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HomeMy WebLinkAbout1979-61 CRA ~ \ . . . . . EJC:sc 11/1/79 . RESOLUTION NO. 79-61 A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA ADOPTING A MAJOR COMMERCIAL REHABILITATION LOAN PROGRAM WHEREAS, the Community Redevelopment Agency of the City of Santa Ana ("Agency"), a public body, corporate and politic, is authorized and empowered by the provisions of the Community Rede- velopment Law of the State of California to, among other powers, cause the rehabilitation of structures within the Redevelopment Project Area, and to issue its bonds for the purpose of aiding and assisting such rehabilitation; and WHEREAS, the City Council of the City of Santa Ana, State of California, adopted a Redevelopment Plan on July 2, 1973, by Ordinance NS-1173, amended on June 2, 1975, by Ordinance NS-1275, which said Redevelopment Planas amended established the Redevelopment Project Area ("Project Area"); and WHEREAS, the Agency desires to designate an area within said Project Area in which a rehabilitation program is to be implemented with the aid and assistance of the Agency; and to authorize the Agency, the Community Redevelopment Commission and Agency staff to continue its efforts to establish and implement a rehabilitation program; and WHEREAS, the Agency wishes to declare its intention to authorize the issuance of its bonds for the purpose Of causing rehabilitation under said program, which bonds shall be upon such terms and conditions as may be agreed upon by the Agency, pur- chasers, and participants. NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY REDE- VELOPMENT AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS: 1. That there is established a program to be known as the Major Commercial Rehabilitation Program ("Program"). a. That the portion of the Central Business District of the Project Area outlined in Exhibit "A" attached hereto and incorporated herein by reference is hereby designated as the Designated Rehabilitation Area. b. That the Program be given first priority in that portion of the Designated Rehabilitation Area as set forth in Exhibit "A" designated as the "Target Area". c. That the Redevelopment Commission of the City of Santa Ana ("Commission") is hereby directed and authorized to implement the Program as hereinafter described and to supervise and work in coordination with the Agency staff in the implementa- tion of said Program within the Designated Rehabilitation Area. 2. That the Program shall consist of the following elements: a. Identification and selection by the Agency staff of buildings within the Designated Rehabilitation Area for the purposes of rehabilitation, modernization, and upgrading, both as to use and as to physical structure. c2'8 4 Ir- . \ RESOLUTION NO. 79-61 PAGE TWO . b. Consultation and negotiation with, and assis- tance to owners of such selected buildings including, but not limited to, the planning and study of the rehabilitation of such buildings, the coordination of all areas of development including construction, architecture, economic studies, building and safety requirements, and financing. c. The employment by Agency of such architects, contractors, consultants, appraisers, loan originators and ser- vicers, and other services as may be necessary or convenient in implementing the Program. d. Planning and assistance by Agency in the obtaining of financing, or determining methods of financing, that may aid and encourage such rehabilitation; such assistance shall include but not be limited to the procurement or arrangement of commitments for construction financing, permanent or "take out" financing, aid and assistance in preparing credit applications, loan applications, selection of loan originators and services, and other documentation on services necessary to obtain necessary financing for the owner-participants. . e. and consultation as Agency staff as may All other services, planning, coordination in the opinion of the Commission and the be necessary to promote the Program. . 3. That the Agency does hereby declare its intention to authorize the issuance and sale of bonds or notes (bonds) of the Agency under and in accordance with the Community Redevelop- ment Law and the Marks Historical Rehabilitation Act of 1976 in such amounts as Agency may agree is necessary to enable the Agency to purchase the permanent loans which result from rehabilitation in accordance with agreements between the Agency and owners par- ticipating in the Program. The Agency may commit to purchase such permanent loans conditioned upon the sale by Agency of its bonds to purchasers in amounts sufficient to purchase such perma- nent loans. The repayment of such bonds shall be limited to the revenues produced by the permanent loans so purchased. The terms and conditions of such purchases by the Agency, and the terms and conditions of the loans to be purchased shall be as mutually agreed upon between the Agency, the owner-participant and the bond purchaser. The issuance and sale of any such bond is to be authorized by Resolution of the Agency at a meeting to be held for such purpose, all is required by the Community Redevelopment Law; provided further that the amount of bonds to be issued by the Agency for the purpose of purchasing permanent loans under the Program shall not exceed the sum of $15,000,000. 4. That upon the issuance of any of said bonds, the use of the proceeds for said bonds and the terms and conditions of said bonds shall be such as to comply with the requirements of the Internal Revenue Code Section 103 which allows exemptions for "small issues". In connection with such exemption, the following general requirements for the issuance of such bonds shall prevail: (A) each series of bonds must have a face amount of $1,000,000 or less; (B) each series must be used for one or more separate facili- ties having different principal users; (C) each series must be issued under a separate bond resolution; (D) payments made on a loan purchase with the proceeds of one bond issue must be used to pay debt service on that issue only; (E) any discount bid must be made only with respect to a single issue; (F) issuance and admin- istrative costs shall relate to a particular issue only; (G) any pledge of revenues must be attributable to facilities financed with a single issue only; (H) excess funds from a single issue must be used to repay or secure such issue and not a separate issue; (I) the holders of any issue may not look to the security . c<i 4 ,. . , . , RESOLUTION NO. 79-61 PAGE THREE . of any other issue for repayment; (J) substantially all of the proceeds (not to be less than 90 percent as required under the Internal Revenue Code) of such issue is to be used for the acqui- sition, construction, reconstruction, or improvement of land or property of a character subject to the allowance for depreciation under Section 167 of the Internal Revenue Code; (K) no bond shall be issued except upon the opinion of tax counsel selected by Agency that the interest to be paid to the bond holder on such bonds shall qualify for the exemption from taxation under the Internal Revenue Code. 5. That the continuing activities of the Commission and the Agency staff, and the debts and obligations incurred in formulating, designing and implementing this Program prior to the date of this resolution is hereby ratified, authorized, and con- firmed. ADOPTED this 5th day of the following vote: November , 1979, by . ABSENT: MEMBERS: BRICKEN, GRISET, SERRATO, WARD, YAMAMOTO MEMBERS: MARKEL MEMBERS: LUXEMBOURGER AYES: NOES: ~A-I~J~4 Ar RICHARD E. GOBLIRSCH Executive Director/ Recording Secretary ~ CHA ATTEST: APPROVED AS TO FORM: ~~ KEITH L. GOW . Legal Counsel . ' 30 4 ,~-"..m" ~A, ;; COLL[G[ .. 0 , ... """". '\.--. B VO.-.,-, ~~ _ C~AP"'AI'l 'iI<i . <bi """""c_~. . . <> ....., ';'O....t.~ ~ -i . . HII ~ [) . . '. , . _ 0 ~ : . lljl )( j j, ~ I~ "": ""M;; J. I" .~ o Dl:T'lfl P;}~;iF.E: ~ ~!I ,-::., ST. ~ ..Jt!J !-,----illlI~- ."", -!f!I, "" . ~U .::E, jI,,, . ,..\ ~ L-,,~ ~ ,.0........ I W"~~~:. _ . ,,,....~~;~,.,..~ \1". 'F""!i , '\)({""? -.:::::: . I ~"!'. ft; .. V .. 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