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Resolution- Authorize Negotiation for the Sale of City -Owned Property — 2129 N. Main Street <br />September 20, 2016 <br />Page 2 <br />Staff recommends authorization to execute an Exclusive Negotiation Agreement with Net <br />Development Co. to begin direct negotiation to ensure a high quality hotel is developed in a <br />timely manner (Exhibit 2). The development of a hotel at this location will add a public benefit <br />through the increase of Hotel Visitor Taxes (HVT). This increase will help fund local services <br />such as infrastructure improvements, new public parks, environmental preservation, and <br />increases in public safety for residents of Santa Ana. <br />Upon approval and execution of the ENA by Council, staff will present a Disposition and <br />Development Agreement to City Council for approval at a future Council meeting. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item supports the City's efforts to meet Goal #3 - Economic Development, <br />Objective #5, (Leverage private investment that results in tax base expansion and job creation <br />citywide), Strategy A (Identify and market underutilized properties [city and non -city owned] for <br />new development that will create new jobs and expand the City's tax base). <br />FISCAL IMPACT <br />Upon execution of the Exclusive Negotiation Agreement, Net Development Co. will pay the City a <br />"good faith" deposit in the amount of $90,000 into account no. 01101001 - 21671. These funds <br />will be transferred to escrow upon execution of a Purchase and Sale Agreement and credited <br />against the purchase price. <br />APPROVED AS TO FUNDS AND ACCOUNT: <br />l Hassan Ha ani, AICP Francisco Gutierrez <br />Executive Director Executive Director <br />Planning and Building Agency Finance and Management Services Agency <br />HH:MM:rb <br />Rb \reports \092016 Resolution and ENA 2129 N Main <br />Exhibits: 1. Location Map <br />2. Exclusive Negotiation Agreement <br />3. Resolution <br />75A -2 <br />