HomeMy WebLinkAbout2005-008 CRA (NOT ADOPTED)
NOT ADOPTED
(JWF 12/21/05)
RESOLUTION NO. CRA-2005-008
A RESOLUTION OF THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF SANTA
ANA APPROVING AN ACQUISITION AGREEMENT,
MUTUAL RELEASE AND JOINT ESCROW
INSTRUCTIONS WITH VINCI INVESTMENT CO., INC., A
CALIFORNIA CORPORATION, DOING BUSINESS AS
HONDA SANTA ANA.
BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF SANTA ANA AS FOllOWS:
Section 1. The Board of the Community Redevelopment Agency of the City of
Santa Ana hereby finds, determines and declares as follows:
A. In December 2003, Vinci Investment Co., Inc., Inc. dba Honda Santa Ana,
("Vinci") entered into an Agreement of Purchase with various members of the Joher
family (the "Vinci/Joher Agreement") for the purchase of the business and related assets
at 2101 East Edinger Avenue known as the Mr. J's Night Club and Cabaret (the "Joher
Assets").
B. On March 15, 2004, the Agency approved an Agreement for Acquisition of
leasehold and other interests related to the Joher Assets under which the Agency
would acquire most of the Joher Assets immediately after the close of the Vinci/Joher
Agreement.
C. The Agency's Executive Director and Vinci previously signed a term sheet
dated January 21, 2004 (the "Term Sheet") outlining the terms and conditions of a
potential Disposition and Development Agreement ("DDA") to be negotiated between
the Agency and Vinci following acquisition of the Joher Assets. The term sheet
contemplated, among other things, acquisition of the fee interest in the property
underlying the Joher Assets (the "Erickson Property.")
D. The Joher Sellers breached the Vinci/Joher Agreement. Vinci initiated and
successfully prosecuted litigation against the Joher Sellers to compel performance of
the Joher Sellers' contractual obligations to Vinci under the Vinci/Joher Agreement (the
"Joher Litigation").
E. Due to the delays and expenses created by the Joher Litigation, the
Agency terminated the AgencyNinci Agreement on August 19, 2005.
AYES: Boardmembers
NOES: Boardmembers
ABSTAIN: Councilmembers
NOT PRESENT: Councilmembers
CERTIFICATE OF ATTESTATION AND ORIGINALITY
I, PATRICIA E. HEALY, Secretary of the Agency, do hereby attest to and certify the
attached Resolution No. CRA 2005-008 to be the original resolution adopted by the
Community Redevelopment Agency of the City of Santa Ana on
Date:
Recording Secretary
Community Redevelopment Agency
City of Santa Ana