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HomeMy WebLinkAbout2011-03-08 - AGENDA REPORTS - WANJON AUTO TECH LEASEHOLD (2)CONSENT CALENDAR DATE: SUBJECT: DEPARTMENT: Agenda Item: 9 CITY OF SANTA CLARITA AGENDA REPORT City Manager Approval: Item to be presented by March 8, 2011 Armine Chaparyan SETTLEMENT AGREEMENT TO PURCHASE THE LEASEHOLD INTERESTS OF REALTY LOCATED AT 24110 MAIN STREET AND 22515 9TH STREET FROM WANJON AUTOBODY INC AND AUTOMOTIVE TECHNOLOGY Community Development RECOMMENDED ACTION 1. Redevelopment Agency approve the Settlement Agreements with Wanjon Autobody Inc and Automotive Technology and authorize the Executive Director or designee to execute the agreements and approve payments up to a maximum amount of $530,338 for the acquisition and for all required costs related thereto and execute all required documentation to complete the transaction, subject to review by the Agency Attorney; and 2. Authorize the appropriation of $530,338 from available funds in the Redevelopment Agency non -housing fund balance to Account 13400-5201.004. BACKGROUND In November, 2009, the Redevelopment Agency acquired an entire block of property from Gary Avery and Akki Frimerman. This 1.7 -acre block is directly across from the future Old Town Newhall library site and is bounded by Lyons Avenue, Railroad Avenue, Main Street, and 9th Street. The acquisition of this property provides the Agency the ability to redevelop an entire block in Old Town Newhall, which serves as a gateway to downtown Newhall. The redevelopment of this block of land serves as a catalyst for public and private partnerships and will strengthen the Agency's goal of creating an arts and entertainment district in this area. Possible redevelopment opportunities being explored include a mixed.use project which may entail a theater, an art show APPROVED room, retail space, and residential units. The actual project has not been defined as staff is currently developing an outreach plan for the development community. Along with the purchase of the property, the Agency assumed the existing leases for 3 tenants on the property. The tenants are Insurance Auto Collision, Wanjon Autobody Inc, and,Automotive Technology. Two of those leases have expired and tenants are staying on a month to month lease basis. One tenant exercised their five year option and has a lease effective through April 2015. The Agency's relocation consultant, California Property Specialists, Inc. (CPSI) has been working diligently with the tenants' attorney to negotiate feasible settlements on behalf of the Agency. Wanjon Autobody Inc, located at 24110 Main Street have agreed to accept an all-inclusive offer from the Agency of $275,338. Automotive Technology, located at 22515 9th Street have agreed to accept an all-inclusive offer from the Agency of $255,000. Both representatives have acknowledged that their respective agreements would remain subject to Agency approval and the completion of written agreements reflecting same. Pursuant to the proposed Settlement Agreements, both tenants must vacate the property on or before April 1, 2011. The settlements negotiated represents full compensation to Wanjon Autobody Inc and Automotive Technology for the leasehold interests, those certain improvements pertaining to the realty, loss of goodwill, and all other damages and costs that may be associated with the relocation of the businesses and will allow for a timely and mutually agreeable resolution. The relocations of Wanjon Autobody Inc and Automotive Technology will satisfy the majority of the Agency's tenant relocation obligations resulting from the Agency's purchase of the property. Staff continues to work with the remaining tenant to determine a mutually agreeable relocation settlement. ALTERNATIVE ACTIONS Other actions as determined by the Agency. FISCAL IMPACT Authorize the appropriation of $530,338 from available funds in the Redevelopment Agency Non -Housing fund balance to Account 13400-5201.004. ATTACHMENTS Settlement Agreement - Wanjon Autobody, Inc. Settlement Agreement - Automotive Technology 106 SETTLEMENT AGREEMENT AND RELEASE This Settlement Agreement and Release ("Agreement") is made by and between Cesar Garcia dba Wanjon Autobody Inc., a California Corporation ("WANJON"), on behalf of itself and its parent, sister and/or related corporation(s) or company(ies), affiliates, divisions, subsidiaries, predecessors and successors and REDEVELOPMENT AGENCY OF THE CITY OF SANTA CLARITA ("AGENCY"). Hereinafter, WANJON and AGENCY shall collectively be referred to as the "Parties." RECITALS This Agreement is made with respect to the following facts that are acknowledged as true and correct by the Parties: WHEREAS, on or about August 1, 2005, WANJON entered into a lease ("Lease") in regard to certain real property interests located at 24410 Main Street, Newhall, California (the "Property"); and WHEREAS, WANJON contends that it is the owner of certain improvements pertaining to the realty set forth on Exhibit "A" attached hereto and incorporated by reference ("Improvements"); and WHEREAS, in order to carry out the functions and requirements of the Community Redevelopment Law of the State of California (Health and Safety Code section 33000, et seq.) and to implement its Downtown Newhall Specific Plan for the elimination and mitigation of blighted areas as part of the Newhall Redevelopment Project Area Redevelopment Plan ("Project"), AGENCY acquired 3 fee title to the Property pursuant to a Purchase and Sale agreement dated October 7, 2009, which acquisition was made subject to a leasehold interest in regard to the Property ; and WHEREAS, AGENCY has determined it necessary to terminate WANJON's tenancy in regard to the Property and acquire WANJON's Improvements; and WHEREAS, WANJON has found a relocation site for its business operating on the Property; and WHEREAS, WANJON contends that, as a result of the foregoing, it is entitled to the following: (a) Relocation benefits and assistance under, inter alia, Health & Safety Code section 33415, et seq., Government Code section 7260, et seq., 25 Cal. Code. Regs. section 6090, et seq., and any other relocation assistance under federal law, federal regulations, state law, state regulations and the AGENCY's