Item 16 - Purchase and Sale Agreement for 1601 and 1607 N Bristol Street

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EXHIBIT 5 PURCHASE AND SALE AGREEMENT THIS PURCHASE AND SALE AGREEMENT ("Agreement") is made and entered into this 15th day of October, 2024 ("Effective Date"), by and between Bristol Center Properties, LLC ("Buyer"), and the CITY OF SANTA ANA, a charter city and municipal corporation organized and existing under the Constitution and laws of the State of California ("Seller" or "City"). As used herein, Buyer and Seller may be referred to collectively as the "Parties," and each individually as a "Party." RECITALS A. City is the fee simple owner of that certain real property consisting of approximately 392 square feet, located near 1601 and 1607 North Bristol Street (APN Nos. 405- 252-21 & 405-252-22) Santa Ana, California, legally described in Exhibit "All and depicted in Exhibit "B", both attached to this Agreement and incorporated into this Agreement in their entirety by this reference (the "Property"). B. The City conveyed that certain real property consisting of 18,920 square feet, located at as 1601 and 1607 North Bristol Street (APN Nos. 405-252-21 & 405-252-22) ("1601 North Bristol Street") Santa Ana, California, to Southwest Properties Group, LLC on May 19, 2022 pursuant to City of Santa Ana Agreement A-2021-248 (Agreement A-2021-248). C. Southwest Properties Group, LLC conveyed 1601 North Bristol Street to Buyer on May 19, 2022. D. Buyer is the fee simple owner of that certain real property known as 1601 North Bristol Street. E. In 2023, Buyer submitted applications to the City to develop the property at 1601 North Bristol Street, and City determined that a 392 square -foot portion of excess Bristol Street right of way is situated outside the street improvement limits and could potentially be vacated, conveyed to the developer, and incorporated into the private property site to facilitate a more efficient development. F. On July 16, 2024, City Council adopted Resolution 2024-039 to summarily vacate the excess Bristol Street right of way. G. On July 16, 2024, City Council adopted Resolution 2024-040 to declare the former excess Bristol Street right of way as exempt surplus property and directing the City Manager to comply with the requirements of California Government Code Section 54220 et seq. ("Surplus Land Act") for the disposition of the Property. H. On August 20, 2024, the City complied with Government Code section 54221 (0(1)(P)(iv) requirement to provide written notification of its declaration to the California Department of Housing and Community Development ("HCD") by submitting the adopted exempt surplus property resolution. -1-