HomeMy WebLinkAbout1979-66 CRA
EJC:adg
12/11/79
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RESOLUTION NO. 79-66
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A RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF SANTA ANA AUTHORIZING
BOND ISSUES FOR THE ACQUISITION OF PERMANENT
LOANS FOR REHABILITATION OF SPECIFIED PROP-
ERTIES AND MAKING CERTAIN FINDINGS IN
CONNECTION THEREWITH
WHEREAS, by Resolution No. 79-61, adopted November
5,1979, the Community Redevelopment Agency of the City of
Santa Ana adopted a Major Commercial Rehabilitation Program
and declared its intention to issue bonds or notes pursuant
to the Community Redevelopment Law or the Marks Historical
Rehabilitation Act of 1976 for the purpose of' providing
financial assistance to developers and owners of properties
by purchasing permanent loans for rehabilitation of said
properties within a Designated Rehabilitation Area, therein
described; and
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WHEREAS, in order to induce developers and owners
of property within the described Designated Rehabilitation
Area, the Community Redevelopment Agency of the City of
Santa Ana desires to take official action authorizing the
issuance of specified bonds to acquire loans made for
rehabilitation of specified properties by developers and
owners.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS:
1. In accordance with the general requirements
set forth in Resolution Number 79-61, this Agency hereby
authorizes the issuance of separate and distinct bond issues
in amounts not to exceed $1,000,000 each for the purpose of
providing financial assistance to the developers and owners
set forth herein below by purchasing permanent loans made
for rehabilitation of the respective properties set forth
below:
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1.
2.
Santora Partners
BBD Company/Mission
Viejo Lighting
Location of project properties
207 North Broadway, Santa Ana
208 - 211 North Main Street
Santa Ana
Developer or Owner
2. The proceeds of each such issue of bonds
shall include related and necessary issuance expenses,
administrative costs, reasonably required reserves and
interest payments.
3. Each issue of bonds shall be issued subject
to completion of issuance, sale and delivery proceedings and
other matters relating thereto to the full satisfaction of
the Agency.
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4. It is hereby found and determined that the
providing of financial assistance, as more particularly
described herein and in Resolution No. 79-61, is a
substantial inducement to the aforesaid developers and
owners to rehabilitate the aforedescribed properties, that
said rehabilitation will further the public purpose and
goals of this Agency and is for the public intérest and
benefit, and that each of the aforesaid developers and
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RESOLUTION NO. 79-66
PAGE TWO
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owners has requested this Agency to issue and sell its bonds
for the purpose of providing rehabilitation financial
assistance to said developers and owners by purchasing
permanent loans made for rehabilitation of the described
properties.
ADOPTED this 17th day of
1979, by the following vote:
December
AYES:
MEMBERS: Bricken, Griset, Luxembourger, Serrato,
Ward, Yamamoto
MEMBERS: Markel
NOES:
ABSENT:
MEMBERS None
ATTEST:
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CHAIRMAN '
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RICHARD E. GOBLIRSCH
Executive Director/
Recording Secretary
APPROVED AS TO FORM:
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KEITH L. GOW
Legal Counsel
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