HomeMy WebLinkAbout1980-034 CRA
EJC:adg
2/27/80
RESOLUTION NO. 80-34
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A RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF SANTA ANA AUTHORIZING A
BOND ISSUE FOR THE ACQUISITION OF PERMANENT
LOANS FOR REHABILITATION OF SPECIFIED PROP-
ERTIES AND MAKING CERTAIN FINDINGS IN
CONNECTION THEREWITH
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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
WHEREAS, ~n order tol induce developers and owners
of property within the describ~ 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 a separate and distinct bond
issue in an amount not to exceed $1,000,000 for the purpose
of providing financial assistance to the developer or owner
set forth herein below by purchasing permanent loans made
for rehabilitation of the property set forth below:
Developer or Owner
Location of Project Property
120 W. Fifth Street, Santa Ana
.
Eddie L. Dominquez
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 the public purpose and goals of
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RESOLUTION NO. 80-34
PAGE TWO
this Agency and is for the public interest and benefit, and
that the aforesaid developer or owner has requested this
Agency to issue and sell its bonds for the purpose of
providing rehabilitation financial assistance to said
developer or owner by purchasing permanent loans made for
rehabilitation of the descriþed property.
ADOPTED this 17th day of
1979, by the following vote:
March
AYES:
MEMBERS: Bricken, Luxembourger, Serrato, Yamamoto
NOES:
MEMBERS: Markel
MEMBERS Griset, waw
~IRMAN ~
ATTEST: U
R~~
Executive Director/
Recording Secretary
ABSENT:
APPROVED AS TO FORM:
á~
KEITH L. GOW
Legal Counsel
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