HomeMy WebLinkAbout83-105RESOLUTION NO. 83- 105
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA
ANA AUTHORIZING ENTERING INTO FINANCING LEASES
OR AGREEMENTS FOR THE PURPOSE OF FINANCING PARKING
FACILITIES TO BE CONSTRUCTED AND DEVELOPED BY
MACARTHUR PLACE VENTURE
WHEREAS, the City of Santa Ana (the "City") is
!authorized by the laws of the State of California, to enter
,into financing leases or installment sale agreements for the
,purpose of providing for the acquisition and construction of
!public parking facilities located within the City; and
WHEREAS, MacArthur Place Venture, a California
general partnership, (the "Developer") has requested the City
to enter into financing leases or installment sale agreements
,for the purpose of financing acquisition and construction of an
approximately 522 -vehicle parking structure and related
property (the "Project") to be constructed and developed by the
Developer in the City and the City Council wishes to induce the
Developer to construct and develope the Project in said area;
and
WHEREAS, it is in the public interest, for public
benefit and in furtherance of public purposes of the City that
the City Council authorize such financing for the aforesaid
!purposes;
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
SANTA ANA AS FOLLOWS:
1. The City Council of the City of Santa Ana hereby
authorizes the financing by the City in a principal amount of
not to exceed Six Million Dollars ($6,000,000) for the purpose
of providing permanent and/or construction financing to the
Developer, its successors and assigns, for the Project to be
located in the City of Santa Ana on parcel 10 as shown on
Exhibit A of that certain lot line adjustment LL 83-2 recorded
May 20, 1983, as instrument 83-215091. It is presently
proposed that the obligations of the City under any financing
shall be payable from (among other things) the revenues to be
derived by the City from the sale or lease of the Project to
the Devleoper. The term "financing" as used herein means the
entering into of one or more financing leases or installment
sale agreements under the law with respect to the Project for
the permanent and/or construction financing thereof.
2. Any such financing shall be upon the terms and
conditions as may be mutually agreed upon by the City, the
Developer and the purchaser of City obligations and shall be
authorized by resolution of the City Council at a meeting duly
held', and conducted for such purpose.
13. The proceeds of any such financing shall include such
related and necessary issuance expenses, administrative costs,
debt service reserves and interest payments as may be required
to accomplish successfully the financing.
ADOPTED, this 6th day of September , 1983.
Robe uxembourger, yr
ATTEST:
COUNCILMEMBERS:
Luxembourger Absent
Grislet Ave
Acosta Ave
Bric'ken Ave Approved as to form:
Johnson Ave
McGuligan Ave
YoungAye
Edward J. CdQpej,
City Attorney