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RESOLUTION NO. 83- 105 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA AUTHORIZING ENTERING INTO FINANCING LEASES OR AGREEMENTS FOR THE PURPOSE OF FINANCING PARKING FACILITIES TO BE CONSTRUCTED AND DEVELOPED BY MACARTHUR PLACE VENTURE WHEREAS, the City of Santa Ana (the "City") is !authorized by the laws of the State of California, to enter ,into financing leases or installment sale agreements for the ,purpose of providing for the acquisition and construction of !public parking facilities located within the City; and WHEREAS, MacArthur Place Venture, a California general partnership, (the "Developer") has requested the City to enter into financing leases or installment sale agreements ,for the purpose of financing acquisition and construction of an approximately 522 -vehicle parking structure and related property (the "Project") to be constructed and developed by the Developer in the City and the City Council wishes to induce the Developer to construct and develope the Project in said area; and WHEREAS, it is in the public interest, for public benefit and in furtherance of public purposes of the City that the City Council authorize such financing for the aforesaid !purposes; BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS FOLLOWS: 1. The City Council of the City of Santa Ana hereby authorizes the financing by the City in a principal amount of not to exceed Six Million Dollars ($6,000,000) for the purpose of providing permanent and/or construction financing to the Developer, its successors and assigns, for the Project to be located in the City of Santa Ana on parcel 10 as shown on Exhibit A of that certain lot line adjustment LL 83-2 recorded May 20, 1983, as instrument 83-215091. It is presently proposed that the obligations of the City under any financing shall be payable from (among other things) the revenues to be derived by the City from the sale or lease of the Project to the Devleoper. The term "financing" as used herein means the entering into of one or more financing leases or installment sale agreements under the law with respect to the Project for the permanent and/or construction financing thereof.