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REL ., k -3 <br />04/17/86 <br />AGREEMENT n / <br />THIS AGREEMENT, entered into this .{( �^� day of ,�T e Z—, <br />1986, by and between the rammunity.Redevelopment Agency of <br />the City of Santa Ana, a public body, corporate and politic <br />("Agency"). the City of Santa Ana, a municipal corporation <br />('City`) and the Santa Ana Unified School District ( "District"). <br />W- I- T- N- E- S- S -E -T -H <br />Recitals <br />A. The District desires to acquire certain real property, <br />located at 1818 South Bristol Street in the City of Santa Ana <br />(the 'Property -) to improve and maintain the same as a public <br />elementary school. <br />B. District has entered into an escrow to purchase the <br />Property for a purchase price of $4,300,000, of which purchase <br />price, the amount of $500,000 shall be paid in advance and the <br />balance pursuant to a promissory note in the principal amount <br />of $3,800,000 with interest at prime rate or no less than nine <br />percent per annum and payment in equal annual installments <br />of $1,000,000 beginning one year from close of escrow. <br />C. The City desires to provide financial assistance to <br />the District for the public purpose of promoting adequate <br />schools for the school -age population residing within the <br />jurisdictions of the city and t <br />-1- <br />�. �•_�_ ate, � �, �_ . i <br />75C -372 <br />d x:Odld 989E1Z -gzas its ?LL : oO:AL : RA -47-A L! Ali WTIACtV eiym -17s•:d nnu <br />