relocation guidelines ("Relocation Claims"); (b) Compensation under' Article 6 of Chapter 9 of Title 7, Part 3 of the Code of Civil Procedure (commencing at Section 1263.510) for loss of business goodwill ("Goodwill Claims"); (c) Compensation under Article 3 of Chapter 9 of Title 7, Part 3 of the Code of Civil Procedure (commencing at Section 1263.205) for AGENCY's acquisition of improvements pertaining to the realty, including the Improvements ("F&E Claim"); and 2 (d) Compensation for damages to the value of WANJON's leasehold interest in the Property ("Bonus Value Claims"); NOW, THEREFORE, to fully and completely settle WANJON's claims against AGENCY in regard to AGENCY's acquisition of WANJON's interests in, and WANJON's relocation from, the Property, and in consideration of the promises, covenants and representations contained herein, and for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged by and between the Parties, the Parties agree as follows: 1. NO ADMISSION OF LIABILITY This Agreement is a compromise and is not intended to be, nor shall it be construed as, an admission of liability by any party to any other party. 2. VACATION OF PROPERTY; REMEDIES The Parties agree that, on or before April 1, 2011 WANJON will surrender possession of the Property to AGENCY free of any and all occupants and claims to occupancy, which surrender shall include turning over all sets of keys to either the AGENCY or the AGENCY's relocation agent, and signing a Certificate of Abandonment. The actual date on which WANJON has, to AGENCY's satisfaction, completed the obligations set forth in this Section shall be referred to in this Agreement as the "Vacation Date." Should WANJON' fail to timely vacate the Property as set forth herein, then AGENCY shall thereafter be entitled, without limitation to other legal remedies or objection by WANJON, to file and immediately thereafter obtain an 3 5 order and judgment in an unlawful detainer action judgment granting AGENCY possession of the Property by having the appropriate authority execute a Writ of Possession (Code of Civil Procedure section, 712.010 et seq.) and remove WANJON from the Property. WANJON will be responsible for any and all attorneys' fees and costs incurred by AGENCY in its reasonable and successful attempts to remove WANJON and any other occupants from the Property after April 1, 2011. AGENCY will not be responsible for any fixtures, machinery, equipment, inventory or items of personal property that remain following WANJON's voluntary or involuntary surrender of its possession of the Property. Any fixtures, machinery, equipment, inventory or items of personal property remaining on the Property following WANJON's surrender of its possession of the Property or after WANJON's removal from the Property by AGENCY or by the levying officer will be deemed abandoned, and may be removed and/or disposed of in any manner that AGENCY, or its agent, sees fit. 3. HOLDOVER RENT Starting the day following April 1, 2011 and every day thereafter in which WANJON remains in occupancy of the Property, WANJON will be liable to AGENCY at the rate of $4,513 per month, or $150.43 per day for any partial month, until the date the Property is vacated pursuant to Section 2 of this Agreement. WANJON's Initials AGENCY's Initials 4 4. PAYMENT AGENCY shall pay WANJON the total sum of THREE HUNDRED TEN THOUSAND AND EIGHTEEN DOLLARS ($310,018.00), less a deduction in the amount of THIRTY FOUR THOUSAND, SIX HUNDRED AND EIGHTY DOLLARS ($34,680.00) for all past due rent and property taxes for the Property set forth on Exhibit "B", leaving a net total sum of TWO HUNDRED SEVENTY FIVE THOUSAND, THREE HUNDRED AND THIRTY EIGHT DOLLARS ($275,338.00) payable to WANJON (hereinafter, the "Payment"). The Payment shall be made out to the "Gary Byron Roach Client Trust Account." Upon full execution of this Agreement, AGENCY shall make an initial payment to WANJON in the amount of ONE HUNDRED THIRTY SEVEN THOUSAND, SIX HUNDRED AND SIXTY NINE DOLLARS ($137,669.00) and deliver payment to Gary Byron Roach at the address shown in Section 18 of this Agreement by March 11, 2011. Upon the Vacation Date, the AGENCY will deliver to Gary Byron Roach the final payment in the amount of ONE HUNDRED THIRTY SEVEN THOUSAND, SIX HUNDRED AND SIXTY NINE DOLLARS ($137,669.00), less any Holdover Rent as set forth in Paragraph 3 above. WANJON acknowledges that the Payment is inclusive of, and amounts to full and complete satisfaction of compensation for any and all relocation assistance and compensation to which WANJON may be entitled in regard to its Relocation Claims. 5. DISCLAIMER, WAIVER AND RELEASE 5 WANJON, on behalf of itself and its predecessors, affiliates, parent, sister and related companies, successors and assigns, disclaims any interest in the Property and the Improvements. The Payment represents full payment and just compensation for the taking of WANJON's interests in the Property and the Improvements located thereon, for WANJON's vacation of the Property, and for all damages of every kind and nature suffered, or claimed to be suffered, by reason of the AGENCY's acquisition of WANJON's interests in the Property and the Improvements, and construction and use of the Project for which the interests in the Property and the Improvements are being acquired. In exchange for the Payment, WANJON, on behalf of itself and its predecessors, affiliates, parent, sister and related companies, successors and assigns, shall be deemed to knowingly and voluntarily waive, release and discharge AGENCY from liability or responsibility for or related to any right WANJON has, has had, or may in the future have to any claim for additional compensation or damages or liability of any kind, whether known or unknown, foreseen or unforeseen, relating in any way to or arising out of: [i] AGENCY's acquisition of the Property, and/or [ii] any damage to the remainder incurred as a result of AGENCY's acquisition of WANJON's interests in the Property and the Improvements, WANJON's vacation of the Property and/or AGENCY's construction and use of the Project for which the interests in the Property and the Improvements are being acquired. Cal M40 In that regard, WANJON, on behalf of itself and its