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Approval of First Amendment to Acquisition <br />& License Agreements for Property Located <br />at 2101 E. Edinger Avenue <br />January 7, 2008 <br />Page 2 <br />improvements. Additionally, complexities in dealing with the owner of <br />the 2101 E. Edinger property has prevented the Agency and DWWRBB from <br />having productive negotiations on acquisition of the fee interest in the <br />property. <br />DWWRBB and Vinci are requesting amendments to the Acquisition and License <br />Agreements to provide for an additional two years to complete the <br />improvements and negotiations on the redevelopment agreement including <br />negotiations with the fee owner. The amendment will extend the applicable <br />obligations in the agreements for up to two years until late January <br />2010. Any lease payments the Agency makes during this time period will <br />be reinvested in the project and /or be applied to any potential future <br />Agency obligations negotiated with respect to full site <br />redevelopment /lease assignment. <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 />Funds for this agreement in the amount of $373,455 for the lease payments <br />to the fee owner are available in the South Main Tax Allocation Bond <br />Series 2003 A Fund account (account #552 -936- 6291). <br />Nancy T. Edwards <br />Assista Director <br />Community Development Agency <br />SGH /VU /SG /mlr <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />bF�rancisco Gutierrez �yf <br />xecutive Director <br />Finance and Management Services Agency <br />H: \ACTION ITEMS \CRA \2008 CRA \Honda Amendment to Agreements 1- 7- 08V2.DOC <br />3 -2 <br />