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File #: 19-433    Version: 1 Name:
Type: Consent Calendar Status: Agenda Ready
File created: 4/3/2019 In control: Council and Authorities Concurrent Meeting
On agenda: 5/7/2019 Final action: 5/7/2019
Title: Action on a Resolution for an Affordable Housing Agreement with St. Anton Tasman East, LP for 2233 Calle del Mundo (APN# 097-05-059)
Attachments: 1. Affordable Housing Agreement with St. Anton Tasman East, LP, 2. Covenant Restrictions with St. Anton Tasman East, LP, 3. Resolution, 4. Resolution No. 19-8700
REPORT TO COUNCIL
SUBJECT
Title
Action on a Resolution for an Affordable Housing Agreement with St. Anton Tasman East, LP for 2233 Calle del Mundo (APN# 097-05-059)

Report
BACKGROUND
The Irvine Company ("TIC") is the master developer of an infill, mixed-use project that includes 1,840 rental apartment units, parking garages, up to 40,000 gross square feet of retail space, approximately 4,500 gross square feet of leasing space, approximately 38,000 gross square feet of amenity space, and other facilities (collectively, the "Santa Clara Square Project"). On February 12, 2016, the City entered into a Development Agreement for the Santa Clara Square Project. Pursuant to Exhibit F of the Development Agreement (the "Affordability Provisions"), TIC and the City agreed, at TIC's election, either to develop certain low-income restricted multifamily rental units within the Santa Clara Square Project or to provide low-income and very low-income restricted multifamily rental units at one or more locations offsite.

As per the Development Agreement, TIC was required to provide written notice to the City not later than three years after the commencement of the term of the Development Agreement, which was in February 2016. On February 8, 2019, TIC notified the City of its election to provide off-site units and submitted an off-site affordable housing partnership agreement with St. Anton for the provision of the off-site units within the Tasman East Specific Plan area located within the St. Anton Communities project at 2233 Calle del Mundo. The Tasman East Specific Plan was approved by the City Council on November 13, 2018. Development projects within the Tasman East Specific Plan area may be entitled through an architectural review process and are typically not subject to further City Council review.

St. Anton is a California-based residential real estate developer with extensive experience developing and operating affordable housing throughout California, including th...

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