AGENDA REPORT
REQUEST FOR CITY COUNCIL ACTION
DATE: June 5, 2019
TO: Honorable Mayor and City Council Members
FROM: Community Development Department
SUBJECT:
Title
City Council consideration and review of the developer's compliance with the terms and conditions of the Corona North Main Street Amended and Restated Development Agreement for Phases 2A and 2B on 14 acres located on the west side of Main Street and south of Rincon Street and authorize the Community Development Director to execute the attached Estoppel Certificate on behalf of Corona North Main Development LP.
End
RECOMMENDED ACTION:
Recommended action
That the City Council determine that the developer is in compliance with the terms and conditions of the Corona North Main Street Amended and Restated Development Agreement for Phases 2A and 2B and authorize the Community Development Director to execute the attached Estoppel Certificate on behalf of Corona North Main Development LP.
Body
ANALYSIS:
The City Council and Corona North Main Development L.P. entered into an Amended and Restated Development Agreement on May 1, 2013, for the development of a mixed-use transit-oriented project consisting of multiple family residential and commercial land uses. The project covered approximately 27 acres and three development phases located on the west side of Main Street between Blaine Street and River Road. The development phases are referred to as Phase 1, Phase 2A and Phase 2B in the Agreement.
Phase 1 consisted of 404 apartments on 12.7 acres located west of Main Street and north of Rincon Street. Phase 1 was completed in 2013 and issued a Certificate of Occupancy by the city on October 17, 2013. The developer sold Phase 1 to a different entity in 2016. However, prior to the land sale the City Council at its meeting on February 17, 2016, approved a Partial Termination of the Amended and Restated Development Agreement for Phase 1 as the developer had satisfied all obligations of the A...
Click here for full text