City Council

13. AMENDMENT AND EXTENSION OF EXCLUSIVE NEGOTIATING AGREEMENT WITH THE IRVINE COMPANY LLC FOR PORTIONS OF TUSTIN LEGACY DISPOSITION AREAS 2B, 2C AND 8 Request for approval of an amendment and extension of the Exclusive Negotiating Agreement with The Irvine Company LLC to continue the negotiating period for the disposition and development of portions of Disposition Areas 2B, 2C and 8 at Tustin Legacy for a multifamily residential project until March 31, 2025, with one additional 90-day extension at the discretion of the City Manager. Recommendation: Authorize the City Manager to execute an amendment to the Exclusive Negotiating Agreement with The Irvine Company LLC, approving an extension of the Exclusive Negotiating Agreement until March 31, 2025, with one additional 90-day extension at the discretion of the City Manager subject to non-substantive additions or modifications as may be deemed necessary and/or recommended by the City’s special real estate counsel or the City Attorney prior to the end of the Exclusive Negotiating Agreement Negotiating Period.Fiscal Impact: There is no fee associated with the Exclusive Negotiating Agreement amendment or extension. The Irvine Company LLC has a deposit account with the City that will continue to fund the City transaction expenses incurred by staff and third-party consultants including the retention of legal counsel associated with the negotiation and drafting of the Disposition and Development Agreement and related agreements.