Instead of seeing a development agreement for the Angel Stadium property this June, Anaheim officials could push the deadline back to September, allowing them to consider it alongside related agreements that were on a later timeline.
The City Council on Tuesday, May 12, will consider changing the timing of some parts of the deal to sell the stadium and surrounding land to SRB Management, a partnership including Angels owner Arte Moreno, his wife and their family trust.
After a long preparation period and comparatively swift negotiations, the council voted in December to sell the 54-year-old ballpark and surrounding parking lots in a $325 million deal that would commit the Angels to play in Anaheim through at least 2050, either upgrade or replace the stadium, and develop the surrounding land into a sports and entertainment destination.
The changes to be considered Tuesday were prompted in part by delays in drafting agreements due to the coronavirus outbreak, city spokesman Mike Lyster said. He added that adjusting the schedule will allow the council to consider several related agreements at one time and makes it more likely residents will be able to share their views in person at council meetings.
“The biggest impact would be to move up the close of the stadium site sale. That would bring money we can use for our community sooner,” Lyster said in a statement.
“It could bring development around the stadium sooner. From where we sit today, expected investment around the stadium is seen playing a role in our longer-term recovery from the coronavirus downturn.”
Angels spokeswoman Marie Garvey said in a statement: “We continue to make progress even in these unprecedented times. We believe this new timeline is good news for Anaheim and provides the ability to accelerate the purchase and payments as the city looks to recover.”
If the council agrees on Tuesday, SRB Management would pay the city deposits totaling $25 million in October and also submit a master plan for the property, a formal pledge to keep the baseball team in town and a development agreement, which would spell out details such as how much affordable housing and additional park land would be provided and how much would be deducted from the land sale price to cover those community benefits.
The master plan wasn’t originally expected until at least 2021, so with that proposal and the $10 million deposit due with it coming in earlier, the overall sale deal could close sooner.
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