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RESOLUTION NO. 8446 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA <br />ANA APPROVING THE APPLICATION OF GRAND PLAZA <br />DEVELOPMENT COMPANY FOR INDUSTRIAL DEVELOPMENT BOND <br />FINANCING PURSUANT TO CHAPTER 28 OF THE SANTA ANA <br />~3NICIPAL CODE <br /> <br /> WHEREAS, Chapter 28 of the Santa Ana Municipal Code <br />authorizes the City to sell its bonds, notes, interim deben- <br />tures, or other obligations pursuant to the City Charter, for <br />the purpose of providing financing for the acquisition, reha- <br />bilitation, construction and improvement of industrial and <br />commercial projects located within the City; and <br /> <br /> WHEREAS, Grand Plaza Development Company has <br />submitted an application for such financing for a project <br />consisting of a hotel building on property located at 2724-2726 <br />S. Grand in the City of Santa Ana; and <br /> <br /> WHEREAS, this Council has reviewed the said appli- <br />cation and accompanying staff report. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF <br />THE CITY OF SANTA ANA AS FOLLOWS: <br /> <br /> 1. This Council finds and determines that the proposed <br />project as described in the application promotes the long-term <br />employment of the residents of the City; will not adversely <br />affect areas outside the boundaries of the City or transient <br />residents of the State; and is in the public interests of the <br />City, a valid exercise of the police powers of the City, and a <br />public purpose in which the City has a peculiar and unique <br />interest. <br /> <br /> 2. This Council accepts and approves the said appli- <br />cation and the participation of the City in the financing of <br />the said project, subject to the provisions of Chapter 28 of <br />the Santa Ana Municipal Code and the conclusion of all prO- <br />ceedings undertaken to consummate such financing to the <br />satisfaction of the City. <br /> <br />ADOPTED, this 21$tday of <br /> <br />, 1984. <br /> <br />Rob~ Luxembourge r/~eMayor <br /> <br /> <br />