Council Agenda Report s8

COUNCIL AGENDA REPORT

City of Anaheim PLANNING DEPARTMENT

DATE: JULY 27, 2010 FROM: PLANNING DEPARTMENT SUBJECT: ANNUAL REVIEW OF DEVELOPMENT AGREEMENT NO. 2006-00003 BETWEEN THE CITY OF ANAHEIM AND CATHAY BANK FOR THE ORANGEWOOD CONDOMINIUMS IN THE PLATINUM TRIANGLE

ATTACHMENT (Y/N): YES ITEM# 04

RECOMMENDATION:

That the City Council, by Motion, determine, on the basis of the evidence submitted by Cathay Bank, that the property owner has complied in good faith with the terms and conditions of Development Agreement No. 2006-00003 for the 2010-2011 review period.

DISCUSSION:

On August 3, 2007, a Development Agreement was executed between the City of Anaheim and Orangewood Platinum Investors, LLC, to govern the development of a 6-story, 341-unit condominium project on a 3.8-acre site located at 2211 East Orangewood Avenue. A request to modify the project to a 5-story, 320-unit apartment complex was subsequently approved by the Planning Commission on April 28, 2008. On July 16, 2008, Orangewood Platinum Investors, LLC, submitted a letter notifying the City that its interest in the property was being transferred to Cathay Bank. The site has been vacant since the demolition of an existing industrial building in November 2007.

Pursuant to the Agreement, the City Council is required to determine annually if the property owner has complied in good faith with the terms and conditions of the Agreement. Demonstration of good faith compliance includes conformance with all terms and timing schedules set forth in the Agreement. If the City Council finds that the property owner has demonstrated good faith compliance, the review for that period is deemed concluded. The bank’s representative has submitted the attached Annual Review letter dated June 17, 2010. Development milestones for this project require the completion of this project by 2012. In the event this milestone is not met, the applicant may request a 5-year extension of the development agreement. The owner anticipates implementing the project once economic conditions improve and has informed staff that an extension to the development agreement may be requested at a later date. 200 S. Anaheim Blvd. Suite #162 Anaheim, CA 92805 Tel: (714) 765-5139 Fax: (714) 765-5280 www.anaheim.net DEVELOPMENT AGREEMENT NO. 2006-00003 ANNUAL REVIEW July 27, 2010 Page 2 of 2

Staff recommends that the Council determine that the property owner is in compliance with the terms and conditions of the Agreement for this review period.

IMPACT ON BUDGET:

There is no impact to the General Fund.

Respectfully submitted,

Sheri Vander Dussen Planning Director

Attachments: 1. Annual Review Letter 2. Vicinity Map