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RESOLUTION NO. 85423 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA AUTHORIZING THE ISSUANCE OF BONDS FOR <br />THE PURPOSE OF PROVIDING FINANCING FOR THE <br />ACQUISITION AND CONSTRUCTION OF A COMMERCIAL <br />SHOPPING CENTER AND RELATED FACILITIES BY <br />SCHURGIN DEVELOPMENT 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 <br />bonds, notes, interim certificates, debentures or other <br />obligations ("Bonds") pursuant to the City Charter for the <br />purpose of providing financing for the acquisition, rehab- <br />ilitation, construction and improvement of industrial and <br />commercial projects located within the City: <br /> <br /> WHEREAS, Schurgin Development Corporation, a <br />California Corporation, and successors and assigns ("Developer") <br />have requested the City to issue and sell its revenue bonds <br />for the purpose of financing the acquisition of property and <br />the 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 <br />public benefit and in furtherance of the public purposes of <br />the City that the City Council authorizes Bonds for the <br />aforesaid 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 <br />and sale of Bonds of the City pursuant to the City Charter <br />and the procedures specified in the Ordinance in a principal <br />amount of not to exceed Ten Million Dollars ($10,000,000) <br />for the purpose of financing the acquisition and the <br />construction of the Project located on the southeast corner <br />of Harbor Boulevard and McFadden Avenue. Such authorization <br />is for the purpose of inducing the Developer to undertake to <br />construct and develop the Project and, in particular, to do <br />so at such location. <br /> <br /> <br />