City was now selling the
property back to the developer for the same price less the public improvements; Ms. Stipkovich
concurred, remarking that the developer had also requested acquisition of the site in two phases
to which the City agreed, necessitating a short term loan with Phase 2 closing in 12 months.
Agency Member Sidhu emphasized this property was not being acquired through eminent
domain but was being sold on a friendly basis and commented the project would be a great
improvement of a former industrial site for the citizens of Anaheim.
Chairman Pringle opened the public hearing and receiving no comments, closed the hearing.
Agency Member Sidhu moved to approve the Resolution of the Governing Board of the
Anaheim Redevelopment Agency approving a Disposition and Development Agreement with
Brookfield Olive Street LLC and making certain findings in connection therewith, seconded by
Agency Member Chavez. Roll call vote: Ayes - 5; Chairman Pringle, Agency Members:
Chavez, Galloway, Hernandez and Sidhu. Noes - O. Motion carried.
ANAHEIM REDEVELOPMENT AGENCY MINUTES
MARCH 28, 2006 - Page 3
ADJOURNMENT:
There being no further business, Chairman Pringle adjoumed the Anaheim Redevelopment
Agency meeting at 5:55 P.M.
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Sheryll Schroeder, MMC
Secretary, Anaheim Redevelopment Agency