FAQs

What is the Assessment District Lien?
The Assessment District Lien is the mechanism that paid for all of the offsite improvements in the Irvine Spectrum, i.e., roads, sewers, sidewalks, underground utilities, freeway on/off ramps, etc. The "Ad Lien" is assumed at the close of escrow by the Buyers and can be paid off by the Buyer or paid off over 23 years at Municipal Bond Rates. In the event the Buyer elects to assume the "Ad Lien", the Bond Rate is determined after the close of escrow. Typically most Buyers elect to assume the Ad Lien given the Bond Rate financing terms. The Bond Rate is cheaper than conventional long term or SBA Loan Rates.

What does the term "Slur" mean?
Acronym for "Seller-Land-Use-Restrictions". The Irvine Company (TIC) incorporates "Slurs" into the purchase and sale document mainly to prevent Buyers from becoming land speculators. A common "Slur" is TIC's buy back provision. TIC has the right(s) over time to re-purchase property back from the Buyer for what the Buyer paid. Accordingly, this prevents Buyers from becoming land speculators.

What are Design Guidelines?
TIC has established a Design Review program that delineates the type of architecture and style allowed in the Irvine Spectrum. Prior to submitting plans to the City of Irvine, TIC must approve the plans to ensure that the proposed improvements conform to the Irvine Spectrum design guidelines.

What does F.A.R. stand for?
Floor area ratio. TIC guidelines prohibit building beyond a .35 F.A.R. For example, a one (1) acre site has 43,560 square feet of land area, therefore the maximum combination building area cannot exceed 15,246 square feet (43,560 x .35 = 15,246).