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DA No. 2012-01 <br />July S, 2013 <br />Page 2 <br />Surrounding land uses include several office buildings to the north, the Hutton Center retail and office <br />development to the south, a parking structure to the east used by First American, and the Pinnacle <br />Apartments, a mixed use retail/residential project to the west (Exhibits 1 and 2). <br />Appointment of Receiver and Assignment of Development Agreement <br />On April 16, 2012 Vineyard Development Company (VDC) received approval for a 271-unit multi-family <br />residential project including; a development agreement, amendment to the Specific Development <br />zoning, a subdivision map, and site plan review approval. Subsequent to the approval of the project <br />the developer, Vineyards Development, and their financial partners entered into voluntary court <br />receivership in order to resolve various property interest disputes. On September 7, 2012 Judge <br />James C. Chalfant appointed David Wald as the property's Receiver granting authority to take <br />possession of and manage the property (Exhibit 3). On November 27, 2012 the Court authorized <br />Mr. Wald to list the property for sale with Jones Lang LaSalle, a real estate brokerage firm <br />(Exhibit 4). The property was subsequently marketed for sale and various development companies <br />were considered. On April 16, 2013 the Court authorized Mr. Wald to sell the property to Genesis <br />Real Estate Group, subject to the assignment of the Development Agreement to Genesis by the City <br />and its modification to remove the requirement that Ryan Ogulnick be involved in the development <br />of the property (Exhibit 5). Genesis Real Estate Group in turn formed First Rock Santa Ana, LLC as <br />the single-purpose entity for the project. The amendments to the Development Agreement <br />reference both First Rock and Genesis. <br />75B-4