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REQUEST FOR _~t,1~ <br />COUNCILIAGENCY ~"'~ ~~ <br />ACTION ti,~a"°°,s~ <br />MEETING DATE: CLERK OF COUNCIL USE ONLY: <br />FEBRUARY 6, 2006 <br />TITLE: <br />GUARANTY AGREEMENT TO PROVIDE <br />FINANCIAL ASSISTANCE FOR THE <br />BOWERS MUSEUM EXPANSION <br />APPROVED <br />^ As Recommended <br />^ As Amended <br />^ Ordinance on 1st Reading <br />^ Ordinance on 2nd Reading <br />^ Implementing Resolution <br />^ Set Public Hearing For <br />CONTINUED TO <br />~a,~,,,t, w.~ ~ FILE NUMBER <br />-_ <br />CITY MANAGER EXECUTIVE DIRECTOR <br />RECOMMENDED ACTION <br />CITY COUNCIL ACTION/COMMUNITY REDEVELOPMENT AGENCY ACTION <br />Direct the City Attorney/Agency General Counsel to prepare and authorize <br />the City Manager and the Executive Director of the Community Redevelopment <br />Agency to execute and the Clerk of the Council/Agency Secretary to attest <br />to a Guaranty Agreement between the Community Redevelopment Agency of the <br />City of Santa Ana, the City of Santa Ana, the Bowers Museum Corporation, <br />and the East West Bank. <br />COMMUNITY REDEVELOPMENT AGENCY ACTION <br />Direct the Agency General Counsel to prepare and authorize the Executive <br />Director to execute a Repayment Agreement between the Agency and the <br />Bowers Museum Corporation. <br />DISCUSSION <br />The Bowers Museum Corporation operates and maintains the City of Santa Ana <br />owned Charles M. Bowers Museum of Cultural Art pursuant to a 2001 Amended <br />and Restated Operating Agreement. The Corporation began management of the <br />Museum on behalf of the City in 1987. <br />In September 2005, the City Council and the Redevelopment Agency approved <br />and authorized several actions to facilitate the $14 million expansion of <br />the Bowers Museum. Commencement of construction of the improvements is <br />scheduled to begin shortly. Thus far, the Board of Governors of the <br />80A-1 <br />