The Irvine City Council recently approved plans with the Irvine Company for adding 4,536 apartments to the Southern California city—22 percent of them deemed affordable.
During a March 14 city council meeting, councilors voted unanimously to approve a preliminary agreement with the real estate developer or a “memorandum of understanding,” which includes a $65 million payment—or $14,500 per unit—to the city in lieu of what’s known as Quimby Fees, which developers usually pay to offset density for local parks or recreation.
