HomeMy WebLinkAbout85-085RESOLUTION NO. 85-85
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA
APPROVING AN APPLICATION FOR A PROJECT COMPRISED OF ACQUISI-
TION, CONSTRUCTION AND REHABILITATION OF AN ENTERTAINMENT
RETAIL SHOPPING DISTRICT AND RELATED FACILITIES AND THE
ISSUANCE OF INDUSTRIAL DEVELOPMENT BONDS OF THE CITY OF
SANTA ANA THEREFOR.
WHEREAS, the City of Santa Aha, California (the "City")
is a charter city duly created and existing under the laws
and Constitution of the State of California; and
WHEREAS, the City Council of the City has adopted its
Ordinance No. NS-1609 (the "Act") authorizing the City to
issue and sel~ 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
commercial projects located within the City; and
WHEREAS, on January 21, 1985, the City Council adopted
Resolution No. 85-12 entitled "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 ACQUI-
SITION AND CONSTRUCTION OF A FESTIVAL SHOPPING CENTER AND
RELATED FACILITIES BY THE GREATER EASTERN DEVELOPMENT
CORPORATION" (the "Initial Inducement Resolution") wherein
the City, among other things, approved the issue of the
Bonds pursuant to the Act in an aggregate amount not to
exceed $6,000,000; and
WHEREAS, on June 25, 1985, Fiesta Marketplace Partners
("Developer") as successor to Greater Eastern Development
Corporation submitted an application pursuant to
Section 28-5 of the Act (the "Applioation") to the City
requesting financing for the acquisition, construction and
rehabilitation of an entertainment and retail shopping
district to be known as Fiesta Marketplace (the "Project");
and
WHEREAS, on July 15, 1985, the City Council adopted
Resolution No. 85- entitled "A SUPPLEMENTAL 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, CONSTRUCTION AND REHABILITATION OF AN
ENTERTAINMENT RETAIL SHOPPING DISTRICT AND RELATED FACILI-
TIES BY THE FIESTA MARKETPLACE PARTNERS" wherein the City
Council, among other things, increased the size of the
RESOLUTION NO. 85- 85
issuance of the Bonds to an aggregate amount not tO exceed
$10,000,000; and
WHEREAS, the City Council wishes to approve the Appli-
cation and the issuance of Bonds for the Project as required
by the Act;
AND FURTHERMORE,
WHEREAS, it is the intent of the City that the Bonds
shall constitute small issue industrial development bonds as
provided in Section 103(b) (6) of the Internal Revenue Code
(the "Code"), the interest on which is exempt from the gross
income of the holders thereof; and
WHEREAS, Section 103(k) of.the Code requires that such
tax-exempt industrial development bonds must be approved by
the elected legislative body (in this instance, the City
Council) of the governmental unit issuing the bonds after a
public hearing following reasonable public notice;
NOW THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED
BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS FOLLOWS:
(1)
The City Council hereby finds and determines that
the proposed Project described in the Application
(a) promotes the long-term employment of residents
of the City, (b) will not adversely affect areas
outside the boundaries of the City or transient
residents of the State of California, and (c) is
in the public interests of the City and consti-
tutes a municipal affair of the City, a valid
exercise of the police powers of the City, and a
public purpose in which the City has a peculiar
and unique interest.
(2)
The City Council hereby accepts and approves the
Application described above and the participation
of the City in the financing of such Project,
subject to the provisions of the Act and the
conclusion of all proceedings undertaken to
consummate such financing to the satisfaction of
the City.
(3)
The City of Santa Aha hereby confirms its
intention to issue the Bonds to finance the
Project in a principal amount not to exceed
$10,000,000 pursuant to the Act cited above.
RESOSUTION NO. 85- 85
(4) This resolution shall take effect immediately upon
its adoption.
APPROVED AND ADOPTED this 15th day~o~ J~ly, 1985.
Daniel E~ Griset, Mayor
(SEAL)
ATTEST:
Janice C.G~y', Clerk of~ the Coun~l
COUNCILMEMBERS:
Gr i se t Aye
John son ?ye
Aco s ta Absent
Hat t ' Aye
Luxembourger Absent
McGuigan ' Aye
Young Aye
Approved as to form:
_~<E~w~Cr~ j. Coope~,~
7' Czty Attorney