HomeMy WebLinkAbout1981-051 CRA
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6/3/81
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RESOLUTION 81-51
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. 81-14, 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
Location of Project Property
David L. Horowitz,
Andrew R. Horowitz and
Thomas W. Horowitz
117 West 4th St.
Santa Ana, California
WHEREAS, the City Council of the City of Santa
Ana, by its Resolution No. 81-31 approved the said bond
issue in accordance with California Health and Safety Code
Section 33640;
WHEREAS, on JuneS, 1981, 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
subject to the prior approval by the Executive Director of
the Agency and by Agency Legal Counsel as to 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 the
RESOLUTION NO. 81-51
PAGE TWO
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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 15th day of
1981, by the following vote:
June
AYES: MEMBERS: Griset, Serrato, Acosta,
Luxembourger, McGuigan
NOES: MEMBERS: Markel
ABSENT: MEMBERS: Bricken
ATTEST:
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REX SW
EXECUTIVE DIRECTOR/
RECORDING SECRETARY
APPROVED AS TO FORM:
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EDWARD J. COOPER
AGENCY LEGAL COUNSEL
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