08/20/1985 - Laserfiche WebLink

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. . - in order to regain ownership of the Yost Theatre. Mr. Luis Olivos, Sr. addressed the Agency and outlined his many years of business in the City of Santa Ana and asked that his offer to repurchase the Yost Theatre be accepted by the Agency. Chairman Griset then declared the Public Hearing closed and asked if there was a rebuttal from staff. The City Manager stated that, in the matter of the Yost Theatre, the Agency had acquired it for $600,000 and that he had met earlier in the day with the Olivos family and their attorney and that staff's recommendation was simply that the theater is a part of the package with regard to the A-8 development, and that the Olivos family was told to come to the Agency meeting with a firm offer to acquire the theater for $600,000, with financing in hand. He added that, if this were the case, staff was prepared to modify its recommendation to the Agency. He added that, since this was not the case, staff was not prepared to alter its recommendation. In response to a question from Mr. Young, the City Manager stated that, if the Fiesta Marketplace Partnership"s proposal was approved, they would own the Yost Theatre. In response to further questions from Mr. Young, the City Attorney stated that, in his opinion, the Partnership would have the ability to lease or to convey the property after rehabilitation and subject to the terms of the Agreement with the Agency. Mr. Young stated that he was quite uncomfortable at being asked to alter the proposal as submitted and it was his hope that the Partnership, the Olivos family and Mr. Doddridge could all work together to resolve their difficulties. He added that he did not feel that the Agency had the ability to resolve their problems for them. The City Attorney stated that, under the agreement, the Partnership is free to decide who will be the tenants in the development. He added that Mr. Doddrige would be eligible for a whole range of benefits such as relocation and that he was sure Mr. Doddridge's attorney was familiar with the government codes and could advise him of all of his rights. He added that the Agency was not discriminating against anyone, that it was merely entering into an agreement with the Partnership for the development of Fiesta Marketplace. He added that, if the Partnership did not wish to include a pawnbrokerage in their development, they did not have to, in his opinion. Mr. Luxembourger stated that his concern was to put in place something that was long overdue and get it into operation. He added that the Agency was very anxious to resolve this matter and that, even though there were many extenuating circumstances, he felt the Fiesta Marketplace was in the best interest of the -12-