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<br />. <br /> <br />. <br /> <br />8 <br /> <br />. venture between William Singer Associates and Dunn Properties, <br />which had been headquartered in Santa Ana for 20 years. He added <br />that Dunn Properties is owned by Pacific Electric which also <br />owns the Southern California Gas Company. Mr. Singer then made a <br />slide presentation which showed the existing uses of the C-7 <br />site, the previous developments Dunn Properties has constructed <br />in other areas and the site plans of the proposed <br />development on the C-7 site. <br /> <br />There being no written communications, Chairman Griset then asked <br />that all persons in agreement with the proposed sale to step <br />forward to the podium. <br /> <br />Mr. Jim Olmstead, of Dunn Properties, addressed the Agency and <br />stated that Dunn Properties was most enthusiastic about the <br />proposed development of the C-7 site and felt that it was not <br />only in the best interests of Santa Ana but was also compatible <br />with developments in the City of Orange, as well as that which <br />is being proposed for Fashion Square. <br /> <br />Chairman Griset then asked that all persons disagreeing with the <br />proposed sale to step to the podium. <br /> <br />Mr. Joe Hammann, a property owner from the C-7 site, addressed <br />the Agency and stated that there is an 18-acre site near the C-7 <br />site which could be used for the proposed development and that, <br />in his opinion, there is enough vacant land in Santa Ana to make <br />it unnecessary for the residents of the C-7 site to be relocated. <br />He added that he felt it would be difficult to replace his <br />property in today's market. <br /> <br />Mr. Jacob Thomas, a resident of the C-7 site, stated that he <br />agreed with Mr. Hammann and added that because there is a 35% to <br />40% vacancy factor in the high-rise developments, he felt it was <br />unnecessary to build another one. <br /> <br />There being no one else wishing to speak on the subject under <br />discussion, Chairman Griset declared the Public Hearing closed <br />and asked Agency Members if they had any questions of the staff <br />or of those who had commented. <br /> <br />Mr. Luxembourger then asked staff to respond to the three points <br />raised by persons disagreeing with the proposed sale, namely: 1) <br />the price of replacement homes; 2) the vacancy factor in <br />high-rise office buildings; and, 3) the status of the 18-acre <br />parcel mentioned. <br /> <br />The Deputy City Manager/Development Services stated that, <br />regarding the price of replacement properties, the Agency is <br />obligated by law to pay just compensation. He added that staff <br />feels the homes in the C-7 site would be valued high enough to <br />allow the owners to purchase replacement properties. He added <br />that the vacancy factor of new office buildings in Orange County <br />is approximately 23%, and that in Santa Ana it is approximately <br />20%. He pointed out that this is not as awesome as it might seem <br /> <br />-3- <br />