HomeMy WebLinkAbout85-018RESOLUTION NO. 85-18
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA AUTHORIZING THE ISSUANCE OF BONDS FOR THE
PURPOSE OF PROVIDING FINANCING FOR THE ACQUISITION
AND CONSTRUCTION OF A COMMERCIAL SHOPPING CENTER AND
RELATED FACILITIES BY SANTA ANITA DEVELOPMENT
CORPORATION
WHEREAS, the City Council of the City of Santa Ana
(the "City") has adopted 1ts 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, con-
struction and improvement of industrial and commercial pro-
jects located within the City:
WHEREAS, Santa Anita Development Corporation, a
California corporation, and successors and assigns ("Devel-
oper'') have requested the City to issue and sell its revenue
bonds for the purpose of financing the acquisition of property
and the construction of a commercial shopping center 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
lic benefit and in furtherance of the
City that the City Council authorizes
purposes;
interest, for the pub-
public purposes of the
Bonds for the aforesaid
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 Five Million Dollars ($5,000,000) for the
purpose of financing the acquisition and the construction of
the Project located at the southwest corner of Harbor
Boulevard and McFadden 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
1 ocation.
such
the
shall
duly
2. The issuance and sale of said bonds shall be upon
terms and conditions as may be mutually agreed upon by
City, the Developer and the purchaser of said Bonds and
be issued by resolution of the City Council at a meeting
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
21st. day of January , 1985.
Daniel E. Griset, Mayor
ATTEST:
~CI er'k/'o f~Co unc i
COUNC ILMEMBERS:
Griset Aye
Johnson ~
Acosta Absent
Hart ,Aye
Luxembourger .Aye
McGuigan .Aye
Young Aye
Approved as. to form:
Edw~.F;~ ~. Co)oper,
City ~Att~y