Attachment D
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 1/25/25
• Complete
construction 3 years
from building plan
approval (1/25/28)
• 50% discount on
Planning and Building
fees and selected
growth mitigation fees
• Water and sewer public
improvements (or
reimbursement of
infrastructures costs
up to $800,000)
• Use of Town Center
parking structure
• Purchase price of
$120,000
Lot 2 –
Perlman
• 160 affordable
apartments (overall 60
percent AMI)
• Pedestrian connection
from Central Plaza
Park to corner of Main
and Broadway
• Submit planning
application by 9/20/24
• Submit building plans
by 9/20/25
• Approval of building
plans by 3/20/26
• Complete
construction 3 years
from building plan
approval (3/20/29)
• 50% discount on
Planning and Building
fees and selected
growth mitigation fees
• Use of Town Center
parking structure
• Purchase price of
$120,000
Lot 1 – Town
Center West
• Up to 375 residential
units
• 10,000 sq. ft. of
commercial uses,
with minimum of
5,000 sq. ft. for
dining/food
• Reconstruction of
Heritage Walk, plazas
and outdoor gathering
areas
• Submit planning
application by
12/31/26
• Submit building plans
by 6/30/28
• Approval of building
plans by 12/30/28
• Complete
construction 3 years
from building plan
approval (12/30/31)
• 50% discount on
Planning and Building
fees and selected
growth mitigation fees
• Use of Town Center
parking structure
• Purchase price of
$120,000