HomeMy WebLinkAbout2002-07 CRA
RESOLUTION NO. 2002-07
A RESOLUTION OF THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF
SANTA ANA APPROVING A LOAN FROM THE
CITY OF SANTA ANA IN THE MAXIMUM
PRINCIPAL AMOUNT OF $2,800,000 TO PROVIDE
FUNDS TO RENOVATE THE HISTORIC PHILLIPS
HUTTON BUILDING, AND APPROVING RELATED
ACTIONS
BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE
CITY OF SANTA ANA, AS FOLLOWS:
Ser.tion 1: The Board of the Community Redevelopment Agency of the City of
Santa Ana hereby finds, determines and declares as follows:
A. The Community Redevelopment Agency of the City of Santa Ana
(hereinafter referred to as the "Agency") has undertaken to assist in
financing the restoration, renovation and rehabilitation of historical
buildings located at 301-309 West Fourth Street, known generally as the
Phillips Hutton Building (the "Project"), which is located in the Central City
Redevelopment Project of the Agency, and in order to provide funding for
the Project and to pay related financing costs the Agency has requested
the City of Santa Ana (the "City") to make a loan to the Agency in the
amount of not to exceed $2,800,000 (the "Loan").
B. In order to raise the funds needed to make the Loan to the Agency,
the City has proposed to enter into a Site Lease (the "Site Lease") with the
Santa Ana Financing Authority (the "Authority"), whereby the City leases
to the Authority certain land and improvements constituting the Cambridge
ReseNoir (the "Property") in consideration of the agreement by the
Authority to pay to the City an amount which is sufficient to enable the City
to make the Loan to the Agency.
C. The Authority has proposed to lease the Property back to the City
and to assign its rights under the related Lease Agreement (the "Lease
Agreement") to Zions First National Bank (the "Bank") in order to raise the
funds necessary to enable the Authority to make the payment due to the
City under the Site Lease and thereby enable the City to make the Loan to
the Agency.
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D. The Agency has proposed to repay the Loan from available tax
increment revenues derived from the Central City Redevelopment Project,
in semiannual installments which are equal to the City's lease payments
under the Lease Agreement, and the City will pledge and assign the Loan
repayments to the Bank so that the City will be obligated to make
payments to the Bank only if and to the extent the Agency's Loan
repayments are insufficient for that purpose.
E. The Agency wishes at this time to authorize and approve all
proceedings and documents relating to the financing of the Project.
Section ? The Agency hereby approves the financing of the Project as
outlined above. To that end, the Agency hereby authorizes the borrowing of funds from
the City to finance the Project in the maximum principal amount of $2,800,000. The
Agency hereby approves the Loan Agreement between the City and the Agency, in
substantially the form on file with the Secretary together with any changes therein or
additions thereto deemed advisable by the Executive Director or the Treasurer (each,
an "Authorized Officer") and approved in form by the Agency General Counsel, whose
execution thereof shall be conclusive evidence of such approval. An Authorized Officer
is authorized and directed for and in the name and on behalf of the Agency to execute,
and the Secretary is hereby authorized and directed to attest and affix the seal of the
Agency to, the final form of the Loan Agreement.
Section 3. The Executive Director, the Treasurer, the Secretary and all other
officers of the Agency are each authorized and directed in the name and on behalf of
the Agency to make any and all assignments, certificates, requisitions, agreements,
notices, consents, leases and other instruments of conveyance, warrants and other
documents, which they or any of them might deem necessary or appropriate in order to
consummate any of the transactions contemplated by the agreements and documents
approved pursuant to this Resolution. Whenever in this resolution any officer of the
Agency is authorized to execute or countersign any document or take any action, such
execution, countersigning or action may be taken on behalf of such officer by any
person designated by such officer to act on his or her behalf in the case such officer is
absent or unavailable.
Section 4. This Resolution shall take effect from and after the date of its
passage and adoption.
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ADOPTED this ?1st day of October ,2002.
APPROVED AS TO FORM:
Joseph W. Fletcher, General Counsel
I?y: (MkC ~~
J-C.- Benjamin Kaufman
Assistant General Counsel
AYES: Boardmembers:
Alvarez, Bist, Christy,
Franklin, Pulido, Solorio
NOES: Boardmembers:
None
ABSTAIN: Boardmembers:
None
NOT PRESENT: Boardmembers:
McGui gan
CERTIFICATION OF ATTESTATION AND ORIGINALITY
I, JOHN P. REEKSTIN, Secretary of the Agency, do hereby attest to and certify the
attached Resolution No. ?OO?-07 to be the original resolution adopted by the
Community Redevelopment Agency of the City of Santa Ana on October 21 ?OO?
Date:
10-22-02
did
Sec#tary
City of Santa Ana
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