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37 <br /> <br />RESOLUTION NO. 2000-012 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA AUTHORIZING SUBMISSION OF A SECTION <br />108 LOAN GUARANTEE APPLICATION TO THE UNITED <br />STATES DEPARTMENT OF HOUSING AND URBAN <br />DEVELOPMENT <br /> <br /> WHEREAS, the City of Santa Ana has determined that a high priority exists for <br />economic development assistance for activities in the downtown and that the proposed <br />rehabilitation of the Barrister Building (217 N. Main Street) meets these priorities; and <br /> <br /> WHEREAS, the proposed project is included in the City's adopted One-Year <br />Action Plan of the Consolidated Plan: and <br /> <br /> WHEREAS, the Section 108 Loan Guarantee program, implemented by the <br />United States Department of Housing and Urban Development (HUD), is designed to <br />provide funds to assist with these types of projects; and <br /> <br /> WHEREAS, under the Section 108 Loan Guarantee program, the City can <br />borrow up to five years worth of its annual Community Development Block Grant <br />allocation, and can take up to twenty years to repay the principal and interest; and <br /> <br /> WHEREAS, the City is requesting a total of $500,000 in Section 108 Loan <br />Guarantee funds to assist with the rehabilitation of the Barrister Building project; and <br /> <br /> WHEREAS, the City Manager is authorized to submit the Section 108 Loan <br />Guarantee application and amendments thereto and all understandings and <br />assurances contained therein, and to act in connection with the application to provide <br />such additional information as may be required. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF SANTA ANA AS FOLLOWS: <br /> <br /> SECTION 1. The City hereby certifies and assures with respect to its application <br />for a loan guarantee pursuant to Section 108 of the Housing and Community <br />Development Act of 1974, as amended, that it poses the legal authority to make the <br />pledge of grants required under 24 CFR 570,705 (b) (2). <br /> <br /> SECTION 2. As prerequisites for submission of the application to HUD, the City <br />certifies that it has: <br /> <br />(a) <br /> <br />Furnished citizens with information required by Section 570.704(a) (2)(i) of <br />Title 1 of the Housing and Community Development Act of 1974, as <br />amended; <br /> <br />Resolution No. 2000-012 <br /> Page 1 of 6 <br /> <br /> <br />