11/15/1983 - Laserfiche WebLink

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ORAL COMMUNICATION- BUILDING REAL ESTATE AUCTION - GRAND CENTRAL . Mr. Johnson apprised the Agency of the fact that the Grand Central Mall Building (116 N. Sycamore Street), Green's Furniture Building (117 N. Broadway Street) and parking Lot (Northeast corner of 1st Street and Broadway Street), as well as a residence located in Capistrano Beach, California, were being offered at public auction on Sunday, November 30, 1983, by order of the United States Bankruptcy Court, Central District of California. Mr. Johnson said that, in his opinion, since the Community Redevelopment Agency held a secondary loan in the approximate amount of $154,311 on the Grand Central Building, it would be in the Agency's best interest to initiate action to acquire the property before it goes to auction or to stop the sale so that the Agency could buy the property. . Mr. Johnson then moved that the Agency instruct the City Attorney to file the Agency's intent to acquire with the Bankruptcy Court. The motion was seconded by Mr. Acosta and, after a lengthy discussion between members of the Agency, the City Attorney, the Interim City Manager and the Interim Deputy City Manager regarding the propriety of such an action, the motion was defeated by a vote of four Nayes (Griset, McGuigan, Luxembourger and Young) to two Ayes (Johnson and Acosta). At 6:49 P.M. the meeting was recessed so that the City Council could meet in Executive Session. The Agency meeting members present. was resumed at 7:40 P.M. with the same SASSCER PARK PEDESTRIAN BRIDGE . The Interim Deputy City Manager stated that in 1979, the Agency entered into an Owner's participation Agreement with the Heritage Corporation to build a high-rise building at the southeast corner of Santa Ana Boulevard and Parton Street. He added that the Agency included a provision in the agreement that the Agency would use its best faith efforts to effect the development of a pedestrian bridge linking the second level of the building with the Civic City Center Law Library Plaza. He added that staff has negotiated for two years with the Civic Center Authority to get them to commit one-third of the cost of the construction of the pedestrian bridge. He pointed out that the other two-thirds of the cost would come from the developer and the Agency. The Interim Deputy City Manager stated that the Agency now had an agreement with the new purchaser of the building, now known as the Sunwest Building, and that this agreement was to be executed in the name of B.F.I. XV Realty Fund, Limited of the Bretcourt Foundation. He added that -3-