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<br />. <br /> <br />out that the appraisal found the Yost Theater to be worth <br />slightly less than $600,000 and that Agency staff had <br />contacted the bank which was about to foreclose on the <br />property, and asked them to stay this action for a week so <br />that the Agency would have the opportunity of buying the <br />property. He added that Agency could buy the property <br />before or after foreclosure but that staff felt the <br />appropriate action would be to help Mr. Olivos out of his <br />difficulty and save him from the foreclosure. <br /> <br />In response to further questions from Mr. Luxembourger, the <br />City Attorney stated that the Agency would not close escrow <br />without receiving a clear title to the Yost Theater. <br /> <br />After further discussion, it was moved by Mr. Young, <br />seconded by Mr. Hart that the Agency authorize appraisal of <br />real property, real property improvements, and fixtures and <br />equipment of the Yost Theater, 307 North Spurgeon Street, <br />for a fee not to exceed $3,000, and authorize acquisition of <br />said theater, for a total cost not to exceed $600,000.00. <br /> <br />AYES: Acosta, Griset, Hart, Johnson, Luxembourger, <br />McGuigan and Young <br /> <br />. <br /> <br />NOES: None <br /> <br />ABSENT: None <br /> <br />BARRISTER BUILDING LTD. - <br /> <br />DEFERRED LOAN (OLD CITY HALL) <br /> <br />The Deputy City Manager/Development Services stated that the <br />adoption of Resolution 85-13 would allow the Agency to <br />rewrite its present interest-free deferred loan to a 10% <br />interest bearing loan which would be assumed by a <br />restructured and financially stronger owner of the Barrister <br />Building. He added that the rewriting of the loan will <br />facilitate the renegotation of a $2,219,000 construction <br />loan (plus delinquent interest) to an even $2,000,000 loan <br />thereby avoiding a foreclosure that would otherwise <br />jeopardize or eliminate the Agency's second lien position. <br />He pointed out that the interest would be non-accruing in <br />order to allow the new ownership time to lease up the <br />building and that payments would then be accelerated as <br />rental revenues increase until the loan is paid in full. <br /> <br />. <br /> <br />After a discussion period, it was moved <br />seconded by Mr. Acosta that the Agency: <br /> <br />by Mr. Young, <br /> <br />1. <br /> <br />Adopt Resolution No. 85-13: A RESOLUTION OF THE <br />COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF <br />SANTA ANA AUTHORIZING THE REFINANCING OF A <br />REHABILITATION LOAN SECURED BY PROPERTY LOCATED AT <br />217 NORTH MAIN STREET. <br /> <br />-5- <br />