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<br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />AGREEMENT WITH MERCURY SAVINGS AND LDAN ASSOCIATIDN <br /> <br />It was moved by Mr. Hart, seconded by Mr. Young, and carried unanimously <br />(5:D) that the Agency approve the proposed Agreement with Mercury <br />Savi ngs and Loan Associ ati on p1 edgi ng to deposi t $ 447,466 into a <br />non-i nterest beari ng acount for up to I-year to buy-down the interest <br />rate on a $ 4,58D,000 interim loan from Mercury to Spurgeon Venture, and <br />authorize the Agency's Chairman to execute the agreement. <br /> <br />EXCLUSIVE RIGHT TD NEGOTIATE FDR REHABILITATIDN DF 3D2 CAFE BUILDING <br /> <br />Due to a potenti a 1 confl i ct of interests, Mr. Hart was excused. Mr. <br />Hart's absence created an assemblage of only four members, and Ms. <br />McGui gan i nqui red whether fi ve votes were actually required for thi s <br />particular action. Mr. Cooper pointed out that this was an Exclusive <br />Right to Negotiate rather than a Disposition and Development Agreement, <br />and that, as such, a vote of four members would suffice. Ms. McGuigan <br />expressed discontent with the fact that only four votes are required on <br />an issue whi ch may well reach a poi nt at whi ch fi ve votes wou1 d be <br />required, which led to brief discussion of the Agency bylaws. It was <br />moved by Mr. Young, seconded by Mr. Griset. and carried (3:1), with Ms. <br />McGuigan opposing, that the Redevelopment Agency award a 90-day <br />Exclusive Right to Negotiate to the joint venture partnership of C.M. <br />Properties and Heritage Drange County for acquisition and rehabilitation <br />of the former 302 Cafe building, located at 3D2 North Main Street. <br />Following this action, Mr. Hart rejoined the Agency at 9:2D PM. <br /> <br />AMENDMENT TO PARTICIPATIDN AGREEMENT WITH SANTA ANA VENTURE FDR THE <br />FASHIDN SQUARE CDMMERCIAL CENTER <br /> <br />It was moved by Mr. Young, seconded by Mr. Hart, and carried unanimously <br />(5:D) that the Agency approve the First Amendment to the Participation <br />Agreement wi th Santa Ana Venture and authori ze its executi on by the <br />Chairman. <br /> <br />ANNUAL AUDIT REPDRT AND ANNUAL REPDRT FOR FY 83-84 <br /> <br />It was moved by Mr. Young, seconded by Mr. Hart, and carried unanimously <br />(5:0) that the Agency approve the Annual Audit Report (FY 83-84) as <br />prepared by Conrad and Associates and receive and file same. <br /> <br />FUND TRANSFER FDR DOWN PAYMENT DN SANTA FE LAND PURCHASE FOR SANTA ANA <br />AUTO MALL SITE IAPP. ADJ. NO. 312) <br /> <br />It was moved by Mr. Young, seconded by Mr. Hart, and carried unanimously <br />(5:0) that the Agency approve Appropriation Adjustment No. 312 <br />transferring $ 3,10D,DOD to the Santa Ana Auto Mall project for the <br />purpose of provi di ng the down payment to the Santa Fe Land Improvement <br />Company for the purchase of land required for this development. <br /> <br />SANTA ANA BUSINESS ENTERPRISE FACILITY <br /> <br />It was moved by Mr. Young, seconded by Mr. Hart, and carried unanimously <br />(5:D) that the Agency authorize the Chairman of the Redevelopment Agency <br />to execute appropriate acquisition documents for purchase of the <br />Busi ness Enterpri se Facil i ty from Santa Fe Paci fi c Realty Corporati on <br />for a total purchase price of $ 437,55D. <br />