City Council

8. DISPOSITION AND DEVELOPMENT AGREEMENT WITH CD-CW (TUSTIN) LLC (CONFLUENT DEVELOPMENT, LLC) FOR A PORTION OF DISPOSITION AREA 8 AT TUSTIN LEGACY Request for authorization to approve the Disposition and Development Agreement (DDA) between CD-CW (Tustin) LLC (Confluent Development, LLC) and the City for the development of an active adult senior living residential development consisting of 172 rental units and a senior congregate care facility consisting of assisted living and memory care comprised of up 147,500 square feet inclusive of 75 assisted living rooms and 28 memory care rooms on approximately 6.14 acres with a total of 15% of the active adult senior living residential rental units affordable to lower income households. The DDA specifies the terms and conditions under which the City owned property, known as portions of Disposition Area 8, and bounded by Warner Avenue, Armstrong Avenue, John Johnson Way and Veterans Way in Planning Areas 13 and 14 of Tustin Legacy, will be conveyed to and developed by CD-CW (Tustin) LLC. Recommendation: 1. Authorize the City Manager to execute the DDA between CD-CW (Tustin) LLC and the City in the form attached hereto subject to any non-substantive modifications as may be recommended by the City's special real estate counsel or the City Attorney; and 2. Authorize the City Manager to take all actions and execute all other agreements necessary or appropriate to implement the DDA. Fiscal Impact: CD-CW (Tustin) LLC will pay the City a fair market value purchase price of $15,054,243.00 for the land and pay a Project Fair Share Contribution of $3,029,764.58 to fund backbone infrastructure improvements at Tustin Legacy.