City of Santa Maria and Vernon Construction Group – Sales and Disposition Agreement Summary of Terms
Property Project Description Timing (subject to
meeting milestones)
City Concessions
(subject to meeting
milestones)
Lot 3 – Alvin
Newton
82 apartments
Ground floor
commercial, with
minimum 4,500 sq. ft.
for dining/food
establishments
Firefighters’ memorial
plaza
Planning entitlements
approved 10/3/23
Submit building plans
by 7/25/24
Approval of building
plans by 01/25/25
Complete
construction 3 years
from building plan
approval (1/25/28)
50% discount on
Planning and
Building fees
Up to 100% discount
on selected impact
fees
Water and sewer
public improvements
(or reimbursement of
infrastructures costs
up to $800,000)
Use of T own Center
parking structure at
rate of 2 spaces per
apartment
Purchase price of
$120,000
Lot 2 –
Perlman
150 affordable
apartments (overall 60
percent AMI), 1
manager’s unit
Pedestrian connection
from Central Plaza
Park to corner of Main
and Broadway
Podium parking at 0.5
ratio
Submit planning
application by
8/16/24
Submit building plans
by 8/16/25
Approval of building
plans by 2/16/26
Complete
construction 3 years
from building plan
approval (2/26/29)
50% discount on
Planning and
Building fees
Use of T own Center
parking structure at
rate of 1 space per
apartment
Purchase price of
$120,000
Lot 1 –
Town
Center West
285 multi-family units,
with 75 condo units
20,000 sq. ft. of
commercial uses, with
minimum of 10,000 sq.
ft. for dining/food
Reconstruction of
Heritage Walk, plazas
and outdoor gathering
areas
Podium parking serving
residents at a 1.0 ratio
Submit planning
application by
12/31/2025
Submit building plans
by 12/31/2026
Approval of building
plans by 6/30/2027
Complete
construction 3 years
from building plan
approval (6/30/2030)
50% discount on
Planning and
Building fees
Use of T own Center
parking structure
Purchase price of
$120,000
Attachment D