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RESOLUTION NO. 85-87 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING THE APPLICATION OF LOT 5 HOTEL ASSOCIATES FOR INDUSTRIAL DEVELOPMENT BOND FINANCING PURSUANT TO CHAPTER 28 OF THE.SANTA ANA MUNICIPAL CODE WHEREAS, Chapter 28 of the Santa Ana Municipal Code authorizes the City to sell its bonds, notes, interim debentures, or other obligations pursuant to the City Charter, for the purpose of providing financing for the acquisition, rehabilitation, construction and improvement of industrial and commercial projects located within the City; and WHEREAS, Lot 5 Hotel Associates, a California Limited Partnership has submitted an application for such financing for a project consisting of a 132-room hotel located on the property described in Exhibit A, in the City of Santa Ana; and Wq~EREAS, this Council has reviewed said application and accompanying staff report; WHEREAS, this City Council has conducted a public hearing upon notice duly published regarding the issuance of bonds for the project in accordance with the requirements of Section 103(k) of the Internal Revenue Code of 1954, as amended; and WHEREAS, the City Council are the applicable elected representatives to conduct public hearings regarding the issuance of the bonds for the project. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS FOLLOWS: 1. This Council finds and determines that the proposed project as described in the application promotes the long-term employment of the residents of the City; will not adversely affect areas outside the boundaries of the City or transient residents of the State; and is in the public interests of the City, a valid exe?cise of the police powers of the City, and a public purpose in which the City has a peculiar and unique interest.