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RESOLUTION NO. 85-116 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA GIVING PUBLIC APPROVAL FOR THE ISSUANCE OF REVENUE BONDS FOR THE ACQUISITION, CONSTRUCTION AND IMPROVEMENT OF A COMMERCIAL OFFICE BUILDING AND RELATED FACILITIES BY SPURGEON VENTURE, LTD., A CALIFORNIA LIMITED PARTNERSHIP BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS FOLLOWS: WHEREAS, the City Council of the City of Santa Ana (the "City") proposes that the City issue its revenue bonds in the aggregate principal amount not to exceed $5,500,000, to be loaned by the City to Spurgeon Venture, Ltd., A California Limited Partnership (the "Developer"), for the purpose of providing financing for the acquisition, construction and improvement of a commercial office building and related facilities aggregating approximately 50,000 square feet (the "Project") to be owned, operated and managed by the Developer. The Project is located at 204 West Fourth Street in the City of Santa Ana; WHEREAS, Section 103(k) of the Internal Revenue Code of 1954, as amended, requires that the applicable elected representative of the City shall approve, after public hearing following reasonable public notice, the issuance of bonds by the City for such purpose; and WHEREAS, the City Council is the applicable elected representative of the City, and the City Council has duly called and conducted a hearing on said financing, notice of which has been given in accordance with said Section 103(k), and all persons requesting to be heard have been heard; NOW, THEREFORE, the City Council of the City of Santa Ana hereby finds, determines and declares as follows: 1. The Project consists of a commerical office building and related facilities aggregating approximately 50,000 square feet. 2. The Project is located at 204 Fourth Street in the City of Santa Ana, California. 3. The initial owner, Project will be SPURGEON VENTURE, PARTNERSHIP. operator and manager of the LTD., A CALIFORNIA LIMITED