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Purchase and Sale Agreement with Walnut <br />Street S. A., U. S. A., LLC for Certain <br />Property Located at ll0 West First Street <br />February 2, 2004 <br />Page 2 <br /> <br />Inclusion of the City-owned property would complete the assemblage of the <br />block, thereby assisting in achieving the City's goal of cohesive and <br />complementary development at the First and Main intersection. It is, <br />therefore, recommended that the City sell its interest in the subject <br />property to Walnut Street, S.A., U.S.A., LLC, the adjacent landowner, in <br />accordance with Santa Aha Municipal Code Section 2-706.1 which states <br />that the City may sell property without auction if its value is only to <br />the adjacent property owner. <br /> <br />In consideration for the property, Walnut Street, S.A., U.S.A, LLC would <br />purchase the property ~as is" for $1.00 and improve the lot consistent <br />with the requirements of the recently approved Specific Development <br />District and Conditional Use Permit. Additionally, Walnut Street will <br />remove the smaller billboard on the "United Automotive" building situated <br />at 100 West Main Street, and if the City does not approve converting the <br />larger billboard into a rooftop sign (via a sign variance), will also <br />remove that billboard. The purchaser will indemnify, defend and hold <br />harmless the City against any claim by the billboard company. All <br />closing costs will be paid by Walnut Street. <br /> <br />ENVIRONMENTAL IMPACT <br /> <br />The lead agency, the City of Santa Ana, has previously approved Mitigated <br />Negative Declaration ER No. 2003-100 covering this project. <br /> <br />FISCAL IMPACT <br /> <br />There is no <br /> <br />fiscal impact associated with this action. <br /> <br />John P//eekstin <br />Execut~W~e Director <br />Community Development Agency <br /> <br />JPR/SG/mlr <br /> <br />25.H. Page 90 <br /> <br /> <br />