HomeMy WebLinkAbout1980-123 CRA
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12/8/80
RESOLUTION 80-123
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF SANTA ANA APPROVING
THE SALE OF A $1,000,000 PROMISSORY NOTE
TO WELLS FARGO BANK, PURSUANT TO THE MAJOR
COMMERCIAL REHABILITATION LOAN PROGRAM
WHEREAS, by its Resolution No. 80-27, this Agency
authorized bond issues for the purpose of funding permanent
loans for the rehabilitation of the following property
pursuant to the Agency's Major Commercial Rehabilitation
Loan Program:
Developer/Owner
Horton Building
Partnership
Location of Project Property
519 N. Main St., Santa Ana, CA.
WHEREAS, the City Council of the City of Santa
Ana, by its Resolution No. 80-40 approved the said bond
issue in accordance with California Health and Safety Code
Section 33640;
WHEREAS, on December 15, 1980, after publication
of notice as required by law, the Agency held a public sale
of a bond issue for the purpose of funding permanent loans
for the above specified project property, in the form of a
Promissory Note in the principal amount of $1,000,000; and
WHEREAS, upon such date of public sale, Wells
Fargo Bank, National Association, submitted a bid for the
purchase of the said Promissory Note for the purchase price
of $1,000,000.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS:
1. That the execution and delivery of a Secured
Promissory Note, to Wells Fargo Bank, National Association,
in exchange for the payment of loan proceeds in the amount
of $1,000,000 by the said Bank to the Agency is hereby
approved, and the Chairman is authorized to execute the same
on behalf of the Agency; said Secured Promissory Note to be
in the principal amount, to bear interest, and to require
payment in installments as set forth in the form attached
hereto as Exhibit A and incorporated herein by reference,
and to be subject to the prior approval by the Executive
Director of the Agency and by Agency Legal Counsel as to
other terms and conditions.
2. That the execution and delivery of a Pledge
Agreement to Wells Fargo Bank N.A. simultaneously with the
execution and delivery of the abovesaid Secured Promissory
Note, for the purpose of pledging the abovesaid loan
proceeds as security for payment of the said Secured
Promissory Note pending the use of said loan proceeds for
the funding of permanent loans for the rehabilitation of
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RESOLUTION NO. 80-123
PAGE TWO
the abovesaid project property, is hereby approved and the
Chairman is authorized to execute the same on behalf of the
Agency, subject to the prior approval of the terms and
conditions of such Pledge Agreement by the Executive
Director of the Agency and Agency Legal Counsel.
ADOPTED this ~day of
the following vote:
December
,1980, by
AYES:
Griset, Serrato, Markel,
Luxembourger, Yamamoto
None
MEMBERS:
NOES:
MEMBERS:
ABSENT:
MEMBERS:
Ward, Bricken
ATTEST:
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HAl AN
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RECORDING SECRETARY
APPROVED AS TO FORM:
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Agency Legal Counsel
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