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REQUEST FOR COUNCIL/AGENCY ACTION MEETING DATE: ~. ~ CLERK OF COUNCIL USE ONLY: FEBRUARY 6, 2006 TITLE: APPROVED o As Recommended o As Amended o Ord,nance on 1st Reading D Ordinance on 2nd Reading o Implementing Resolution o Set Public Hearing For GUARANTY AGREEMENT TO PROVIDE FINANCIAL ASSISTANCE FOR THE BOWERS MUSEUM EXPANSION f[~ IV-4.) _ CITY MANAGER ?!ieuJuL EXECUTIVE DIRECTOR CONTINUED TO FILE NUMBER RECOMMENDED ACTION CITY COUNCIL ACTION/COMMUNITY REDEVELOPMENT AGENCY ACTION Direct the City Attorney/Agency General Counsel to prepare and authorize the City Manager and the Executive Director of the Community Redevelopment Agency to execute and the Clerk of the Council/Agency Secretary to attest to a Guaranty Agreement between the Community Redevelopment Agency of the City of Santa Ana, the City of Santa Ana, the Bowers Museum Corporation, and the East West Bank. COMMUNITY REDEVELOPMENT AGENCY ACTION Direct the Agency General Counsel Director to execute a Repayment Bowers Museum Corporation. to prepare and authorize the Executive Agreement between the Agency and the DISCUSSION The Bowers Museum Corporation operates and maintains the City of Santa Ana owned Charles M. Bowers Museum of Cultural Art pursuant to a 2001 Amended and Restated Operating Agreement. The Corporation began management of the Museum on behalf of the City in 1987. In September 2005, the City Council and the Redevelopment Agency approved and authorized several actions to facilitate the $14 million expansion of the Bowers Museum. Commencement of construction of the improvements is scheduled to begin shortly. Thus far, the Board of Governors of the 80A-1