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19 <br /> <br />RESOLUTION NO. 2000-006 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF SANTA ANA TRANSFERRING A <br />PORTION OF THE SANTA ANA EMPOWERMENT <br />ZONE CEILING FOR PRIVATE ACTIVITY BONDS <br /> <br />NOW BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA: <br /> <br />Section 1: The City Council hereby finds, determines and declares as follows: <br /> <br /> A. Pursuant to the Taxpayer's Relief Act of 1997 (the "Act"), the federal <br />government has designated a portion of the City of Santa Ana ("City") as an urban <br />empowerment zone (the "Santa Ana Empowerment Zone"). <br /> <br /> B Pursuant to the Act, among the tax incentives conferred upon the City is the <br />ability to issue up to $130 million in tax-exempt enterprise zone facility bonds (the <br />"Empowerment Zone Ceiling") to make loans to qualifying business borrowers to finance <br />the cost of certain commercial, retail, industrial or other facilities qualifying as "enterprise <br />zone facilities" as that term is defined in Section 1394 of the Internal Revenue Code of <br />1986, as amended (the "Code"). <br /> <br /> C. No portion of the City's Empowerment Zone Ceiling has been used as of <br />the date of this Resolution. <br /> <br /> D. The City has received an application (the "Application") from the Gold Coast <br />Baking Company, Inc. (the "Applicant") requesting the City to assist in the financing of the <br />rehabilitation of the real property located in the Santa Aha Empowerment Zone and <br />identified as 1590-B East St. Gertrude Place, Santa Ana, California 92705-5310 (the <br />"Property"), and the acquisition and installation of certain manufacturing equipment at the <br />Property to produce and distribute various bread products or for the production of other <br />tangible personal property (collectively, the "Project") for the benefit of the Applicant <br />and/or a related entity (the "Borrower"). <br /> <br /> E. The Applicant has requested that the City designate the California <br />Infrastructure and Economic Development Bank, an entity within the Trade and <br />Commerce Agency of the State (the "Issuer"), as an issuer of a portion of the City's <br />Empowerment Zone Ceiling for the purpose of issuing bonds or other obligations (the <br />"Bonds") to finance the Project for the benefit of the Borrower. <br /> <br /> F. The Applicant has represented in the Application certain facts and <br />information concerning the Project and the Applicant, including but not limited to the <br />requirement that, after a two year start up period, 35% of the Applicant's employees shall <br />be residents of the Santa Ana Empowerment Zone. <br /> <br />Resolution No, 2000-006 <br /> Page 1 of 3 <br /> <br /> <br />