The Marisol
Huntington Beach City Council Study Session
January 21, 2025
Overview
1 The Marisol will be a 214-unit senior living project located at the NE corner of Main St and Yorktown Ave
Already fully entitled and approved
The building department for the City of Huntington Beach (the “City”) has approved the construction drawings, subject to the completion of the oil well re-abandonment; target is to pull a permit in late 1Q or early 2Q 2025 A nonprofit owner will develop the project (subsidiary of The Bluhm Family Foundation, a 501(c)(3) trust)
Projected 130 full-time FTE’s at stabilization and 800 construction jobs To be financed with tax-exempt bonds issued by the California Public Finance Authority (CalPFA), which requires the City’s approval
The City will have no liability with respect to the bonds PILOT Agreement
2 PILOT = Payment in Lieu of Taxes
Under the PILOT agreement, to the extent the project is tax-exempt, the project will pay to the City what the City otherwise would have received Applies to property taxes and other taxes
City currently collects $22,335 per year in property taxes (16% of the Basic Levy Rate of $139,592)
Forecast is for the City to collect over $240,000 per year in property taxes upon project stabilization
In addition, the project owner agrees to comply with the City’s ordinances, rules and regulations, even if the owner would have been exempt due to its nonprofit status
3 Aerial
The Marisol
4 Site Plan
2134 Main
Street
2100 Main
Street
2130 Main
Street
The Marisol
5 Rendering
6 Renderings (Continued)
7 Renderings (Continued)
8 Renderings (Continued)