HomeMy WebLinkAbout1980-027 CRA
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2/1/80
RESOLUTION NO. 80...,7
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF SANTA ANA AUTHORIZING
BOND ISSUES FOR THE ACQUISITION OF PERMANENT
LOANS FOR REHABILITATION OF SPECIFIED
PROPERTY 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 purchasing 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 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 developers and
owners set forth hereinbelow by purchasing permanent loans
made for rehabilitation of the property set forth below:
Developer or Owner
Location of Project
Property
520 West Fourth Street,
Santa Ana, CA
Warren K. Van Ingen,
Pete Van Ruiten and
Mary Van Rui ten
2. The proceeds of such issue of bonds shall
include related and necessary issuance expenses,
administrative costs, reasonably required reserves and
interests 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 developers and
owners to rehabilitate the aforedescribed property, that
said rehabilitation will further the public purpose and
goals o~ this Agency and is for the public interest and
benefit, and that each of the aforesaid developers and
owners has requested this Agency to issue and sell its bonds
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RESOLUTION NO. 80-27
PAGE TWO
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for the prupose of providing rehabilitation financial
assistance to said developers and owners by purchasing
permanent loans made for rehabilitation of the described
property.
ADOPTED this 19th day of
by the following vote: -----
February
,1980,
MEMBERS: Bricken, Griset, Luxembourger, Markel,
Serrato, Ward, Yamamoto
MEMBERS: None
AYES:
NOES:
ABSENT:
MEMBERS: None
ATTEST:
APPROVED AS TO FORM:
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Leg al Counsel
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