City Council

9. EXCLUSIVE NEGOTIATING AGREEMENT WITH TUSTIN LEGACY MIXED USE, LLC FOR AN APPROXIMATELY 52 ACRE SITE WITHIN THE TUSTIN LEGACY SPECIFIC PLAN AREA Request for authorization to enter into an Exclusive Negotiating Agreement with Tustin Legacy Mixed Use, LLC for the disposition and development of approximately 52 acres of City-owned real property within the Tustin Legacy Specific Plan. The staff supported recommendation is made by an Ad Hoc Committee composed of Councilmember Gallagher and Mayor Lumbard. Recommendation: Authorize the City Manager to execute the Exclusive Negotiating Agreement between the City and Tustin Legacy Mixed Use, LLC in the form attached hereto, subject to any nonsubstantive modifications as may be recommended by the City's special real estate counsel or the City Attorney. Fiscal Impact: Concurrent with the execution of the Exclusive Negotiating Agreement, Tustin Legacy Mixed Use, LLC will submit a good faith deposit of $250,000 to be applied toward staff and thirdparty costs incurred by the City including the retention of legal counsel associated with the negotiation. These costs are separate from entitlement expenses that will be borne by Tustin Legacy Mixed Use, LLC.