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.
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.