City Council

13. AMENDMENT \nAND \nEXTENSION \nOF \nEXCLUSIVE\nNEGOTIATING \nAGREEMENT \nWITH \nTHE \nIRVINE\nCOMPANY LLC FOR PORTIONS OF TUSTIN LEGACY\nDISPOSITION AREAS 2B, 2C AND 8 Request for approval\nof an amendment and extension of the Exclusive Negotiating\nAgreement with The Irvine Company LLC to continue the\nnegotiating period for the disposition and development of\nportions of Disposition Areas 2B, 2C and 8 at Tustin Legacy\nfor a multifamily residential project until March 31, 2025, with\none additional 90-day extension at the discretion of the City\nManager.\nRecommendation: Authorize the City Manager to execute an\namendment to the Exclusive Negotiating Agreement with The\nIrvine Company LLC, approving an extension of the\nExclusive Negotiating Agreement until March 31, 2025, with\none additional 90-day extension at the discretion of the City\nManager \nsubject \nto \nnon-substantive \nadditions \nor\nmodifications as may be deemed necessary and/or\nrecommended by the City’s special real estate counsel or the\nCity Attorney prior to the end of the Exclusive Negotiating\nAgreement Negotiating Period.Fiscal Impact: There is no fee\nassociated with the Exclusive Negotiating Agreement\namendment or extension. The Irvine Company LLC has a\ndeposit account with the City that will continue to fund the\nCity transaction expenses incurred by staff and third-party\nconsultants \nincluding \nthe \nretention \nof \nlegal \ncounsel\nassociated with the negotiation and drafting of the Disposition\nand Development Agreement and related agreements.