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Home My WebLink AboutAGENDA REPORT 2004 0616 CC REG ITEM 10IMOORPARK CITY COUNCIL AGENDA REPORT ITEM 10.=-- TO: Honorable City Council FROM: Barry K. Hogan, Community Development Directo Prepared by Laura Stringer, Senior Manageme t alyst DATE: June 1, 2004 (CC Meeting of 6/16/04) SUBJECT: Consider Annual Review of Development Agreement Established in Connection with Residential Planned Development Permit No. 97 -1, a 312 -unit Apartment Project Located on the West side of Moorpark Avenue, South of Park Crest Lane and North of the Arroyo Simi (Archstone Communities /Pacific Property Company) BACKGROUND On June 23, 1999, the Moorpark City Council adopted Ordinance No. 259 (effective July 23, 1999), approving a Development Agreement between the City of Moorpark and Jocelyne Abrar (Archstone Communities). The Agreement was approved in connection with Residential Planned Development 97 -1, a 312 -unit apartment project (with affordable housing units) on 19.2 acres located generally north of the Arroyo Simi and west of Moorpark Avenue. The terms of the Agreement require that the Agreement remain in full force and effect for five (5) years from the operative date of the Agreement, (until July 23, 2004), or until one (1) year after the occupancy of the three - hundred - twelfth (312th) apartment unit, whichever occurs later. On August 29, 2003, the apartment complex was purchased by Pacific Property Company of Palo Alto, California. DISCUSSION Annual review of the Development Agreement has occurred as required by the Government Code and the Moorpark Municipal Code. The last annual review was completed in November 2003. That review concluded that all aspects of the project that related to the Development Agreement had been complied with. The final occupancy of the three - hundred - twelfth (312th) apartment unit occurred on May 000181 Honorable City Council June 16, 2004 Page 2 30, 2002. All improvements have been completed and the bonds have been released. Under the terms of the Development Agreement and the Affordable Housing Agreements, assumption agreements were required as a condition of sale of the property to Pacific Property Company. An audit of the developer trust fund has determined that the fund balance is currently sufficient for anticipated processing costs. Based upon the completed status of the Development Agreement related requirements for the project, staff has determined that developer remains in compliance with the terms of the agreement. This is the final annual review, as the term of the agreement will expire on July 23, 2004. STAFF RECOMMENDATION 1. Accept the Community Development Director's Report and recommendation that, on the basis of substantial evidence, Pacific Property Company has complied in good faith with the terms and conditions of the agreement. 2. Deem the annual review process complete. Attachments: 1. November 5, 2003, Report of Annual Review (without attachment) 2. May 28, 2004 letter from Pacific Property Company 3. Site Plan S: \Community Development \ADMIN \AGMTS \D A \1997 -01 Archstone \Staff Reports \cc 040616.doc 000182 MOORPARK CITY COUNCIL AGENDA REPORT TO: The Honorable City Council FROM: Barry K. Hogan, Community Development Director Prepared by Laura Stringer, Senior Management Analyst DATE: October 20, 2003 (CC Meeting of 11/5/03) SUBJECT: Consider Annual Review of Development Agreement Established in Connection with Residential Planned Development Permit No. 97 -1, a 312 -unit Apartment Project Located on the West side of Moorpark Avenue, South of Park Crest Lane and North of the Arroyo Simi (Archstone Communities /Pacific Property Company) BACKGROUND On June 23, 1999, the Moorpark City Council adopted Ordinance No. 259 (effective July 23, 1999), approving a Development Agreement between the City of Moorpark and Jocelyne Abrar (Archstone Communities). The Agreement was approved in connection with Residential Planned Development 97 -1, a 312 -unit apartment project (with affordable housing units) on 19.2 acres located generally north of the Arroyo Simi and west of Moorpark Avenue. The terms of the Agreement require that the Agreement remain in full force and effect for five (5) years from the operative date of the Agreement, (until July 23, 2004), or until one (1) year after the occupancy of the three - hundred - twelfth (312th) apartment