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REQUEST FOR <br />AGENCY ACTION <br />QduUaon tat <br />AGENCY BOARD MEETING DATE: AGENCY SECRETARY USE ONLY: <br />JANUARY 3, 2006 <br />TITLE: APPROVED <br />RESOLUTION APPROVING ACQUISITION ❑ As Recommended <br />AGREEMENT, MUTUAL RELEASE AND ❑ As Amended s <br />JOINT ESCROW INSTRUCTIONS WITH <br />El on l dRead g <br />❑ Ordinance on 2" Reading <br />VINCI INVESTMENT CO., INC. ❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />EXECUTIVE DIRECTOR <br />ey 2ttX�lo - 00/ adapfedd��d <br />RECOMMENDED ACTION kew s%defod i -17e)& <br />oarp"gedad 6y C419 2o44-003 <br />Adopt a resolution approving Acquisition Agreement, Mutual Release and <br />Joint Escrow Instructions with Vinci Investment Co., Inc. <br />DISCUSSION <br />First established in 1984, the Santa Ana Auto Mall has been an important <br />element of the City's economic base and source of revitalization in the <br />South Main Redevelopment Project Area. Beginning in 2002, two of the <br />larger dealers in the mall, Crevier BMW and Honda Santa Ana approached <br />the Agency about potential redevelopment and expansion of their <br />dealerships onto property along adjacent Edinger Avenue. The Crevier BMW <br />project was approved by the Agency Board and City Council in 2004, and <br />the first phase is currently under construction. <br />In the case of Honda Santa Ana, Vinci Investment Co., the owner of the <br />Honda Santa Ana dealership, notified the Agency in late 2003 that they <br />had an agreement to acquire the leasehold interest in the adjacent <br />property occupied by Mr. J's Nightclub from the Joher family. They <br />sought an Agency agreement to assist with the purchase of the property <br />(if successfully acquired) and expansion of the Honda Santa Ana <br />dealership. <br />On March 15, 2004, the Agency Board approved <br />license agreement with Vinci calling for <br />properties, assets, etc. to the Agency for <br />Vinci's acquisition from the Johers. These <br />Honda's temporary use of the site while a <br />Agreement (DDA) was being negotiated, based <br />Honda had previously outlined with staff. <br />8 -107 <br />an acquisition agreement and <br />transfer of the Mr. J's <br />$4,247,897 immediately upon <br />agreements would allow for <br />Disposition and Development <br />on a non - binding Term Sheet <br />Under the Term Sheet, the <br />