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First Implementation Agreement to <br />Disposition and Development Agreement <br />April 18, 2005 <br />Page 2 <br />savings of $1.2 million. To date, there has been no determination and <br />Crevier has made a decision to proceed with the project to ensure its <br />timely completion. Thus, the subject sections need to be removed from <br />the DDA and the requirement for payment of prevailing wages needs to be <br />reinserted. The DDA also needs to be amended to allow for a credit <br />against the purchase price of Parcel B in the amount of $300,000 due to <br />unanticipated extraordinary costs associated with the project. <br />Additionally, the Schedule of Performance and appropriate DDA sections <br />need to be amended to provide for an earlier conveyance of Parcel B upon <br />issuance of a storm drain permit (July 2005) to help avoid construction <br />delays and accommodate the $300,000 credit. <br />Crevier BMW, one of four BMW dealerships in Orange County, is currently <br />ranked first in "New Car Sales" in the nation and holds the title of <br />number one in the nation for "Certified Pre -Owned Sales." The Santa Ana <br />dealership with 267 existing employees expects to add 200 employees upon <br />completion of the expansion, while creating 175 construction jobs during <br />build -out. Sales volumes have nearly doubled from 1993 ($45.8 million) <br />to 1998 ($88.1 million) and more than doubled again from 1998 to 2003 <br />($233.3 million). Projected total sales are expected to reach $560 <br />million by 2008. <br />CEQA COMPLIANCE <br />In accordance with the California Environmental Quality Act, the <br />recommended action is exempt from further review. Categorical Exemption <br />Environmental Review No. 2003 -111a was previously filed for this project. <br />FISCAL IMPACT <br />Proceeds from the sale of Parcel B, net of the $300,000 credit, will be <br />received in the South Main Tax Allocation Bond revenue account (account <br />no. 552 -01 -5721) and the South Main Operations revenue account (account <br />no. 550 -01- 5721). <br />Executive Director <br />PCW /SG /mlr <br />H:WCTIONS12005 CRATimthnplemAgree To DDA- CrevierExpa 4- 18- 05.doc <br />APPROVED AS TO FUNDS AND ACCOUNTS <br />Francisco Gutierrez <br />Executive Director <br />Finance & Management Services <br />4 -2 <br />