ANAHEIM, Calif. (May 12, 2020) — Anaheim’s City Council has approved timing changes for the next steps of the pending sale of Angel Stadium of Anaheim.
The changes approved Tuesday will move City Council consideration of follow-up agreements from June to September while speeding up payment of a $10 million deposit to the city along with the earlier filing of a master site plan for future development of stadium land around baseball.
The changes also quicken the overall timetable for closing the sale of the 153-acre stadium property.
While both sides have continued planning and discussions, the proposed shift from June to September addresses timing challenges brought on by the coronavirus crisis.
The move also allows Anaheim’s City Council to consider the two remaining agreements together with a stadium land master site plan in September.
The master site plan had not been expected before 2021 to 2023.
As a result, the earlier filing and consideration of a master site plan stands to bring the close of the stadium site sale one to three years sooner.
In December, Anaheim’s City Council approved a purchase and sale agreement for the now city-owned stadium and land.
It calls for selling the stadium and surrounding land to SRB Management Co., made up of Angels owner Arte Moreno and his family.
The stadium and land would be sold for $325 million, with the final payment adjusted to reflect the value of any agreed upon community benefits sought by the city, such as affordable housing or added park space.
Closing the sale requires approval of follow-on agreements and plans by the team’s ownership and executive team for developing land around the stadium.
The agreements and planning document are:
- Disposition and development agreement: covering the transfer of the stadium and land, a development timeline and community benefits
- Angels commitment agreement: covering the team playing in Anaheim through 2050 with five five-year extensions through 2075; would include standards for stadium operation, maintenance and investment
- Master site plan: laying out how land would be used for baseball and development, including homes, hotel and entertainment
Anaheim received an initial $5 million deposit in December with approval of the purchase and sale agreement.
With approval of the timing changes, here is what the new deposit schedule looks like:
- October 2020: combined $25 million deposit due ― $15 million for disposition and development agreement approval and $10 million for master site plan submission
- 2021-22: $20 million deposit due for the final approval of a master site plan
- As early as 2023: $20 million deposit due with tract map submissions, balance of purchase price, final closing
For more information on the proposal for Angel Stadium of Anaheim, see Anaheim.net/BigA.