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RESOLUTION NO. 85-86 <br /> <br /> A SUPPLEMENTAL RESOLUTION OF THE CITY COUNCIL OF <br /> THE CITY OF SANTA ANA AUTHORIZING THE ISSUANCE <br />OF BONDS FOR THE PURPOSE OF PROVIDING FINANCING FOR THE <br /> ACQUISITION, CONSTRUCTION AND REHABILITATION OF AN <br /> ENTERTAINMENT RETAIL SHOPPING DISTRICT AND RELATED <br /> FACILITIES BY THE FIESTA MARKETPLACE PARTNERS <br /> <br /> WHEREAS~ the City Council of the City of Santa Ana (the <br />"City) has adopted its Ordinance No. NS-1609 (the <br />"Ordinance") authorizing the City to issue and sell its <br />bonds,notes, interim certificates, debentures or other <br />obligations (5bonds") pursuant to the City Charter for the <br />purpose of providing financing for the acquisition, <br />rehabilitation, construction and improvement of commercial <br />projects located within the City; and <br /> <br /> WHEREAS, Fiesta Marketplace Partners (the "Developer"), <br />successor to Greater Eastern Development Corporation, which <br />corporation and successors and assigns have requested the <br />City to issue and sell its revenue bonds for the purpose of <br />financing the acquisition of property and the construction <br />and rehabilitation of a festival shopping center and related <br />facilities (the "Project"), to be constructed by the <br />Developer within the City, and the City Council wishes to <br />induce the Developer to construct and develop the Project in <br />the City; and <br /> <br /> WHEREAS, on January 21, 1985, the City Council adopted <br />Resolution No. 85-12 entitled "A RESOLUTION OF THE CITY <br />COUNCIL OF THE CITY OF SANTA ANA AUTHORIZING THE ISSUANCE OF <br />BONDS FOR THE PURPOSE OF PROVIDING FINANCING FOR THE <br />ACQUISITION AND CONSTRUCTION OF A FESTIVAL SHOPPING CENTER <br />AND RELATED FACILITIES BY THE GREATER EASTERN DEVELOPMENT <br />CORPORATION" (the "Initial Inducement Resolution") wherein <br />the City Council authorized the issuance and sale of Bonds <br />of the City pursuant to the City Charter and the procedures <br />specified in the Ordinance in a principal amount of not to <br />exceed Six Million Dollars ($6,000,000); and <br /> <br /> WHEREAS, the cost of the Project will exceed $6,000,000 <br />and, therefore, it is necessary to augment the amount of <br />financing authorized to a principal amount of bonds not to <br />exceed $10,000,000 (the "Bonds"); and <br /> <br /> <br />