Laserfiche WebLink
<br />(JWF 1/17/06) <br /> <br />RESOLUTION NO. CRA 2006-003 <br /> <br />A RESOLUTION OF THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF SANTA <br />ANA APPROVING AN ACQUISITION AGREEMENT, <br />MUTUAL RELEASE AND JOINT ESCROW <br />INSTRUCTIONS WITH VINCI INVESTMENT CO., INC., A <br />CALIFORNIA CORPORATION, DOING BUSINESS AS <br />HONDA SANTA ANA. <br /> <br />BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF <br />THE CITY OF SANTA ANA AS FOLLOWS: <br /> <br />Section 1. The Board of the Community Redevelopment Agency of the City of <br />Santa Ana hereby finds, determines and declares as follows: <br /> <br />A. In December 2003, Vinci Investment Co., Inc., Inc. dba Honda Santa Ana, <br />("Vinci") entered into an Agreement of Purchase with various members of the Joher <br />family (the "Vinci/Joher Agreement") for the purchase of the business and related assets <br />at 2101 East Edinger Avenue known as the Mr. J's Night Club and Cabaret (the "Joher <br />Assets"). <br /> <br />B. On March 15, 2004, the Agency approved an Agreement for Acquisition of <br />Leasehold and other interests related to the Joher Assets under which the Agency <br />would acquire most of the Joher Assets immediately after close of ' the Vinci/Joher <br />Agreement. <br /> <br />C. The Agency's Executive Director and Vinci previously signed term sheet <br />dated January 21, 2004 (the "Term Sheet") outlining the terms and conditions of a <br />potential Disposition and Development Agreement ("DDA") to be negotiated between <br />the Agency and Vinci following acquisition of the Joher Assets. The term sheet <br />contemplated, among other things, acquisition of the fee interest in the property <br />underlying the Joher Assets (the "Erickson Property.") , <br /> <br />D. The Joher Sellers breached the Vinci/Joher Agreement. Vinci initiated and <br />successfully prosecuted litigation against the Joher Sellers to compel performance of <br />the Joher Sellers' contractual obligations to Vinci under the Vinci/Joher Agreement (the <br />"Joher Litigation"). <br /> <br />E. Due to the delays and expenses created by the Joher Litigation, the <br />Agency terminated the AgencyNinci Agreement on August 19, 2005. ' <br /> <br />F. Vinci disagrees that the Agency properly terminated the AgencyNinci <br />Agreement. Additionally, the Agency and Vinci disagree as to the binding effect of the <br />Term Sheet, insofar as the Agency contends that the Term Sheet is merely a non- <br />binding letter of intent. <br /> <br />Resolution 'No. eRA 2006-003 <br />Page 1 of 3 <br />