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167 <br />REL:k-2 <br />o /o5/86 <br /> <br />RESOLUTION NO. 86-~ <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA APPROVING AN AMENDMENT TO A LEASE, OPTION <br />AND DEVELOPMENT AGREEMENT BETWEEN THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AND <br />COMMONWEALTH VOLKSWAGEN CORPORATION. <br /> <br /> WHEREAS, the Community Redevelopment Agency of the City of <br />Santa Ana entered into a Lease, Option and Development~Agreement <br />with Commonwealth Volkswagen Corporation on December 18, 1984 <br />(the "Agreement"), which provides for the lease and/or sale of <br />Parcel 9 in the Santa~Ana Auto Mall by the Agency to Commonwealth <br />Volkswagen Corporation; and <br /> <br /> WHEREAS, this Council approved the Agreement on December <br />18, 1984 by its Resolution No. 84-167; and <br /> <br /> WHEREAS, the Agency has this date approved an amendment <br />the Agreement which reduces the total rental amount and/or <br />purchase price which the Agency will receive pursuant to the <br />Agreement; <br /> <br />to <br /> <br /> NOW, THEREFORE, BT IT RESOLVED BY THE CITY COUNCIL OF THE <br />CITY OF SANTA ANA AS FOLLOWS: <br /> <br /> 1. That certain "Amendment to Lease, Option and Development <br />Agreement" between the Agency and Commonwealth Volkswagen <br />Corporation", approved this dated by the Agency, is hereby <br />approved by this Council. <br /> <br /> 2. This Council finds and determines that the consideration <br />for the lease and/or sale of the aforesaid Parcel 9 pursuant to <br />the Agreement as thus amended is less that the estimated value <br />of said parcel, determined at the highest use permitted under <br />the Redevelopment Plan for the Santa Ana South Main Street <br />Redevelopment Project, but such lesser consideration is necessary <br />to effectuate the purposes of said plan. <br /> <br /> <br />