City Council

9.\nEXCLUSIVE NEGOTIATING AGREEMENT WITH TUSTIN LEGACY\nMIXED USE, LLC FOR AN APPROXIMATELY 52 ACRE SITE WITHIN\nTHE TUSTIN LEGACY SPECIFIC PLAN AREA  Request for authorization\nto enter into an Exclusive Negotiating Agreement with Tustin Legacy\nMixed Use, LLC for the disposition and development of approximately 52\nacres of City-owned real property within the Tustin Legacy Specific Plan.\nThe staff supported recommendation is made by an Ad Hoc Committee\ncomposed of Councilmember Gallagher and Mayor Lumbard.\nRecommendation: Authorize the City Manager to execute the Exclusive\nNegotiating Agreement between the City and Tustin Legacy Mixed Use,\nLLC in the form attached hereto, subject to any nonsubstantive\nmodifications as may be recommended by the City's special real estate\ncounsel or the City Attorney. Fiscal Impact: Concurrent with the execution\nof the Exclusive Negotiating Agreement, Tustin Legacy Mixed Use, LLC\nwill submit a good faith deposit of $250,000 to be applied toward staff and\nthirdparty costs incurred by the City including the retention of legal\ncounsel associated with the negotiation. These costs are separate from\nentitlement expenses that will be borne by Tustin Legacy Mixed Use, LLC.