Item 24 - Joint Public Hearing Adopt Resolution and Approve Purchase and Sale Agreement

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EXHIBIT 5 aimed at eliminating blight, promoting economic growth, funding the construction of affordable housing, and improving infrastructure and community facilities within designated project areas. During this process, the RDA acquired various properties for future development. One such property acquired by the RDA is a parcel situated at the southwest corner of Main Street and Third Street (Property), also identified as Assessor Parcel Number: 398- 601-02. The RDA acquired the Property on March 19, 1986 from Universal Terminals, Inc. as part of the efforts to develop the Central City Redevelopment Project Area with the intention to use the Property for future development projects that would support the overall redevelopment goals of the area, including enhancing public infrastructure and facilitating economic growth. The Property was also critical to provide parking and pedestrian access for the Builders Exchange Building (listed as Landmark - No. 136 on the Santa Ana Register of Historic Properties). Builders Exchange Building and Parking Lease Agreement The Builders Exchange Building, located at 200 N. Main Street, is adjacent to the Property and is historically significant within the Central City Redevelopment Project Area. On February 7, 1982, the RDA approved a $44,711 deferred loan to Builders Exchange Associates (BEA) to cover soft costs for the rehabilitation of the Builders Exchange Building. On February 21, 1986, the RDA extended the repayment period by an additional year due to insufficient lease income to meet debt service obligations. Subsequently, on March 15, 1988, the BEA refinanced the debt and on May 18, 1993, the RDA approved a loan modification agreement with BEA, waiving previous defaults and executing a new promissory note. Concurrently, the RDA entered into a parking lease agreement (Parking Lease Agreement) with Barco Parking Association, a partnership comprising some owners of the Builders Exchange Building. The Parking Lease Agreement, dated May 18, 1993, assured the future availability of 60 parking spaces on the Property exclusively for the use of BEA and its agents, employees, and invitees. Redevelopment Dissolution On February 1, 2012, the RDA was dissolved in accordance with the Dissolution Act, which required the RDA to transfer all its assets to a successor agency. Consequently, the former RDA transferred all its assets to the Housing Authority of the City of Santa Ana (Housing Authority), who assumed the role of the Successor Agency. Under the Dissolution Act, as amended by Assembly Bill (AB) 1484, the Housing Authority now serves as the Successor Agency, tasked with managing the enforceable obligations of the former RDA and overseeing the unwinding of its affairs. As such, the Successor Agency, an independent legal entity, is the current owner of the Property and is bound by the Parking Lease Agreement.