ANAHEIM, Calif. (Dec. 4, 2019) — A three-step proposed agreement would keep Angels Baseball in Anaheim through at least 2050, see a land and stadium sale valued at $325 million and potential development including affordable housing and parks.
The city’s negotiating team today announced a proposed agreement with SRB Management LLC, a company controlled by Angels Baseball LP owner Arte Moreno. The proposal would go before Anaheim’s City Council for public consideration in stages later this month and in spring 2020.
“After years of uncertainty, we have a path forward for baseball in Anaheim,” said Mayor Harry Sidhu, the Anaheim City Council’s representative on the city’s negotiating team. “This proposal reflects what we’ve heard from our community by keeping the Angels in Anaheim, bringing money for our neighborhoods and the prospect of more affordable housing, parks and jobs for Anaheim.”
An overview of the proposal:
2050: The Angels would commit to play in Anaheim for the next 30 years with options for an additional 25 years.
$325 million: SRB Management would buy 153 acres of city land, including 45,483-seat Angel Stadium of Anaheim. At $2.1 million an acre, the sale’s value would be at market rate and at the high end of Anaheim’s commissioned appraisal for baseball with parking and potential development.
Stadium: SRB Management would finance any renovation of Angel Stadium of Anaheim or the building a new stadium.
Development: Land around the stadium could see homes, hotels and entertainment uses in the next 30 years as part of Anaheim’s planning for the area known as the Platinum Triangle. As land gives way to new uses, conservative estimates project at least $7 million in net yearly city revenue from hotel, property and sales taxes.
Community benefits: The city could seek that any development includes affordable housing and park and public spaces beyond what is required or typically seen. Anaheim could seek union construction jobs with priority hiring for Anaheim residents.
Adjustment: The proposal includes a potential adjustment to the final cash payment for land and the stadium. The adjustment would reflect fair market value impact for affordable housing, added parks and public spaces and a workforce agreement if requested by the city and included in community benefits.
Under the proposal, Anaheim would sell Angel Stadium. The proposal reflects a trend toward private ownership, as with Dodger Stadium and Chase Center in San Francisco, the new home of the Golden State Warriors.
Selling the Big A, as the stadium is known, would relieve the city of yearly payments toward improvements, currently at $700,000 and at $17 million through 2038, as well as annual administrative costs to oversee a stadium lease and agreements with neighboring businesses.
At the same time, the city would forego revenue sharing on ticket sales and parking, which was $1.3 million — and $581,200 after expenses — for the 12 months through June 2019.
Any revenue lost stands to be offset by savings from the end of a stadium lease.
Anaheim also would be free of long-term decisions about the stadium. SRB Management would be solely responsible for maintenance, improvements, renovations or the building of a new stadium.
“The future of a stadium, renovated or new, would rest with the Angels,” Sidhu said. “Anaheim taxpayers aren’t being asked to pay for anything.”
Land around the stadium could see development as part of Anaheim’s planning for the area.
Development could include homes, hotels and entertainment uses as part of Anaheim’s vision for the Platinum Triangle, the 820-acre area including and around Angel Stadium.
Planning for the Platinum Triangle envisions a downtown for all of Orange County built around sports with urban-style homes, restaurants, shopping, entertainment, offices and transit.
As land gives way to new uses, future development could, by conservative estimate, bring $10 million in ongoing, yearly revenue for Anaheim from hotel, sales and property taxes.
Development would undergo city and environmental review as plans are submitted.
Affordable housing, parks
As part of any development, Anaheim could seek affordable housing and park space beyond what the city normally sees. We could also seek a workforce agreement with union construction jobs and priority hiring for Anaheim residents.
To meet these critical city priorities, an agreement could include a to-be-determined adjustment to the final cash payment for the stadium and land. As with the stadium and land sale, any adjustment would be at fair market value impact for the community benefits requested and provided as part of the agreement.
The goal would be to ensure significant affordable housing and much-needed park space in the Platinum Triangle as part of a stadium land master site plan, while still preserving ample land sale proceeds for the city to invest in the community.
“This is a great proposal, but people will ask, ‘What’s the catch?’” Sidhu said. “There is one, and it’s great. The biggest hurdles to affordable housing and parks are finding land and getting developers to build. We would ask the Angels ownership to do more than others have in the Platinum Triangle, with credit for doing so.”
Anaheim’s City Council will publicly consider a land and stadium sale agreement in a special meeting on Dec. 20.
A disposition and development agreement, potentially including an adjustment for community benefits, is expected to be publicly considered by the City Council in spring 2020.
You can learn more at Anaheim.net/BigA.