HomeMy WebLinkAbout1982-027 CRA
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4/29/82
RESOLUTION NO .82-27
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF SANTA ANA AUTHORIZING
THE EXECUTIVE DIRECTOR OF THE AGENCY TO
ENTER INTO A LOAN AGREEMENT WITH BARRISTERS'
BUILDING LTD. FOR THE REHABILITATION OF A
BUILDING LOCATED AT 217 NORTH MAIN STREET
WHEREAS, Barristers' Building Ltd., a California
Limited partnership, desires to undertake the rehabilitation
of its building located at 217 North Main Street, commonly
known as the "Old City Hall;" and
WHEREAS, in order to obtain construction loan
financing for such rehabilitation work, Barristers' Building
Ltd. needs permanent loan commitments from financial lenders
in the approximate amount of $2,750,000.00 at current market
interest rates and from the Community Redevelopment Agency
of the City of Santa Ana ("Agency") in the amount of
$325,000.00 at no interest; and
WHEREAS, the rehabilitation of the said building
will promote the goals and objectives of the Agency pursuant
to the Redevelopment Plan of the Santa Ana Community
Redevelopment Project by achieving the restoration and new
use of an historically and architecturally significant
structure in the downtown area of the City of Santa Ana, and
thereby encourage the redevelopment of nearby properties;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS:
The Executive Director of the Agency is authorized
to negotiate, prepare, and execute, on behalf of the Agency,
an agreement with Baristers' Building Ltd. by which the
Agency commits to loan $325,000.00 to Barristers' Building
Ltd., subject to the following terms and conditions:
(1) The proceeds of the loan shall be used for
the purpose of repaying such loan or loans as have been
obtained by Barristers' Building Ltd. for the purpose of
rehabilitating the building located at 217 North Main
Street, plus incidental financing costs.
(2) The loan shall be evidenced by a promissory
note which shall state that no interest is to be charged on
the principal amount of the loan and that said principal
amount shall be due and payable in its entirety on a date
three and one-half years following the date of said note.
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RESOLUTION NO. 82-27
PAGE TWO
(3) The said note shall be secured by a deed of
trust on the property located at 217 North Main Street, the
lien of which shall be subordinate to the deeds of trust or
other security instruments securing the repayment of loans
financing the acquisition and/or rehabilitation of the said
property by Barrister Building Ltd.
(4) Liens on the said property imposed by deeds
of trust or other security instruments which are senior to
the lien created by the said deed of trust shall not exceed
in the aggregate the amount of $2,750,000.00 at the time the
loan is funded.
(5) The loan shall be funded and the note
executed on the date the loan proceeds are turned over to
Barristers' Building Ltd., which shall be subsequent to
actual completion of the project and upon written notice
from the Barrister' Building Ltd.
ADOPTED this
by the following vote:
, 1982,
day of
3rd
May
AYES: MEMBERS: Acosta, Bricken, Luxembourger,
McGuigan, Serrato
NOES: MEMBERS: None
ABSENT: MEMBERS: Griset, Markel
ATTEST:
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Chairman
R.'~
Executive Director/
Recording Secretary
APPROVED AS TO FORM:
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Edward J. Co
Agency Legal
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