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REQUEST FOR <br />AGENCY ACTION <br />AGENCY BOARD MEETING DATE: <br />DECEMBER 18, 2006 <br />TITLE: <br />APPROVAL OF ASSIGNMENT OF <br />ACQUISITION AGREEMENT FOR <br />PROPERTY LOCATED AT 2101 E. <br />EDINGER AVENUE <br />rEXECUTI DIRECTOR <br />RECOMMENDED ACTION <br />AGENCY SECRETARY USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1" Reading <br />❑ Ordinance on 2ntl Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO janUctry �, X07 <br />FILE NUMBER �L°JYUQ Yy <br />Approve assignment of the Agency's Acquisition Agreement, Mutual Release <br />and Joint Escrow Instructions with Vinci Investment Co., Inc. to DWWRBB, <br />Inc., and authorize the Executive Director to execute agreements related <br />thereto. <br />DISCUSSION <br />In January 2006, the Agency acquired a 40+ year lease of approximately <br />1.9 acres of property located at 2101 E. Edinger Avenue for the purpose <br />of facilitating an expansion of the Santa Ana Auto Mall. Included in the <br />acquisition was the adult business, Mr. J's. The leasehold and business <br />had been acquired by Vinci Investment Co.,Inc., the owher of the adjacent <br />Honda Santa Ana dealership. Under the terms of the Acquisition <br />Agreement, the adult business was closed, the buildings were demolished <br />and the property was licensed back to Vinci Investment Co., Inc. for two <br />years. Within the two years time, Vinci Investment Co., Inc. has agreed <br />to improve the property consistent with the standards for the Santa Ana <br />Auto Mall Specific Plan while the parties pursue full redevelopment of <br />the former Mr. J's site along with the existing Honda dealership. <br />Included in that redevelopment is the potential purchase of the <br />underlying fee interest in the subject property from the landlord. Terms <br />for that purchase would be set forth in a Disposition and Development <br />Agreement (DDA) to be negotiated between Vinci Investment Co., Inc. and <br />the Agency. <br />In June of 2006, Vinci Investment Co., Inc. notified the Agency that it <br />had entered into negotiations to sell the Honda dealership to David <br />Wilson. Mr. Wilson is one of the largest owners of auto dealerships in <br />the Western United States. In Orange County alone, Mr. Wilson <br />4 -1 <br />