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City of Tustin Terminates Agreement with Master Developer at the Tustin Legacy Project
Summer 2010
Recently, the City of Tustin terminated its agreement with Tustin Legacy Community Partners, LLC (TCLP) for development of 820 acres at Tustin Legacy. The termination followed the developer’s non-performance under its contract, including the construction of required critical infrastructure. The lagging economy has made real estate development difficult across the country and the City worked diligently to facilitate the developer meeting its obligations. The City offered extensions to the developer’s performance schedule, modifications to the location and timing of development and timing and phasing of infrastructure and extensions to the land conveyance schedule. In the end, the developer was unable to perform or agree to a plan that would prevent risk to the City and taxpayers. Termination of the contract now permits the City to move forward and remain focused on the project’s original vision - a dynamic, urban master planned community - a place to Live, Work and Play!
The City is currently in the process of adjusting its business plan and strategy for the property prior to seeking future developers for the site.
Recently, the City of Tustin terminated its agreement with Tustin Legacy Community Partners, LLC (TCLP) for development of 820 acres at Tustin Legacy. The termination followed the developer’s non-performance under its contract, including the construction of required critical infrastructure. The lagging economy has made real estate development difficult across the country and the City worked diligently to facilitate the developer meeting its obligations. The City offered extensions to the developer’s performance schedule, modifications to the location and timing of development and timing and phasing of infrastructure and extensions to the land conveyance schedule. In the end, the developer was unable to perform or agree to a plan that would prevent risk to the City and taxpayers. Termination of the contract now permits the City to move forward and remain focused on the project’s original vision - a dynamic, urban master planned community - a place to Live, Work and Play!
The City is currently in the process of adjusting its business plan and strategy for the property prior to seeking future developers for the site.
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