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RESOLUTION NO. 85- I/ <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA AUTHORIZING THE ISSUANCE OF BONDS FOR THE <br />PURPOSE OF PROVIDING FINANCING FOR THE ACQUISITION <br />AND CONSTRUCTION~ OF A COMMERCIAL SHOPPING CENTER <br />AND RELATED FACILITIES BY SCHURGIN DEVELOPMENT <br />CORPORATION <br /> <br /> WHEREAS, the City Council of the City of Santa Ana <br />(the "City") has adopted its Ordinance No. NS-1609 (the <br />"Ordinance") authorizing the City to issue and sell its bonds, <br />notes, interim certificates, debentures or other obligations <br />("Bonds") pursuant to the City Charter for the purpose of <br />providing financing for the acquisition, rehabilitation, con- <br />struction and improvement of industrial and commercial pro- <br />jects located within the City: <br /> <br /> WHEREAS, Shurgin Development Corporation, a California <br />Corporation, and successors and assigns ("Developer") have <br />requested the City to issue and sell its revenue bonds for the <br />purpose of financing the acquisition of property and the <br />construction of a commercial shopping center and related <br />facilities (the "Project"), to be constructed by the Developer <br />within the City, and the City Council wishes to induce the <br />Developer to construct and develop the Project in the City; <br />and <br /> <br /> WHEREAS, it is in the public interest, for the pub- <br />lic benefit and in furtherance of the public purposes of the <br />City that the City Council authorizes Bonds for the aforesaid <br />purposes; <br /> <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA AS FOLLOWS: <br /> <br /> 1. The City Council hereby authorizes the issuance and <br />sale of Bonds of the City pursuant to the City Charter and the <br />procedures specified in the Ordinance in a principal amount of <br />not to exceed Ten Million Dollars ($10,000,000) for the <br />purpose of financing the acquisition and the construction of <br />the Project located on the southwest corner of Harbor <br />Boulevard and McFadden Avenue. Such authorization is for the <br />purpose of inducing the Developer to undertake to construct <br />and develop the Project and, in particular, to do so at such <br />location. <br /> <br /> <br />