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<br />. <br /> <br />. <br /> <br />. <br /> <br />It was moved by Mr. Luxembourger, seconded by Ms. McGuigan, and carried <br />unanimously (6:0) to adopt Resolution 85-34: A RESOLUTION OF THE <br />COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AUTHORIZING AND <br />DIRECTING THE CONDEMNATION OF CERTAIN REAL PROPERTY LOCATED AT 506 AND <br />510 EAST SECOND STREET, IN THE CITY OF SANTA ANA FOR REDEVELOPMENT <br />PURPOSES. AND DECLARING THE PUBLIC NECESSITY THEREFOR. ' <br /> <br />SALES AGREEMENT FOR SALE OF CITY PROPERTY TO THE COMMUNITY REDEVELOPMENT <br />AGENCY AND PARTICIPATION AGREEMENT FOR DEVELOPMENT OF SAID PROPERTY <br />LOCATED AT FIFTH AND MORTIMER <br /> <br />Vice Chairman Johnson inquired about low income housing in the area, and <br />Rex Swanson, Deputy City Manager/Development, responded that twenty <br />percent of the units will be available at a monthly rental rate ranging <br />from $450 to $675. It was moved by Mr.. Young, seconded by Mr. <br />Luxembourger, and carried unanimously (6:0) to adopt Resolution 85-42: <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA <br />ANA APPROVING A PARTICIPATION AGREEMENT BETWEEN THE REDEVELOPMENT AGENCY <br />AND MORTIMER 5TREET PARTNERS; and to approve the conceptual development <br />plans proposed by Mortimer Street Partners for the development. It was <br />further moved by Council member Young, seconded by Councilmerroer <br />Luxembourger, and carried unanimously (6:0) that the City Council <br />approve an agreement between the Conmunity Redevelopment Agency and <br />Mortimer Street Partners and authorize execution of the agreement by the <br />Mayor and the Clerk of the Council for the sale of real property on the <br />northwest corner of Mortimer and Fifth StreetS. <br /> <br />AMENDMENT TO DISPOSITION AND DEVELOPMENT AGREEMENT FOR A-13 SITE <br /> <br />It was moved by Mr. Hart, seconded by Mr. Young, and carried unanimously <br />(6:0) that the Agency amend Section 204 of the Disposition and <br />Development Agreement with Lowy Development Corporation to extend the <br />deadline for submission of the Letter of Credit to January 24, 1986. <br /> <br />EXTENSION OF EXCLUSIVE RIGHT TO NEGOTIATE WITH URBAN VENTURES/PACIFIC <br />CORPORATION AND JAY MEEHAN/HERITAGE ORANGE COUNTY FOR A-12, A-II and 302 <br />CAFE DEVELOPMENTS <br /> <br />It was moved by Mr. Young, seconded by Ms. McGuigan, and carried <br />unanimously (6:0) to grant 90-day extensions to the Exclusive Rights to <br />Negotiate for development of the proposed A-12, A-ll and 302 Cafe <br />projects. <br /> <br />RESOLUTIONS AUTHORIZING PUBLICATION OF NOTICE OF INTENTION TO SELL BOND <br /> <br />David N. Ream, Executive Director/Economic Development. stated that the <br />Agency proposes to market the bonds, totalling approximately 96 million <br />dollars, in or.der to accomplish a range of development projects. Ms. <br />McGuigan sought clarification that this agenda item included four <br />separate bond issues, and Mr. Ream answered affirmatively. In response <br />to a query from Mr. Luxembourger regarding the 108 Loan, Mr. Ream stated <br />that it could be paid off now from bond proceeds at a rate of 6 to 71 or <br />the payments could continue at a 121 rate. Mr. Ream explained that the <br />