predecessors, affiliates, parent, sister and related companies, successors and assigns, knowingly and voluntarily and specifically waive and release AGENCY, and any and all of AGENCY's employees, agents, officers, servants, representatives, contractors, attorneys and assigns, from liability as to the following: precondemnation damages; severance damages; compensation for the Bonus Value Claims; compensation for. the Goodwill Claims and/or lost profits; lost rents; compensation for the F&E Claim; compensation for machinery, fixtures, inventory, equipment and/or personal property; any rights arising under Code of Civil Procedure sections 1245.245 and 1263.615 and 1263.025; interest; and attorney's fees, expert fees or any litigation expenses and/or costs. WANJON, on behalf of itself and its predecessors, affiliates, parent, sister and related companies, successors and assigns, knowingly and voluntarily and specifically releases AGENCY, and any and all of AGENCY's employees, agents, officers, servants, representatives, contractors, attorneys and assigns, from any further liability for compensation relating to any and all relocation assistance and compensation to which WANJON may be entitled under applicable provisions of, inter alia, the Uniform Relocation Assistance and Real Property Acquisition Policies Act (42 U.S.C. §§ 4601, et seq.), California's Relocation Assistance Act (Gov. Code §§ 7260, et seq.), California regulations, federal regulations and AGENCY relocation guidelines. FA q 6. WAIVER OF CODE OF CIVIL PROCEDURE &1542 With respect to each of the releases set forth in this Agreement, WANJON acknowledges that it is familiar with the provisions of California Civil Code Section 1542, which is expressly understood by each party hereto to provide as follows: "CERTAIN CLAIMS . NOT AFFECTED BY GENERAL RELEASE - A general release does not extend to claims which the CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR." WANJON, on behalf of itself and its predecessors, affiliates, parent, sister and related companies, successors and assigns, being aware of Section 1542 hereby expressly waives any and all rights it may have thereunder, as well as under any other statute or common law principles of similar effect. I HAVE READ AND UNDERSTOOD THE FOREGOING WAIVER OF RIGHTS UNDER CIVIL CODE SECTION 1542. WANJON Initials 7. RIGHT OF ENTRY WANJON, on behalf of itself and its predecessors, affiliates, parent, sister and related companies, successors and assigns, hereby grant permission to AGENCY and/or its employees, contractors, agents and assigns, to enter upon the Property for the purpose of determining the presence of hazardous materials and for any other pre -demolition coordination activities that may be necessary 8 R thereto, provided that such entry into the Property shall be preceded by twenty four (24) hours written Notice of Intent to Enter delivered to WANJON, and AGENCY shall not commence demolition or removal of Improvements prior to the Vacation Date. The right of entry permission granted herein shall continue in effect until the Vacation Date. AGENCY shall indemnify, defend and hold WANJON harmless from and against any damages, liabilities, judgments, claims, expenses, and penalties resulting from AGENCY's use of this right of entry by AGENCY and its agents, contractors, and employees. 8. NO OTHER OCCUPANTS WANJON warrants that it is the only occupant of the Property, and there are no claims to occupancy or possession of the Property by any other lessee, occupant or other third party other than WANJON. Likewise, WANJON agrees not to assign, transfer or sell to any third party any right, title or interest either has in the Property. In the event that after the Vacation Date, AGENCY is required to take action, legal or otherwise, to remove any lessee, occupant or third party from the Property, then, in such event, WANJON agrees to indemnify and hold AGENCY harmless as to any and all amounts incurred or expended by AGENCY including, but not limited to, relocation costs, claims of just compensation and/or damages (including loss of goodwill) claimed by any lessee, third party or occupant, as well as attorneys' fees and costs expended by AGENCY related thereto. 9. ENTIRE AGREEMENT I' /I This Agreement contains the entire agreement and understanding among the Parties hereto and supersedes and replaces all other prior negotiations, proposed agreements and agreement, written and oral. The Parties further declare and represent that no promise, representation or agreement not herein expressed has been made. 10. CONSULTATION WITH LEGAL COUNSEL All Parties to this Agreement represent that each has consulted with independent legal counsel and each has secured independent advice concerning every aspect of this Agreement and the rights and liabilities each is hereby relinquishing. M 11. REMEDIES AGENCY and WANJON may pursue any and all available legal and/or equitable remedies to enforce the terms and conditions of this Agreement including, but not limited to, an action for specific performance. In the event of a breach, any forbearance on the part of any party to enforce the terms and provisions hereof shall not be deemed a waiver of enforcement rights regarding any subsequent breach. 12. ATTORNEYS' FEES AND COSTS Except as otherwise set forth in this Agreement, each party hereto shall bear its own legal fees, expert fees and litigation costs arising out of any and all claims which have been settled by the terms of this Agreement. In the event an action or proceeding is brought to enforce the terms of this Agreement, l0�- the prevailing party shall be entitled to recover costs and attorneys' fees for that action. 13. AMENDMENTS No amendment, modification, waiver or termination of this Agreement shall be binding unless executed in writing by the Parties to be bound thereby. 14. CONSTRUCTION OF AGREEMENT The Parties agree that this Agreement was jointly prepared through negotiations of the .Parties and the provisions of the Agreement are not to be strictly or liberally construed for or against any of the Parties. 