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DEVELOPMENT AGREEMENT AND APPROVING AN AMENDMENT TO <br />THE PRIVATE DISPOSITION AND DEVELOPMENT AGREEMENT <br />BETWEEN THE AGENCY AND PAG SANTA ANA B1, INC. AND THE <br />AGENCY MAKING CERTAIN OTHER FINDINGS IN CONNECTION <br />THEREWITH <br />2. Authorize the Executive Director and Agency Secretary to execute the <br />attached Assignment and Assumption Agreement by and among PAG Santa <br />Ana B1, Inc., a Delaware corporation ("Assignee"), and Santa Ana Properties, <br />LLC, a California limited liability company ("Assignor") for property located at <br />1500 Auto Mall Drive, including Agency consent and estoppel, subject to non- <br />substantive changes approved by the Executive Director and Agency General <br />Counsel. <br />3. Authorize the Executive Director and Agency Secretary to execute the <br />attached Assignment and Assumption Agreement by and among PAG Santa <br />Ana B1, Inc., a Delaware corporation ("Assignee"), and Santa Ana Properties <br />II, LLC, a California limited liability company ("Assignor") for property located <br />at 1455 Auto Mall Drive, including Agency consent and estoppel, subject to <br />non-substantive changes approved by the Executive Director and Agency <br />General Counsel. <br />MOTION: Bustamante <br />VOTE: AYES: <br />NOES: <br />ABSTAIN: <br />ABSENT: <br />ADJOURNED - 7:46 A.M. <br />Maria D. Huizar, <br />Recording Secretary <br />SECOND: Alvarez <br />Alvarez, Bustamante, Martinez, Pulido (4) <br />None (0) <br />None (0)* <br />Benavides, Sarmiento, Tinajero (3) <br />1B-2 <br />MINUTES OF SPECIAL MEETING 2 JUNE 22, 2011 <br />