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Stanton council approves amended payment schedule for Cloud House development
Summary
The Stanton City Council approved an amendment to the 2020 development agreement for the Cloud House project at Beach Boulevard, allowing fees to be paid after occupancy with a one-year delay, simple interest, and a five-year payoff timeline; the planning commission had recommended the change.
The Stanton City Council on Feb. 11 approved an amendment to the development agreement with Stanton 2 LLC for the Cloud House project at 12331 and 12435 Beach Boulevard, changing when agreed community-benefit and development-impact fees must be paid.
Staff said the amendment would allow payments to begin one year after issuance of the final certificate of occupancy, apply simple interest until the balance is paid, and require the full amount to be settled within five years. Planning staff told the council the change is administrative and does not alter prior land-use approvals; the planning commission unanimously recommended approval.
"The amendment establishes a simple interest that will be applied until the balance is paid in full," staff said, explaining that interest would begin when the certificate of occupancy is issued and that the full fee would be due within five years.
Council members asked for clarification about timing and interest. Staff confirmed the payment schedule begins after issuance of the certificate of occupancy and that interest accrues thereafter. Council member Taylor moved to approve the amendment; Council member Warren seconded. The motion passed 5-0.
The council record states the original development agreement was executed in September 2020 and that the amendment is intended to ensure the city receives required benefits while recognizing recent construction cost pressures.
Next steps: staff will process the amended agreement consistent with municipal procedures and monitor the payment schedule against occupancy milestones.
