HomeMy WebLinkAbout1980-112 CRA
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10/20/80
RESOLUTION NO. 80-112
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF SANTA ANA AUTHORIZING
BOND ISSUES FOR THE FUNDING OF PERMANENT
LOANS FOR REHABILITATION OF SPECIFIED
PROPERTIES 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 funding permanent loans for rehabilitation of said
properties within a Designated Rehabilitation Area, therein
described; and
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 fund 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 one or more separate and distinct
bond issues in an amount not to exceed $1,000,000 per bond
issue for the purpose of providing financial assistance to
the developers or owners set forth herein below by funding
permanent loans made for rehabilitation of the property set
forth below:
Developer or Owner
Location of Project Property
208 N. Main Street
120 W. 5th Street
Barbara Mathewson
Michael J. Burke
2. The proceeds of' such issue of bonds shall
include related and necessary issuance expenses,
administrative costs, reasonably required reserves and
interest payments.
3. Such 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.
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 developer or owner
to rehabilitate the aforedescribed property, that said
rehabilitation will further th~ public purpose and goals of
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RESOLUTION NO. 80-112
PAGE TWO
this Agency and is for the public interest and benefit, and
that the aforesaid developer owner has requested this Agency
to issue and sell its bonds for the purpose of providing
rehabilitation financial assistanqe to said developer or
owner by funding permanent loans made for rehabilitation of
the described property.
ADOPTED this 3rd day of
1980, by the following vote:
AYES:
MEMBERS:
NOES:
MEMBERS:
ABSENT:
MEMBERS:
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ATTEST:
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DAVID N. REAM
Executive Director/
Recording Secretary
APPROVED AS TO FORM:
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Legal Counsel
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November
Griset, Serrato, Brickeri,
Ward, Yamamoto
Markel
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VICE-CHAIRMAN
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