15. AUTHORITY The Parties represent and warrant that they have not assigned to any other entity all of the matters, rights and claims as set forth in this Agreement. Each of the undersigned represents and warrants that it has, on behalf of the entity for whom the undersigned is signing, the express authority to enter into, bind, release and waive, all of the matters rights and claims as set forth in this Agreement with respect to itself. 16. COUNTERPARTS AND FACSIMILE SIGNATURES The Parties agree that this Agreement may be executed in counterparts and that each fully executed copy of the Agreement shall have the same binding force and effect as an original. The Parties further agree that facsimile signatures shall have the same force and effect as original signatures. 13 17. NOTICES All notice or other communications required or permitted hereunder shall be in writing, and shall be personally delivered or sent by registered or certified mail, postage prepaid, return receipt requested, delivered or sent by telex, telecopy or overnight courier and shall be deemed received upon the earlier of (i) if personally delivered, the date of delivery to the address of the person to receive such notice, (ii) if mailed, three (3) business days after the date of posting by the United States Post Office, (iii) if sent by overnight courier, when delivered to the specified address, or (iv) if given by fax or telecopy, when sent. Any notice, request, demand, direction or other communication sent by fax or telecopy must be confirmed within forty-eight (48) hours by letter mailed or delivered in accordance with the foregoing. To AGENCY: Armine Chaparyan City of Santa Clarita 23920'Valencia Blvd., Suite 302 Santa Clarita, CA 91355-2196 (661) 286-4007 fax With a copy to: Joseph M. Montes, Esq. Alan A. Sozio, Esq. Burke, Williams & Sorensen, LLP 444 S. Flower Street, 24th Floor Los Angeles, CA 90071-2953 (213) 236-2700 fax To WANJON: Cesar Garcia 24410 Main Street Santa Clarita, CA 91321 12 With a copy to: Gary Byron Roach, Esq. Law Offices of Gary Byron Roach 58 North Ash Street Ventura, CA 93001 (805) 805-836-3807 fax 18. JURISDICTION Each of the undersigned, as well as the Parties on whose behalf the undersigned are signing, consents to personal jurisdiction over each of them by the courts of the State of California 19. GOVERNING LAW AND VENUE This Agreement will be construed in accordance with, and governed by, the laws of the State of California as applied to contracts that are executed and performed_ entirely in California. The parties agree that any action arising out of this Agreement may be venued in Los Angeles County, California. 20. , NONDISCLOSURE AND REMEDY FOR BREACH WANJON represents and warrants that it has not disclosed the terms of this Agreement, or the negotiations leading to this Agreement, to anyone other than WANJON's attorneys, consultants, representatives, tax advisers, and its immediate family, and WANJON further warrants that it has instructed these individuals not to mention this Agreement or its terms to anyone else. WANJON further agrees, on behalf of itself and its representatives and attorneys, that it will not publicize or disclose the conditions, terms, or contents of this Agreement in any manner, whether in writing or orally, to any person (other than its attorneys, tax advisers, tax return preparers, and its immediate family), directly or indirectly, . 13 19 or by or through any agent, attorney, or representative, unless compelled to do so by law or except as necessary to effectuate this Agreement. Without limitation, WANJON further agrees that neither it nor its attorneys, representatives, or agents will issue any press releases or public statements regarding the substance of this Agreement. WANJON acknowledges that a violation of this Paragraph 20 or, any of its subparts would cause immeasurable and irreparable damage to AGENCY in an amount incapable of precise determination. Accordingly, WANJON agrees that, if AGENCY prevails in an action pertaining to a breach of this provision, then AGENCY shall be entitled to recover from WANJON liquidated damages in the amount of $2,500.00 for each breach of this Paragraph 20 or any of its subparts, as well as any and all reasonable attorneys' fees and costs . If WANJON breaches this Paragraph 20 or any of its subparts, then AGENCY shall have, in addition to and without limiting any other remedy or right it may have at law or in equity, the right to a temporary and permanent injunction restraining any such breach, without any bond or security being required. In any such proceeding WANJON waives any defense that WANJON has an adequate remedy at law or that the injury suffered as a consequence of such breach is not irreparable. IN WITNESS WHEREOF, the Parties have caused this Agreement to be signed on the day and year mentioned hereunder. 14 CESAR GARCIA dba WANJON AUTOBODY INC., A CALIFORNIA CORPORATION ("WANJON"): By: _ Title: Dated: REDEVELOPMENT AGENCY OF THE CITY OF SANTA CLARITA ("AGENCY"): By: _ Title: Dated: ATTEST: By: _ Title: Dated: 15 EXHIBIT "A" LIST OF IMPROVEMENTS TO BE ACQUIRED W, OFFICE LOT, MISCELLANEOUS IMPROVEMENTS, C/O: 4,925 (188) SQ. FT. CARPET (1) WINDOW, VINYL, 70" X 34" HIGH (1316) SQ. FT. INSTALLED DRYWALL / PAINT (180) SQ. FT. DROP T -BAR CEILING (1) A/C UNIT, THROUGH WALL, SAMSUNG (1).SIGNAGE, "BODY SHOP PRICES", 2'X 3' (10) FLUORESCENT LIGHT FIXTURES SHOP 11 LIGHT FIXTURES, 8' FLUORESCENT, DOUBLE LAMP, FLEX 640 CORD WIRED 1 CONCRETE SLAB, CHASSIS FRAME, STRAIGHTENING 3,630 AREA, 6" THICK, 24'X 20" AREA, INCLUDING 20 CHAIN POTS SET IN CONCRETE 4 1 RESTROOM UP -GRADES AND ADDITIONS, C/O: 1,200 (1) PEDESTAL LAVATORY (SINK) "HOMETEK", LOCAL WATER PIPING AND FITTINGS FOR SUPPLY AND WASTE (1) WATER CLOSET, TANK AND BOWL, MODEL 6109 AND 6206, DATE JAN, 23, 2007 (2) HANDICAPPED ASSISTOR BARS, STAINLESS STEEL, WALL MOUNTED, 36" AND 48" LONG (1) MIRROR, 30" X 24" 2 EXTERIOR DOORS, METAL, ROLL -UP, 10'W X 11'9"H 3,350 OPENING, EXTERIOR CHAIN AND PULLEY OPERATED, HARDWARE AND ACCESSORIES, (NO WALL OPENING AT NORTH DOOR) 1 ITEM, PAINTING OUTSIDE AND INSIDE FACE OF 3,965 CONCRETE BLOCK EXTERIOR WALLS 147" HIGH, PAINT APPLIED TO SURFACES OF PRE -FABRICATED OFFICE AREA, WOOD VENEER CONSTRUCTION, PRIME COAT AND FINISH COATS 1 RESTROOM ADDITION, WOOD STUD INTERIOR 6,065 PARTITIONS, 2 SIDES, 3 WALLS, FACING AT EXTERIOR WALL SECTION, 8'W X 8'H (3) WALLS, FINISH DETAIL BOTH SIDES, 7'5" WITH INTERIOR