HomeMy WebLinkAbout2010-10-18 - Exhibit in RecordFIESTA MARKETPLACE PARTNERS'`=
C/O S & A PROPERTIES)
129 W. WILSON ST.
SUITE 100
COSTA MESA, CA 92627
949-722-7400
949-722-8855 FAX
October 18, 2010
Cynthia J. Nelson, Deputy City Manager
City of Santa Ana
Community Development Agency
20 Civic Center Plaza -- Post Office Box 1988 — M-25
Santa Ana, CA 92702
RE: City of Santa Ana Facade Rebate Program
Fiesta Marketplace Partners One and Two
Raymond and Delia Rangel
Dear Cindy:
This letter will serve to memorialize the agreement that the Fiesta Marketplace Partners
One and Two and Raymond and Delia Rangel have reached with the City concerning the
City's Facade Rebate Program.
The Fiesta Marketplace Partners and Raymond and Delia Rangel will invest, in their
respective properties, approximately $4,125,000.00 and will receive from the City's
Facade Program approximately .$82500000 (Cash contribution from Fiesta Marketplace
Partner One and Two is $3,245,000,00 and Raymond and Delia Rangel is $55,000.00).
Exhibit "A", attached hereto, sets -forth detail of these expenditures.
The Fiesta Marketplace Partners shall invest an estimated $580,000.00 to renovate the
public gathering area currently known as "The Paseo". The City owns a part of The
Paseo that fronts the City -owned surface parking lot at Third and Bush Streets. The
Fiesta Marketplace Partners will renovate The Paseo at its' own expense and not seek
reimbursement from the City for the approximately one-fourth of renovation costs,
which translates to about $120,000.00, that would be apportioned to the one-fourth of
The Paseo that the City owns.
Sincerely yours,
.Fiesta Marketplace Partners One and Two
'Raymond and Delia Rangel
By: Irving M. Chase, General Partner
cc: Allan Fainbarg
Ryan Chase
Raymond and Delia Rangel
David Scheppers, CPA
Fiesta Redevelopment Cost Estimates
Facades:-
,} c
Building #1 (220 East 4th St.): $320,000 ($180,000 rebate) —7 1
a �=S�,aD
Building #2 (201 East 4th St.): $745,000 ($300,000 rebate) �r,'
Building #3 (305 East 4th St.): $535,000 ($535,000 rebate)
Building #4 (300 East 41h St.): $220,000 ($165,000 rebate) - Raymond and Delia Range! Building
Total Facade Costs: $1,820,000
Promenade:
$580,000
Improvements:
Yost Occupancy and Structural Upgrades (307 N. Spurgeon St.): $250,000
Ritz Shell Improvements (305 N. Spurgeon St.): $500,000
Musselman Building Shell Improvements (320 East 41h St.): $600,000
Total Improvements: $1,350,000
Total Costs:
Facades: $1,820,000
Promenade: $580,000
Improvements: $1,350,000
Total Project Costs: $3,750,000
+ 10% contingency: $375,000
TOTAL: $4,125,000
- Fagade Rebate.( 5-,DM'
TOTAL: $3,300,000
Exhibit A