HomeMy WebLinkAbout1995-04 CRA
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RESOLUTION NO. 95-4
A RESOLUTION OF THE COMMUNITY REDEVE-
LOPMENT AGENCY OF THE CITY OF SANTA ANA
APPROVING AN AGREEMENT BETWEEN THE AGEN-
CY AND ITT CANNON
WHEREAS, the Community Redevelopment Agency of the City of
Santa Ana (the "Agency") is engaged in activities necessary to
implement the Redevelopment Plan for the Santa Ana South Main
Street Redevelopment Project; and
WHEREAS, ITT Cannon owns property in the Santa Ana South Main
Street Redevelopment Project area which ITT Canon proposes to
redevelop for expanded use for industrial and manufacturing
purposes (the "Property"); and
WHEREAS, in order to implement the Redevelopment Plan, the
Agency proposes to provide assistance to ITT Cannon in the
financing of facilities and captial equipment in connection with
its redevelopment of the Property pursuant to the terms and
provisions of that certain "Owner Participation Agreement" between
the Agency and ITT Cannon which is on file in the office of the
Executive Director of the Agency; and
WHEREAS, pursuant to section 33444.6 of the California
Redevelopment Law, the Agency has held a public hearing on the
proposed Agreement;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF SANTA ANA, AS FOLLOWS:
1. The Agency finds that the financial assistance to be
provided by the Agency to ITT Cannon pursuant to the Agreement is
necessary for the economic feasibility of the redevelopment of the
Property as proposed by ITT Cannon and such assistance cannot be
obtained on economically feasible terms in the private market.
2. The Agreement is hereby approved, and the Chairman of the
Agency is hereby authorized to execute the said Agreement.
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. ADOPTED this 15th day of Nay , 1995, by the
following vote:
AYES: Members ESPINOZA, LUTZ, MCGUIGAN, MILLS, PULIDO,
RICHARDSON
NOES: Members
ABSENT: Members MORENO
ABSTENTIONS: Members
ATTEST:
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Cyn hia . Nelson
Executive Director
APPROVED AS TO FORM:
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EdW~. 0 r
Agency Legal Counsel
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