Anaheim OKs $400 Million in Funding for OC Vibe

OC Vibe, a new, $4 billion entertainment and shopping development planned around the Honda Center in Anaheim, California, was approved by the city for funding and final approval Oct. 4.

The privately funded project by Henry and Susan Samueli (CQ), owners of the Anaheim Ducks hockey team and managers of the Honda Center, will create a 95-acre campus with shopping, dining, sports, entertainment, apartments, and offices.

“We look forward to starting construction soon on this important community asset that will showcase Anaheim and Orange County, while also providing world-class entertainment and offerings for local residents, visitors, and our Anaheim Ducks fans,” the Samuelis said in a statement in September following the initial vote by the Anaheim City Council to approve the development.

The city council’s second approval this week means the project can officially move forward.

Construction is expected to start at the end of this year with the first phase opening in 2025, according to OC Vibe’s project management team.

The venue will include a 5,700-capacity concert hall, 35 or more restaurants, two hotels, office space, two parks, and 1,500 new apartments. About 200 of those housing units will be designated as affordable.

The project will be built using private funding, but the Anaheim City Council approved $400 million in bond financing this week as part of the deal.

“The city has no financial obligations related to the project beyond those we would normally incur—staff time for processing plans, staff time related to a bond issuance, and other related staff time,” Anaheim spokesman Mike Lyster told The Epoch Times.

The OC Vibe team will be responsible for payment with no recourse to the city, Lyster added.

The city will not receive revenue from the Honda Center during the life of the bonds as revenue will be used to pay the bonds off, Lyster said.

Additionally, the city has never “shared revenue” from the Honda Center because of the OC Vibe team’s continued investment in the area, which is city-owned, according to Lyster.

“For Anaheim, a delay in revenue sharing is a tradeoff we will accept in favor of consistent, recurring tax revenue expected from the project,” Lyster said.

The city expects to receive additional tax revenue starting in about three years, with $10 million each year starting in 10 years, he said.