DOOR AND HARDWARE, STUD WALLS WITH GYPSUM BOARD PANELS TAPED AND PAINTED, 2 WALLS NO OPENINGS, 7'5" AND 8'X 8' HIGH (1) EXHAUST FAN AND INCANDESCENT CEILING LIGHT, ELECTRICAL WIRING SWITCH AND OUTLET (1) CEILING FINISH, GYPSUM BOARD TAPED AND PAINTED, ON WOOD CEILING JOISTS, 64 SQ. FT. (1) VINYL TILE FLOOR COVER, INSTALLED WITH WALL BASE STRIP TOTAL IMPROVEMENTS PERTAINING TO THE REALTY $23,775 il - EXHIBIT "B" BACK RENT AND TAXES BASE RENT: August, 2010 $4,513.00 September, 2010 $4,513.00 October, 2010 $4,513.00 November, 2010 $4,513.00 TOTAL RENT DUE: $18,052.00 REAL PROPERTY TAXES: 2008/09 First Installment Balance $3,644.48 2008/09 Second Installment $6,040.71 2008/09 Late Fees and Penalties $604.50 2009/10 First Installment $6,337.98 TOTAL PROPERTY TAXES DUE: $16,627.67 TOTAL BACK RENT AND PROPERTY TAXES: $34,679.68 (ROUNDED TO $34,680) 18 SETTLEMENT AGREEMENT AND RELEASE This Settlement Agreement and Release ("Agreement") is made by and between Mike Hagerty, dba Automotive Technology aka Michael Hagerty, dba Automotive Technology, Inc. aka Priscilla Sue Hagerty dba Automotive Technology ("AUTO TECH"), on behalf of itself and its parent, sister and/or related corporation(s) or company(ies), affiliates, divisions, subsidiaries, predecessors and successors and REDEVELOPMENT AGENCY OF THE CITY OF SANTA CLARITA ("AGENCY"). Hereinafter, AUTO TECH and, AGENCY shall collectively be referred to as the "Parties." RECITALS This Agreement is made with respect to the following facts that are acknowledged as true and correct by the Parties: WHEREAS, on or about June 3, 1998, AUTO TECH entered into a lease ("Lease") in regard to certain real property interests located at 22515 9th Street, Santa Clarita, California (the "Property"); and WHEREAS, AUTO TECH contends that it is the owner of certain improvements pertaining to the realty set forth on Exhibit "A" attached hereto and incorporated by reference ("Improvements"); and WHEREAS, in order to carry out the functions and requirements of the Community Redevelopment Law of the State of California (Health and Safety Code section 33000, et seq.) and to implement its Redevelopment Plan for the elimination and mitigation of blighted areas as part of the Downtown Newhall U11 Specific Plan ("Project"), AGENCY acquired fee title to the Property pursuant to a Purchase and Sale agreement dated , which acquisition was made subject to a leasehold interest in regard to the Property ; and WHEREAS, AGENCY has determined it necessary to terminate AUTO TECH's tenancy in regard to the Property and acquire AUTO TECH's Improvements; and' WHEREAS, AUTO TECH has found a relocation site for its business operating on the Property; and WHEREAS, AUTO TECH contends that, as a result of the foregoing, it is entitled to the following: (a) Relocation benefits and assistance under, inter alia, Health & Safety Code section 33415, et seq., Government Code section 7260, et seq., 25 Cal. Code. Regs. section 6090, et seq., and any other relocation assistance under federal law, federal regulations, state law, state regulations and the AGENCY's relocation guidelines ("Relocation Claims"); (b) Compensation under Article 6 of Chapter 9 of Title 7, Part 3 of the Code of Civil Procedure (commencing at Section 1263.510) for loss of business goodwill ("Goodwill Claims"); (c) Compensation under Article 3 of Chapter 9 of Title 7, Part 3 of the Code of Civil Procedure (commencing at Section 1263.205) for AGENCY's acquisition of improvements pertaining to the realty, including the Improvements ("F&E Claim"); and 2 Mir (d) Compensation for damages to the value of AUTO TECH's leasehold interest in the Property ("Bonus Value Claims"); NOW, THEREFORE, to fully and completely settle AUTO TECH's claims against AGENCY in regard to AGENCY's acquisition of AUTO TECH's interests in, and AUTO TECH's relocation from, the Property, and in consideration of the promises, covenants and representations contained herein, and for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged by and between the Parties, the Parties agree as follows: 1. NO ADMISSION OF LIABILITY This Agreement is a compromise and is not intended to be, nor shall it be construed as, an admission of liability by any party to any other party. 2. VACATION OF PROPERTY; REMEDIES The Parties agree that, on or before April 30, 2011, AUTO TECH will surrender possession of the Property to AGENCY free of any and all occupants and claims to occupancy , which surrender shall include turning over all sets of keys to either the AGENCY or the AGENCY's relocation agent, and signing a Certificate of Abandonment. The actual date on which AUTO TECH has, to AGENCY's satisfaction, completed the obligations set forth in this Section shall be referred to in this Agreement as the "Vacation Date." Should AUTO TECH fail to timely vacate the Property as set forth herein, then AGENCY shall thereafter be entitled, without limitation to other legal remedies or objection by AUTO TECH, to file and immediately thereafter obtain an order and judgment in an unlawful detainer action judgment granting 3 AGENCY possession of the Property by having the appropriate authority execute a Writ of Possession (Code of Civil Procedure section 712.010, et seq.) and remove AUTO TECH from the Property. AUTO TECH will be responsible for any and all attorneys' fees and costs incurred by AGENCY in its reasonable and successful attempts to remove AUTO TECH and any other occupants from the Property after April 30, 2011. AGENCY will not be responsible for any fixtures, machinery, equipment, inventory or items of personal property that remain following AUTO TECH's voluntary or involuntary surrender of its possession of the Property. Any fixtures, machinery, equipment, inventory or items of personal property remaining on the Property following AUTO TECH's surrender of its possession of the Property or after AUTO TECH's removal from the Property by AGENCY or by the levying officer will be deemed abandoned, and may be removed and/or disposed of in any manner that AGENCY, or its agent, sees fit. 3. HOLDOVER RENT Starting the day following April 30, 2011 and every day thereafter in which AUTO TECH remains in occupancy of the Property, AUTO TECH will be liable to AGENCY at the rate of $3,000.00 per month, or $100.00 per day for any partial month, until the date the Property is vacated pursuant to Section.2 of this Agreement. AUTO TECH's Initials AGENCY's Initials 4 4. PAYMENT AGENCY shall pay AUTO TECH the total sum of TWO HUNDRED FIFTY-FIVE THOUSAND DOLLARS ($255,000.00) (hereinafter, the "Payment"). The Payment shall be made out to the "Gary Byron Roach Client Trust Account." Upon full execution of this Agreement, AGENCY shall make an initial payment to AUTO TECH in the amount of ONE HUNDRED TWENTY SEVEN THOUSAND FIVE HUNDRED DOLLARS ($127,500.00) and deliver to Gary Byron Roach at the address shown in Section 18 of this Agreement by March .11, 2011 Upon the Vacation Date, the AGENCY will deliver to Gary Byron Roach the final payment in the amount of ONE HUNDRED TWENTY SEVEN THOUSAND FIVE HUNDRED DOLLARS ($127,500.00), less any Holdover Rent as set forth in Paragraph 3 above . AUTO TECH acknowledges that the Payment is inclusive of, and amounts to full and complete satisfaction of compensation for any and all relocation assistance and compensation to which AUTO TECH may be entitled in regard to its Relocation Claims. 5. DISCLAIMER, WAIVER AND RELEASE AUTO TECH, on behalf of itself and its predecessors, affiliates, parent, sister and related companies, successors and assigns, disclaims any interest in the Property and the Improvements. The Payment represents full payment and just compensation for the taking of AUTO TECH's interests in the Property and the Improvements located thereon, for AUTO TECH's vacation of the Property, and for all damages l.1 �5 of every kind and nature suffered, or claimed to be suffered, by reason of the AGENCY's acquisition of AUTO TECH's interests in the Property and the Improvements, and construction and use of the Project for which the interests in the Property and the Improvements are being acquired. In exchange for the Payment, AUTO TECH, on behalf of itself and its predecessors, affiliates, parent, sister and related companies, successors and assigns, shall be deemed to knowingly and voluntarily waive, release and discharge AGENCY from liability or responsibility for or related to any right AUTO TECH has, has had, or may in the future have to any claim for additional compensation or damages or liability of any kind, whether known or unknown, foreseen or unforeseen, relating in any way to or arising out of: [i] AGENCY's acquisition of the Property, and/or [ii] any damage to the remainder incurred as a result of AGENCY's acquisition of AUTO TECH's interests in the Property and the Improvements, AUTO TECH's vacation of the Property and/or AGENCY's construction and use of the Project for which the interests in the Property and the Improvements are being acquired. In that regard, AUTO TECH, on behalf of itself and its predecessors, affiliates, parent, sister and related companies, successors and assigns, knowingly and voluntarily and specifically waive and release AGENCY, and any and all of AGENCY's employees, agents, officers, servants, representatives, contractors, attorneys and assigns, from liability as to the following: precondemnation damages; severance damages; compensation for the Bonus Value Claims; compensation for the Goodwill Claims and/or lost 0 profits; lost rents; compensation for the F&E Claim; compensation for machinery, fixtures, inventory, equipment and/or personal property; any rights arising under Code of Civil Procedure sections 1245.245 and 1263.615 and 1263.025; interest; and attorney's fees, expert fees or any litigation expenses and/or costs. AUTO TECH, on behalf of itself and its predecessors, affiliates, parent, sister and related companies, successors and assigns, knowingly and voluntarily and specifically. releases AGENCY, and any and all of AGENCY's employees, agents, officers, servants, representatives, contractors, attorneys and assigns, from any further liability for compensation relating to any and all relocation assistance and compensation to which AUTO TECH may be entitled under applicable provisions of, inter alia, the Uniform Relocation Assistance and Real Property Acquisition Policies Act (42 U.S.C. §§ 4601, et seq.), California's Relocation Assistance Act (Gov. Code §§ 7260, et seq.), California regulations, federal regulations and AGENCY relocation guidelines. 6. WAIVER OF CODE OF CIVIL PROCEDURE §1542 With respect to each of the releases set forth in this Agreement, AUTO TECH acknowledges that it is familiar with the provisions of California Civil Code Section 1542, which is expressly understood by each party hereto to provide as follows: "CERTAIN CLAIMS NOT AFFECTED BY GENERAL RELEASE - A general release does not extend to claims which the CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR." 7 �i AUTO TECH, on behalf of itself and its predecessors, affiliates, parent, sister and related companies, successors and assigns, being aware of Section 1542 hereby expressly waives any and all rights it may have thereunder, as well as under any other statute or common law principles of similar effect. I HAVE READ AND UNDERSTOOD THE FOREGOING WAIVER OF RIGHTS UNDER CIVIL CODE SECTION 1542. AUTO TECH Initials 7. RIGHT OF ENTRY AUTO TECH, on behalf of itself and its predecessors, affiliates, parent, sister and related companies, successors and assigns, hereby grant permission to AGENCY and/or its employees, contractors, agents and assigns, to enter upon the Property for the purpose of determining the presence of hazardous materials and for any other pre -demolition coordination activities that may be necessary thereto, provided that such entry into the Property shall be preceded by twenty four (24) hours written Notice of Intent to Enter delivered to AUTO TECH,. and AGENCY shall not commence demolition or removal of Improvements prior to the Vacation Date. The right of entry permission granted herein shall continue in effect until the Vacation Date. AGENCY shall indemnify, defend and hold AUTO TECH harmless from and against any damages, liabilities, judgments, claims, expenses, and penalties resulting from AGENCY's use of this right of entry by AGENCY and its agents, contractors, and employees. 