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<br />. <br /> <br />. <br /> <br />. <br /> <br />Mr. David N. Ream <br />August 29,1980 <br />Page 2 <br /> <br />of the Bank's fee interest in said parcel and the Bank's <br />leasehold interest in Assessor Parcel No. 008-126-09. (In <br />addition, the Agency is presently named as a defendant in an <br />eminent domain proceeding with respect to the acquisition of <br />a certain parcel of real property known as Assessor Parcel <br />No. 008-126-08 in which the Bank has a leasehold interest.) <br /> <br />Representatives of the Bank and representativ~s of the <br />Agency have been in contact since March 26, 1980 with~espect <br />to reaching an agreement for the acquisition by the Agency <br />of the above-referenced parcels which the Bank owns or has a <br />leasehold interest. As a result of such meetings, the <br />parties reached an agreement in principle on August 11, 1980 <br />with respect to this matter. Such agreement is embodied in <br />a letter dated August 27, 1980, addressed to Mr. David N. <br />Ream. A copy of such letter is enclosed and it is requested <br />that the Agency act to approve the conditions set forth <br />therein in lieu of proceeding on the adoption of resolutions <br />declaring the necessity of acquiring the Bank's interest in <br />such real property by eminent domain. <br /> <br />The Bank has sought to work with the Agency towards the <br />Agency's intention of constructing the Downtown Parking <br />Structure on properties which include the properties owned <br />and leased by the Bank. The Bank has done so despite a lack <br />of progress toward obtaining bids on the construction of the <br />Downtown Parking Structure and of formulating and establishing <br />the assessment district with 'respect to the construction, <br />maintena~ce and operations of the Downtown Parking Structure. <br /> <br />The Bank, as a proper~y holder in the redevelopment <br />project, is extremely interested in the successful redevelopment <br />of Downtown Santa Ana and in the construction of the Downtown <br />Parking Structure. Nevertheless, the Bank needs to be <br />assured that the construction of such parking structure will <br />commence in a propitious and timely manner which will not <br />unduly hinder the Bank's business activities at its present <br />location at Fourth and Main streets and in the leasing of <br />space in such building. The operations of the Bank and <br />leasing space in the building are dependent upon the availability <br />of convenient and safe parking within in the immediate <br />vicinity of the building. The Bank's agreement in the <br />enclosed letter reflect such concerns. <br /> <br />Cf <br />