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283 <br /> <br />RESOLUTION NO. 2000-053 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA APPROVING THE EXECUTION AND <br />DELIVERY OF A LOAN AGREEMENT BY AND AMONG <br />THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE <br />CITY OF SANTA ANA, D.F. STAUFFER BISCUIT <br />COMPANY, INC. AND/OR LAGUNA COOKIE COMPANY, <br />INC. AND GE CAPITAL PUBLIC FINANCE, INC. <br />PROVIDING FOR THE LOAN OF AN AMOUNT NOT TO <br />EXCEED $12,000,000.00 TO D.F. STAUFFER BISCUIT <br />COMPANY, INC. AND/OR LAGUNA COOKIE COMPANY, <br />INC. PURSUANT TO SUCH LOAN AGREEMENT AND <br />ALLOCATING AN AMOUNT NOT TOEXCEED <br />$12,000,000.00 OF THE SANTA ANA EMPOVVERMENT <br />ZONE CEILING FOR PRIVATE ACTIVITY BONDS FOR THE <br />BENEFIT OF PROJECT TO BE FINANCED PURSUANT TO <br />SUCH LOAN AGREEMENT <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 "Taxpayer's Relief Act"), <br />the federal government has designated a portion of the City of Santa Ana ("City") as an <br />empowerment zone (the "Santa Ana Empowerment Zone"). <br /> <br /> B Pursuant to the Taxpayer's Relief ACt, among the tax incentives conferred <br />upon the City is the ability to issue up to $130 million in tax-exempt enterprise zone facility <br />bonds (the "Empowerment Zone Ceiling") to make loans to qualifying business borrowers <br />to finance the cost of certain commercial, retail, industrial or other facilities qualifying as <br />"enterprise zone facilities" as that term is defined in Section 1394 of the Internal Revenue <br />Code of 1988, as amended (the "Code"). <br /> <br /> C. As of the date of this Resolution, the City has utilized only Five Million <br />Dollars ($5,000,000.00) of the City's Empowerment Zone Ceiling. <br /> <br /> D. The City and the Industrial Development Authority of the City of Santa Ana <br />(the "Authority") have received an application (the "Application") from B.F. Stauffer Cookie <br />Company, Inc. and Laguna Cookie Company, Inc., which are related companies, <br />requesting the Authority and the City to assist in the financing of the (1) construction of <br />certain improvements to the real property located at 4661 Garry Avenue, Santa Ana, <br />California (the "Project Site"), (2) acquisition and installation of equipment at the Project <br />Site, and (3) payment of capitalized interest and certain costs of issuance in connection <br />with the financing (hereafter collectively referred to as the "Project"). <br /> <br />Resolution No. 2000-053 <br /> Page 1 of 4 <br /> <br /> <br />