ANAHEIM, Calif. — The Los Angeles Angels will remain in Anaheim.
As part of a deal that keeps the team playing in Anaheim for at least the next 30 years, the Anaheim City Council approved the sale of Angel Stadium and its surrounding 153-acre parking lot to an entity controlled by Angels owner Arte Moreno and his family in a $320 million transaction.
In a nine-and-a-half hour city council meeting that began at 5 p.m. Tuesday and ended early Wednesday morning, the council voted 5-to-2 to complete the land and development deal with SRB Management, an affiliate of the Moreno family. The agreement also included the Angels committing to play in Anaheim through at least 2050 and beyond.
The council majority said that the transaction would provide several positive economic benefits for the residents of Anaheim. Meanwhile, the two council members who opposed the transaction called the Angels' deal rushed with little public participation, and that the city is not "getting its fair market value" for the stadium and the land.
“[This] is a once in a generation opportunity to shape the future of our city that will benefit all who live and work in Anaheim for decades to come,” Councilman Trevor O’Neill said during his vote.
“This is a new day for Anaheim [and] for the Angels,” Mayor Harry Sidhu said.
Councilman Jose Moreno, who staunchly opposed the deal, said the land is worth more than what the city is selling it for to SRB, and that the city should have tested the open market where they could have fetched $500 million to $650 million for the land.
“This is a controlled sale… a manipulated deal,” Moreno said. “The people of Anaheim deserve to get maximum value.”
The vote is expected to be finalized during a second reading in the next city council meeting.
The vote culminates years of bickering between the Angels and the city over the renovation of the city-owned aging stadium, the fourth oldest in Major League Baseball, and the development future of the land in the city’s so-called Platinum Triangle.
Under the terms of the deal, the Angels will remain in Anaheim, while SRB Management will buy the stadium, the adjacent City National Grove theater, and the surrounding parking lots from the city and develop the area as a mixed-use, transit-oriented commercial destination.
SRB plans to build 2.7 million square feet of office buildings and 1.75 million square feet of commercial development, including retail stores, restaurants, and a pair of hotels. Also, SRB is proposing to build more than 5,100 new apartments, including affordable housing and condominiums.
The commercial developments will anchor a newly renovated or a brand new 45,500-seat baseball stadium.
The deal is worth $320 million, which is split between cash and credit. The city is giving SRB a $170 million "community benefit credit" to develop 777 units of affordable housing on the site and the building of a seven-acre regional park. The city would receive a $150 million final cash payment from Moreno or SRB Management over the next five years.
“Tonight was an important vote by the City of Anaheim and will secure a long-term home for the Angels," an SRB Management spokeswoman said in a statement to Spectrum News 1. "While there are still more steps to go, we are pleased that the Stadium Development Plan continues to move forward. In the future, this property can play a key role in Anaheim’s recovery by creating thousands of jobs and building an exciting destination and community for residents and fans.”