HomeMy WebLinkAbout83-131RESOLUTION NO. 83- 131
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA
ANA AUTHORIZING THE ISSUANCE OF BONDS FOR THE PURPOSE
OF FINANCING THE ACQUISITION OF LAND AND CONSTRUCTION
OF A HOTEL BUILDING AND RELATED FACILITIES BY GRAND
PLAZA DEVELOPMENT COMPANY.
WHEREAS, the City Council of the City of Santa Ana
(the "City") has adopted its Ordinance No. NS -1609 (the
"Ordinance") authorizing the City to issue and sell its bonds,
notes, interim certificates, debentures or other obligations
("Bonds") pursuant to the City Charter for the purpose of
providing financing for the acquisition, rehabilitation,
construction and improvement of industrial and commercial
projects located within the City:
WHEREAS, Grand Plaza Development Company, a
California general partnership, and successors and assigns
("Developer") has requested the City to issue and sell its
revenue bonds for the purpose of financing the acquisition of
land and construction of a hotel building and related
facilities (the "Project"), to be constructed by the Developer
within the City, and the City Council wishes to induce the
Developer to construct and develop the Project in the City; and
WHEREAS, it is in the public interest, for the public
benefit and in furtherance of the public purposes of the City
that the City Council authorizes Bonds for the aforesaid
purposes;
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
SANTA ANA AS FOLLOWS:.
1. The City Council hereby authorizes the issuance and
sale of Bonds of the City pursuant to the City Charter and the
procedures specified in the Ordinance in a principal amount of
not to exceed Ten Million Dollars ($10,000,000.00) for the
purpose of financing the acquisition, construction,
rehabilitation and improvement of the Project located at 2724-
26 S. Grand Avenue. Such authorization is for the purpose of
inducing the Developer to undertake to construct and develop
the Project and, in particular, to do so at such location.
2. The issuance and sale of said bonds shall be upon
such terms and conditions as may be mutually agreed upon by the
City, the Developer and the purchaser of said Bonds and shall
be issued by resolution of the City Council at a meeting duly
held and conducted for such purpose.
3. The proceeds of the Bonds 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.
4. The City Council does hereby find that the adoption
of this Resolution constitutes a substantial inducement to the
Developer to undertake its Project within the City.
5. This Resolution shall take effect immediately upon
its passage and adoption.
ADOPTED, this 7th day of November , 1983.
ob Luxembourge r,tf4ayor
ATTEST:
nice C. Guy, C erk the Council
COUNCILMEMBERS:
Luxembou,pger
Absent
Griset
Aye
Acosta
Aye
Bricken
Absent Approved as to form:
Johnson
Aye
McGuigan
Aye
Young
Aye
Edward oo r,
City Attorney