At the February 11, 2019 meeting of the Cypress City Council, the Council is expected to receive and file the Exclusive Negotiating Agreement (ENA) it completed with a developer for the 13-acre property on Katella Ave. at Winners Circle, which is currently occupied by a parking lot serving the Los Alamitos Race Course.
According to the report submitted to the Council:
An Exclusive Negotiating Agreement (ENA) is an agreement between the city and a developer specifying a period of time in which the parties will negotiate exclusively on a project. The ENA binds the parties from making any similar agreements with other parties for a specified period. It demonstrates the developer has represented its willingness and ability to undertake certain studies, plans, and other activities necessary to define the scope of a development and determine the feasibility of development on a site. The ENA serves as the basis for entering into an agreement to convey/sell the property.
Filing the ENA does not mean that the sale and development plan for the property have been finalized; it is the first step in an extended process.
The general concept for the development of the site include retail, dining, a movie theater, and a 100-room hotel, with a goal being to generate both jobs and revenue for Cypress. A site plan for the development is expected within sixty days of the effective date of the ENA, though a conceptual plan is already available. The developer is also expected to produce a Public Outreach Plan within the same time frame.
Approved grocers include Sprouts, Whole Foods, Trader Joes, and Gelsons; on the list of approved cinemas are Cinemark, Alamo Drafthorse, and Arclight, and the cinema operator must serve both food and alcohol. (It’s worth noting that a large part of theater profits come through concessions over ticket sales, and alcohol in particular has a higher profit margin than other types of food and drink. All this translates into more sales tax for the City.)
This marks a step forward in the development plans for the 13-acre parcel, which had long been delayed by a lawsuit with the State of California following the dissolution of local redevelopment agencies.
The City of Cypress recently approved the development of an assisted living facility on Katella at Enterprise Dr., a location they had hoped to attract more retail due to its location on the high-traffic Katella corridor. Meanwhile, the City is also working towards a plan for the construction of a new park (currently dubbed “LARC Park”) on property on Cerritos Ave. at Lexington Dr. donated by Los Alamitos Race Course.
To view the City Council report and the Exclusive Negotiating Agreement for the 13-acre property, visit the City of Cypress website. Cypress City Council meetings are held the second and fourth Mondays each month. Agendas of every meeting are available online or through the City Clerk’s Office several days in advance.