8. NO OTHER OCCUPANTS 8 AUTO TECH warrants that it is the only occupant of the Property, and there are no claims to occupancy or possession of the Property by any other lessee, occupant or other third party other than AUTO TECH. Likewise, AUTO TECH agrees not to assign, transfer or sell to any third party any right, title or interest either has in the Property. In the _event that after the Vacation Date, AGENCY.is required to take action, legal or otherwise, to remove any lessee, occupant or third party from the Property, then, in such event, AUTO TECH agrees to indemnify and hold AGENCY harmless as to any and ' all amounts incurred or expended by AGENCY including, but not limited to, relocation costs, claims of just compensation and/or damages (including loss of goodwill) claimed by any lessee, third party or occupant, as well as attorneys' fees and costs expended by AGENCY related thereto. 9. ENTIRE AGREEMENT This Agreement contains the entire agreement and understanding among the Parties hereto and supersedes and replaces all other prior negotiations, proposed agreements and agreement, written and oral. The Parties further declare and represent that no promise, representation or agreement not herein expressed has been made. 10. CONSULTATION WITH LEGAL COUNSEL All Parties to this Agreement represent that each has consulted with independent legal counsel and each has secured independent advice concerning every aspect of this Agreement and the rights and liabilities each is hereby relinquishing. C M� 11. REMEDIES AGENCY and AUTO TECH may pursue any and all available legal and/or equitable remedies to enforce the terms and conditions of this Agreement including, but not limited to, an action for specific performance. In the event of a breach, any forbearance on the part of any party to enforce the terms and provisions hereof shall not be deemed a waiver of enforcement rights regarding any subsequent breach. 12. ATTORNEYS' FEES AND COSTS Except as otherwise set forth in this Agreement, each party hereto shall bear its own legal fees, expert fees and litigation costs arising out of any and all claims which have been settled by the terms of this Agreement. In the event an action or proceeding is brought to enforce the terms of this Agreement, the prevailing party shall be entitled to recover costs and attorneys' fees for that action. 13. AMENDMENTS No amendment, modification, waiver or termination of this Agreement shall be binding unless executed in writing by the Parties to be bound thereby. 14. CONSTRUCTION OF AGREEMENT The Parties agree that this Agreement was jointly prepared through negotiations of the Parties and the provisions of the Agreement are not to be strictly or liberally construed for or against any of the Parties. 15. AUTHORITY 10 0 The Parties represent and warrant that they have not assigned to any other entity all of the matters, rights and claims as set forth in this Agreement. Each of the undersigned represents and warrants that it has, on behalf of the entity for whom the undersigned is signing, the express authority to enter into, bind, release and waive, all of the matters rights and claims as set forth in this Agreement with respect to itself. 16. COUNTERPARTS AND FACSIMILE SIGNATURES The Parties agree that this Agreement may be executed in counterparts and that each fully executed copy of the Agreement shall have the same binding force and effect as an original. The Parties further agree that facsimile signatures shall have the same force and effect as original signatures. 17. NOTICES All notice or other communications required or permitted hereunder shall be in writing, and shall be personally delivered or sent by registered or certified mail, postage prepaid, return receipt requested, delivered or sent by telex, telecopy or overnight courier and shall be deemed received upon the earlier of (i) if personally delivered, the date of delivery to the address of the person to receive such notice, (ii) if mailed, three (3) business days after the date of posting by the United States Post Office, (iii) if sent by overnight courier, when delivered to the specified address, or (iv) if given by fax or telecopy, when sent. Any notice, request, demand, direction or other communication sent by fax or telecopy must be confirmed within forty-eight (48) hours by letter mailed or delivered in accordance with the foregoing. 11 To AGENCY: Armine Chaparyan City of Santa Clarita 23920 Valencia Blvd., Suite 302 Santa Clarita, CA 91355-2196 (661) 286-4007 fax With a copy to: Joseph M. Montes, Esq. Alan A. Sozio, Esq. Burke, Williams & Sorensen, LLP 444 S. Flower Street, 24th Floor Los Angeles, CA 90071-2953 (213) 236-2700 fax To AUTO TECH: Michael Hagerty and Priscilla Sue Hagerty Automotive Technologies 22515 9th Street Santa Clarita, CA 91321 With a copy to: Gary Byron Roach, Esq. Law Offices of Gary Byron Roach 58 North Ash Street Ventura, CA 93001 (805) 805-836-3807 fax 18. JURISDICTION Each of the undersigned, as well as the Parties on whose behalf the undersigned are signing, consents to personal jurisdiction over each of them by the courts of the State of California. 19. GOVERNING LAW AND VENUE This Agreement will be construed in accordance with,, and governed by, the laws of the State of California as applied to contracts that are executed and performed entirely in California. The parties agree that any action arising out of this Agreement may be venued in Los Angeles County, California. 12 3� 20. NONDISCLOSURE AND REMEDY FOR BREACH AUTO TECH represents and warrants that it has not disclosed the terms of this Agreement, or the negotiations leading to this Agreement, to anyone other than AUTO TECH's attorneys, consultants, representatives, tax advisers, and its immediate family, and AUTO TECH further warrants that it has instructed these individuals not to mention this. Agreement or its terms to anyone else. AUTO TECH further agrees, on behalf of itself and its representatives and attorneys, that it will not publicize or disclose the conditions, terms, or contents of this Agreement in any manner, whether in writing or orally, to any person (other than its attorneys, tax advisers, tax return preparers, and its immediate family), directly or indirectly, or by or through any agent, attorney, or representative, unless compelled to do so by law or except as necessary to effectuate this Agreement. Without limitation, AUTO TECH further agrees that neither it nor its attorneys, representatives, or agents will issue any press releases or public statements regarding the substance of this Agreement. AUTO TECH acknowledges that a violation of this Paragraph 20 or any of its subparts would cause immeasurable and irreparable damage to AGENCY in an amount incapable of precise determination. Accordingly, AUTO TECH agrees that, if AGENCY prevails in an action pertaining to a breach of this provision, then AGENCY shall be entitled to recover from AUTO TECH liquidated damages in the amount of $2,500.00 for each breach of this Paragraph 20 or any of its subparts, as well as any and all reasonable attorneys' fees and costs . 