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Assignment of Acquisition Agreement <br />2101 E. Edinger Avenue <br />December 18, 2006 <br />Page 2 <br />owns /operates Toyota of Orange, Ford /Mazda of Orange, Tustin Lexus and <br />Newport Beach Lexus. Vinci Investment Co., Inc. and Mr. Wilson have <br />requested the Agency's approval of an assignment of the Acquisition <br />Agreement from Vinci Investment Co., Inc., to DWWRBB, Inc., which is <br />seventy -five percent owned by David Wilson. <br />The existing Acquisition Agreement gives the Agency the right to approve <br />or disapprove any assignment of the Acquisition Agreement. However, the <br />Agency has agreed not to unreasonably withhold its approval if the <br />transfer is to an entity which owns the Honda dealership. Vinci <br />Investment Co., Inc. and Mr. Wilson have provided evidence to the Agency <br />that Honda has approved transfer of the dealership. <br />Under the terms of the Vinci /DWWRBB agreement, DWWRBB, Inc. will assume <br />all of the responsibilities to integrate the 2101 E. Edinger property <br />into the Honda dealership and negotiate with the Agency for redevelopment <br />of the expanded Honda dealership including the potential purchase of the <br />fee interest. Vinci Investment Co., Inc. will continue to be the licensee <br />of the property over the interim two -year license period. <br />ENVIRONMENTAL IMPACT <br />In accordance with the California Environmental Quality Act, the proposed <br />request is not considered a project; therefore, no further action is <br />required. <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />M L Cu,l <br />Nancy T. wards <br />Assistant irector <br />Community Development Agency <br />SGH /JF /mlr <br />H: \ACTIONS \2006 CRA \Honda Transferl 12- 18- 06.doc <br />4 -2 <br />