City Council

8. EXTENSION AND AMENDMENT OF EXCLUSIVE NEGOTIATING\nAGREEMENT WITH CD-MS (TUSTIN) LLC FOR A PORTION OF\nTUSTIN LEGACY DISPOSITION AREA 8B Request for approval of an\nextension of the Exclusive Negotiating Agreement with CD-MS (Tustin)\nLLC to continue the negotiating period for the disposition and\ndevelopment of a portion of Disposition Area 8B at Tustin Legacy for a\nsenior congregate care facility project for an additional 180 days and\nwaive any applicable extension deposits.\nRecommendation: It is recommended that the City Council take the\nfollowing actions: 1. Approve an extension of the Exclusive Negotiating\nAgreement for an additional period of 90 days, with an option to grant an\nadditional 90-day extension at the discretion of the City Manager in\naccordance with Section 4.2.2 of the Exclusive Negotiating Agreement, as\nwell as waive the Exclusive Negotiating Agreementextension deposit for\nboth 90-day periods. 2. Authorize the City Manager to execute an\namendment to the Exclusive Negotiating Agreement reflecting the\nextension request submitted by CD-MS (Tustin) LLC subject to non-\nsubstantive additions or modifications as may be deemed necessary\nand/or recommended by the City's special real estate counsel or the City\nAttorney prior to the end of the Exclusive Negotiating Agreement\nNegotiating Period. Fiscal Impact: Pursuant to the terms of the Exclusive\nNegotiating Agreement, all Exclusive Negotiating Agreement extensions\nrequiring City Council approval require a $100,000 deposit that is\napplicable to the purchase price if close of escrow occurs. CD-MS (Tustin)\nLLC has requested that this extension deposit be waived due to their\nmonetary investment towards the project to date.