unit, whichever occurs later. On August 29, 2003, the apartment complex was purchased by Pacific Property Company of Palo Alto, California. DISCUSSION Annual review of the Development Agreement has occurred as required by the Government Code and the Moorpark Municipal Code. The last annual review was completed in October 2002. That review concluded that all aspects of the project that related to the Development Agreement had been complied with. The final occupancy of the three - hundred - twelfth (312th) apartment unit occurred on May 30, CC ATTACHMENT 1 000183 Honorable City Council November 5, 2003 Page 2 2002. Outstanding Engineering "punch list" items are covered by improvement security bonds currently on file with the City Clerk. Under the terms of the Development Agreement and the Affordable Housing Agreements, assumption agreements were required as a condition of sale of the property to Pacific Property Company. An audit of the developer trust fund was conducted, and Archstone is processing a payment for the amount requested. Based upon the completed status of Development Agreement related requirements for the project, staff has determined that developer remains in compliance with the terms of the agreement. There is one (1) additional annual review required during 2004. The new owners, Pacific Property Company, will be responsible for submittal of the materials and fees for that review. STAFF RECODMENDATION 1. Accept the Community Development Director's Report and recommendation that, on the basis of substantial evidence, Archstone Communities and Pacific Property Company have complied in good faith with the terms and conditions of the agreement. 2. Deem the annual review process complete. Attachments: 1. October 16, 2002, Report of Annual Review S: \Community Development \ADMIN \AGMTS \D A \1997 -01 Archstone \Staff Reports \cc 040616 ATTACHMENT.doc 000184 Pacific Property Company 777 California Avenue Palo Alto, California 94304 May 28, 2004 Tel: 650.856.9800 Fax: 650.213.8849 Ms. Laura Stringer Senior Management Analyst City of Moorpark 799 Moorpark Avenue Moorpark, CA 93021 Re: Development Agreement Annual Review Dear Ms. Stringer: On August 29, 2003, PPC /GIA Moorpark Associates LLC acquired the 312 -unit Archstone Moorpark apartment project, located on the west side of Moorpark Avenue, south of Park Crest Lane and north of the Arroyo Simi. Pursuant to the terms of the Development Agreement by and between the City of Moorpark and Archstone Communities, dated July 19, 1999, 1 am submitting this application package for the mandatory annual review. The terms of the Agreement remain in full force and effect until July 23, 2004. When PPC /GIA Moorpark Associates LLC acquired the property on August 29, 2003, the construction of the Archstone Moorpark apartments, including both onsite and offsite improvements, had been completed. The final certificate of occupancy was issued in May 2002 and the project achieved full stabilization in August 2002. Per the July 3, 2003 application submitted by John Hyde, Development Associate of Archstone, as -built plans were submitted for review to the City Engineer, and Archstone was processing a final "punch list" of improvements. Completion of this "punch list" was covered by an improvement security bond on file with the City Clerk. In April 2004, John Hyde of Archstone notified me that the "punch list" obligations had been satisfactorily completed by Archstone, and there remain no further obligations of the Developer or PPC /GIA Moorpark Associates LLC, as its successor - in- interest, with respect to the Development Agreement I hope the information above, along with the enclosed Annual Review Application form and the application fee of $1,760 will be sufficient for your annual review process. Please let me know if you have any further questions. Sincerely, Andrea Cu Finance Manager (650) 842 -2239 Phone (650) 213 -8849 Fax Enclosures CC ATTACHMENT 2 000is5 www.pacificpropertyco.com LIMITS OF WORK PARK CREST LANE L I I I I t I l - - - - - - -_- - - - ___' FUTURE IAPAR 1 I I .1 1� TMENT �r 1 -! -T .r .......... -'�- v :J t� • 1 S r'11' I� I T i � JI I CC ATTAtC�Ni r 3 PREPARED FOR: _- A '�sTOAL COMMUNIT ' SITE PLAN The Keith Companies 217 TeannologV Drive EXHIBII )001 -86 2955 ,Red Hill Avenue, Irvine, Coftorn' 925'8 Casla Mesa, CA 92525 (949) 789 -1500 CITY OF MOORPARK ?' 540 -0800 p