HomeMy WebLinkAbout85-005RESOLUTION NO. 85- 5
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA AUTHORIZING THE ISSUANCE OF BONDS FOR
THE PURPOSE OF FINANCING THE ACQUISITION AND CONSTRUCTION
OF A COMMERCIAL MULTI-FAMILY HOUSING COMPLEX AND
RELATED FACILITIES BY GEORGE W. PETERSON AND JOAN
W. PETERSON
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; and
WHEREAS, George W. Peterson and Joan W. Peterson,
and successors and assigns ("Developer") have requested the
City to issue and sell its revenue bonds for the purpose of
financing the acquisition of property and construction of a
commerical multi-family housing complex 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 Three Million Dollars ($3,000,000)
for the purpose of financing the acquisition of land and
construction of the Project located at 1111 Civic Center
Drive. 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 21stday of January , 1985.
Daniel E. Griset, Mayor
ATTEST:
C. Gu C1 uncil
COU NC I LMEMBERS:
Griset Aye
Johnson Aye
Acosta A--~sent
Hart Aye
Luxembourger Aye
McGuigan ~
Young --~ye
Approved as to form:
~Edwar(~ ~. CoWper,
City Att~y