The Anaheim City Council on Tuesday night approved changes to the timing of the sale of Angel Stadium.
SRB Management, fronted by Angels owner Arte Moreno, agreed in December to purchase Angel Stadium and the surrounding land for $325 million, with adjustments to the purchase price depending on agreed-upon community benefits derived from the development of the land.
Tuesday’s deal allows for an expedited submission of plans for the project by Moreno — Bill Shaikin of the Los Angeles Times reported those plans will be submitted by the end of May — but also added three months to consider planning and discussions about the project, per the city to address “timing challenges brought on by the coronavirus crisis.”
SRB Management made a $5 million deposit on the purchase price in December, with another $15 million due by July, followed by another $10 million upon master site plan submission, which was not expected until 2021 to 2023. Tuesday’s agreement calls for that $25 million due this October, along with development agreement approval and the master site plan.
Another $20 million is due upon final approval of the master site plan, in 2021 or 2022. Tuesday’s deal means the sale could be finalized as early as 2023, a few years ahead of schedule.
The Anaheim city council on Tuesday night also approved an extension for Nederlander concerts to run all concerts at The Grove through 2022, per the Orange County Register.