13 33 If AUTO TECH breaches this Paragraph 20 or any of its subparts, then AGENCY shall have, in addition to and without limiting any other remedy or right it may have at law or in equity, the right to a temporary and permanent injunction restraining any such breach, without any bond or security being required. In any such proceeding AUTO TECH waives any defense that AUTO TECH has an adequate remedy at law or that the injury suffered as a consequence of such breach is not irreparable. IN WITNESS WHEREOF, the Parties have caused this Agreement to be signed on the day and year mentioned hereunder. Mike Hagerty, dba Automotive Technology aka Michael Hagerty, dba Automotive Technology, Inc. aka Priscilla Sue Hagerty dba Automotive Technology ("AUTO TECH"): By: _ Title: Dated: REDEVELOPMENT AGENCY OF THE CITY OF SANTA CLARITA ("AGENCY"): By: Title: Dated: 2 ATTEST: By: . Title: Dated: 15 3S EXHIBIT "A" LIST OF IMPROVEMENTS TO BE ACQUIRED 16 OFFICE 1 2 1 LOT, PHONE SYSTEM THROUGHOUT, C/O: 1,260 (1) VACUUM, V -2001A VOLTAGE (1) NORTEL NORSTAR PLUS COMPACT ICS, 1999/05/07, 120 V, 60 HZ, 1.9A, NNTM04ODAJHG, CANADA (1) PHONE -ON -HOLD MARKETING SYSTEMS (5) PHONES, NORSTAR, 4- LINES, PAGER, INTERCOM, HANDS FREE 3 1 ALARM SYSTEM, PROTECTION ONE, 10 KEYPAD, 3- 980 MOTION DETECTORS, SIREN, WITH ASSESSORIES INSTALLED 4 1 SERVICE DESK / COUNTER, CUSTOM, 10 CORNER TOP, 1,680 VERY IRREGULAR, GRAY LAMINATED VENEER PLASTIC TOP, WOOD FRONT FACE PANEL BASE, WHITE PAINT FINISH, TOP 16" TO 33" WIDE, OPEN BASE, EQUIPMENT STORAGE 5 1 CEILING FAN, 4 BLADE, 3 GLASS LIGHT FIXTURES, 210 INSTALLED 6 1 NEON TUBULAR SIGN, WALL MOUNTED, 20 SCRIPT 650 LETTERS, "AUTOMOTIVE TECHNOLOGY", 43" AND 48" X 6" HIGH, 2 ELECTRICAL OUTLETS, INSTALLED 7 2 FLUORESCENT FIXTURES, 48" WITH LENS, CEILING 260 MOUNTED 8 .1 SIGN, SERVICE INFORMATION, WALL MOUNTED, 2,435 HAGERTY'S, 60" X 36" H, WALL ANCHORS, (9)NOTICE (2)CUSTOMERS, (1) WARNING, (1) AUTO LABOR RATES, (1) PLEASE NOTE, (1) REPAIRS ESTIMATE POLICY, WITH LOGO, INSTALLED 9 1 WALL STAND, MATCHING COUNTER, 6 SIDED TOP, 48" W X 275 24" D X 40" H, WHITE WOOD PANEL, SINGLE DOOR, INSTALLED 10 1 CORNER STAND, MATCHING COUNTER, 37"X37" BACK, 17" 185 FRONT, 5 SIDED TOP, OPEN FRONT CABINET, PANELS 31" HIGH 11 1 CABINET, MODULAR, 9 SECTIONS, 29" W X 29" H, WITH 1,965 CORNER DESK AND OVERHEAD CABINETS, C/O: (3) SECTIONS, 29" X 29" DOUBLE SLIDING DOORS (6) SECTIONS, 29" X 29", DOUBLE FILE CONSOLE (1) CORNER DESK, 6'X 6'X 2' D, 2 PEDESTAL 29" H (1) OVERSHELF CABINETS, 510" X 510", 4 DOUBLE DOOR CABINETS, 20" W, 2 OPEN SLOT FILES, 17" W X 15" H, 12" D, 36" HIGH END PANELS, 12" CLOSED CORNER COLUMN SHOP 12 1 LOT, PEGBOARD PANELS, HOOKS AND ACCESSORIES C/O: 170 (2) WEST WALL AT WINDOWS, 4'W X 3'H (1) NORTH WALL, 8'W X 4'H 37 13 1 LOT, FLUORESCENT LIGHT FIXTURES, C/O: 600 (2) 8' REFLECTOR, 2 LAMP, CHAIN SUSPENDED, 4' TO 7', FLEX CONDUIT (3) EAST WALL, 48" REFLECTOR, 2 LAMP, BOLTED TO BEAMS (1) 48" X 24" REFLECTOR, 4 LAMP, CHAIN SUSPENDED WITH ELECTRIC CORD EXTERIOR WALLS 14 1 SECURITY BARS FOR EXTERIOR WINDOWS AND GLASS 1,450 SHOP DOOR, C/O: (2) 3/4" HOLLOW METAL SQUARE BAR, 11" W X 40" H, FRAME ANCHORS (WEST WALL) (3) 3/4" HOLLOW METAL, (SOUTH WALL) (1) RESTROOM WINDOW, REBAR, 22" X 36" H, 6 BARS (3) EAST WALL, REBAR, WELDED, 6 BARS (2) NORTH WALL, 6 WELDED BARS (1) GLASS EXTERIOR DOOR, EAST WALL SOUTH END, HOLLOW METAL BAR, SECURITY GRILL - INSTALLED RESTROOM 15 1 WATER CLOSET, SASA, TANK, APRIL 15, 2007, PORCELAIN - 290 INSTALLED WITH EXISTING ROUGH -INS 16 1 PULLMAN SINK, 24" X 18" TOP, 16" OVAL BOWL, 2 DOOR 320 CABINET BASE 17 1 WALL CABINETS, WOOD, WHITE PLASTIC FINISH, VENEER, 135 3 DOOR, 54" L X 24" H X 13" D, INSTALLED 18 1 LOT, RESTROOM ACCESSORIES, C/O: 80 (1) MEDICINE CABINET WITH MIRRORED DOOR, 15"X 19" (3) DISPENSERS, LIQUID SOAP & TOILET PAPER, "PRUDENTIAL OVERALL SUPPLY", PAPER TOWEL 19 1 FLOOR TILES, VINYL, FLOOR COVER, 54 SQ. FT. - 170 INSTALLED THROUGHOUT 20 1 UP -GRADES, ALTERATIONS, REPLACEMENT OF WALL 3,350 FINISHES, REMOVAL AND PAINTING, TRIMS, INCLUDING: (1) INTERIOR OFFICE WALLS, FINISH OF EXTERIOR WALL AREAS, 252 SQ. FT. (1) INTERIOR. PARTITION WALLS FINISHED BOTH SIDES, 234 SQ. FT. OF PARTITION WALL, 6' SCREEN WALL AT SHOP AREA, OPENING FOR 36" OFFICE INTERIOR DOOR, 50% GLASS, 9 PANE WOOD FRAME (1) CEILING FINISHES ON EXISTING SURFACE, 236 SQ. FT. (1) MODIFICATION TO ELECTRICAL OUTLETS AND SWITCHES 39 21 1 UP -GRADES AND ALTERATIONS TO RESTROOM AREAS, EXTERIOR WALL INTERIOR FINISH 98 SQ, FT., BATHROOM INTERIOR PARTITION FINISHES, 2 SIDES 196 SQ. FT., DOOR WITH MIRROR ON STEEL DIAMOND KICK PLATE, 7'4" SCREEN WALL 8.5 LIN, FT., 42 SQ. FT. CEILING FINISH EXTERIOR - SIGNAGE 22 2 SIGNS, PLYWOOD, TURQUOISE, BLACK TRIM & LETTERS, WHITE LIGHTING BOLT WRENCH, "AUTOMOTIVE TECHNOLOGY INC.", 6' LONG 23 2 HALOGEN, SECURITY LIGHTS FOR YARD AREA, EACH UPPER EXTERIOR WALL 24 2 48" X 48" SHEET METAL, WHITE, BLACK TRIM, "255-6913", LETTERING BUSINESS INFORMATION, (SEE PHOTOGRAPH) 25 2 SIGNS, METAL HOUSING, 10' AND 12' LONG, 24" HIGH, SINGLE PLASTIC ILLUMINATED FACE PANEL. "AUTOMOTIVE TECHNOLOGY", WALL MOUNTED YARD 26 1 AIR COMPRESSOR, BINKS, 2 CYLINDER, ELECTRIC, 5 H.P., BELT DRIVE - EXISTING - REFURBISH COSTS AND UPGRADES, INCLUDING: (1) MOTOR, REPLACEMENT, INSTALLED ON 5 H.P. BINK AIR COMPRESSOR, LINCOLN FRAME #184T, 3 PHASE 1745 RPM, 2301260 VOLT, (I YEAR OLD) (1) MODIFICATIONS, UPGRADES, ALTERATIONS, AND FITTINGS, TO COMPRESSED AIR LINES AND COUPLINGS TOTAL IMPROVEMENTS PERTAINING TO THE REALTY 1,100 540 265 600 2,980 1,050 $23,000