ORIENT CORPORATION OF AMERICA, INC. (3)

Home Browse Search

1-1g,; Q II flMilsk,' AGREEMENT REGARDING ADVANCES tip, co u, 00 PROPOSED CITY OF SANTA ANA COMMUNITY FACILITIES DISTRICT NO 92-1 ATE (MAIN STREET CONCOURSE PUBLIC IMPROVEMENTS) 7 J� This Agreement Regarding Advances (the "Agreement") dated as of February 3, 1992, is by and between the City of Santa Ana (the "City") for and on behalf of the proposed City of Santa Ana Community Facilities District No. 92-1 (Main Street Concourse Public Improvements) (the "District") and Orient Corporation of America, Inc. (the "Company"). WITNESSETH WHEREAS, the Company has requested that the City form the District under the Mello -Roos Community Facilities Act of 1982, as amended (the "Act"), in order to provide funds to finance certain public capital improvements (the "Improvements") necessitated by development of certain property in the City owned or to be owned by the Company and known as "Main Street Concourse"; and WHEREAS, the Company desires that the City proceed with the construction of certain of the Improvements and is willing to advance funds for that purpose, provided that any funds so advanced are reimbursed to the Company from the proceeds of any bonds issued by the City for the District; and WHEREAS, the City and the Developer now desire to specify the terms of said advances and reimbursement. NOW, THEREFORE, in consideration of the foregoing and the mutual covenants set forth herein, the parties hereto agree as follows: Section 1. Advances. It is contemplated that the Company will, from time to time, advance monies to the City to provide funds for the acquisition and construction of the Improvements. Specifically, but without limitation, the Company may advance up to $1,500,000 for costs related to the improvement of Owens Drive and $448,000 for costs related to the construction of the "Memory Lane Extension" sewer improvements. The City hereby agrees to remit to the Company, from time to time, but at least semi-annually, any investment earnings on the amount advances by the Company. The Company hereby agrees that the City may use such funds at the discretion of the City for such purposes or for such other purposes as the City and the Company may from time to time agree related to the acquisition and/or construction of land and public capital improvements necessitated or required by the City in connection with the Company's proposed development within the District. Section 2. Reimbursement. The City hereby agrees to reimburse any advances made as described in Section 1 above solely from the proceeds of bonds issued for the District under the Act KMLYDDAN 21932 58573 1