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<br />. <br /> <br />hearing to adopt a resolution authorizing execution of <br />a Disposition and Development Agreement with Mr. <br />Douglas S. Honig. <br /> <br />ANNUAL AUDIT REPORT (FY 81-82) AND RESIDENTIAL <br />MORTGAGE LOAN PROGRAM AUDIT REPORT <br /> <br />Approved the annual audit report for FY 81-82 and the <br />Residential Mortgage Loan Program's audit report <br />through June 30,1981, as prepared by Diehl, Evans and <br />Company. <br /> <br />* * * * * * * * * * CONSENT CALENDAR FINIS * * * * * * * * * <br /> <br />EXECUTION OF LEASE AGREEMENT/PHILIP MEGDAL <br /> <br />A motion was made by Mr. Serrato, seconded by Mrs. McGuigan <br />and carried unanimously to adopt Resolution 83-1: A <br />RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY <br />OF SANTA ANA AUTHORIZING THE CHAIRMAN OF THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA TO EXECUTE A <br />LEASE AGREEMENT BETWEEN THE AGENCY AND PHILIP MEGDAL. <br /> <br />. <br /> <br />DEFERRED LOAN - PEDRINI PROJECT - 109/111 W. FOURTH STREET <br /> <br />In response to a question raised by Mr. Serrato, the <br />Community Development Director responded that the principal <br />and interest on the loan would be deferred for four years, <br />whereupon the entire balance would be due and payable. <br /> <br />In response to a question raised by Mr. Luxembourger, the <br />Community Development Director responded that there would <br />not be a penalty if the owners wished to close out the loan. <br /> <br />Mr. Ream stated that the pedrini's had done an excellent job <br />and that they did not want to borrow unless it was <br />necessary. <br /> <br />. <br /> <br />After a brief discussion, a motion was made by Mr. Griset, <br />seconded by Mr. Acosta and carried unanimously to approve a <br />Commercial Rehabilitation Loan Agreement, totaling approxi- <br />mately $36,000, with Thomas D. and Rosita R. pedrini which <br />will allow the repayment of Agency reimbursables to be <br />deferred four years. <br /> <br />EXECUTIVE SESSION <br /> <br />At 5:56 P.M., the Redevelopment Agency adjourned to an <br />executive session to discuss legal matters. The meeting was <br />reconvened at 6:31 P.M., with the same members present. <br />