LAT:
In order to preserve the Angel Stadium land sale, the city of Anaheim made a deal last week. Angels owner Arte Moreno agreed to pay $96 million to the city, which would use that money to fund affordable housing projects elsewhere in Anaheim.
This week, what Anaheim gave up in the deal became clear: Of every five units of affordable housing Moreno had committed to include in developing the Angel Stadium parking lots, he no longer has to build four of them.
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Under the terms of the revised agreement, Moreno’s company has 25 years to build the affordable homes. If the company does not, the city cannot recover the $28 million still credited to the company but can withhold approval for other projects within the development, which is anticipated to be completed in 30 years.