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284 <br /> <br /> F. The Project will be used by the BF. Stauffer Cookie Company, Inc. or <br />Laguna Cookie Company, Inc. (the "Borrower") to produce and distribute various baked <br />cookie and cracker products or for other uses permitted by the Taxpayer's Relief Act. <br /> <br /> E. The Borrower has represented in the Application certain facts and <br />information concerning the Project and the Borrower, including but not limited to the <br />requirement that, after a two year start up period, 35% of the Borrower's employees shall <br />be residents of the Santa Ana Empowerment Zone. <br /> <br /> G The City Council in evaluating the Project has relied upon the written facts <br />and information represented in the Application by the Borrower as well as any comments <br />made before the City Council in conjunction with the hearing on this matter. <br /> <br /> H. The Board of Directors of the Santa Ana Empowerment Corporation at its <br />regular meeting of June 28, 2000, did unanimously recommend to the City Council that it <br />approve this Application. <br /> <br /> I. It appears appropriate for the City Council to utilize a portion of the City's <br />Empowerment Zone Ceiling in order to benefrt the Project as described in the Application. <br /> <br /> J. The Authority proposes to enter into a loan agreement (the "Loan <br />Agreement") with GE Capital Public Finance, Inc. (the "Lender") and the Borrower <br />pursuant to which the Lender will make a loan to the Authority in an amount not to exceed <br />Twelve Million Dollars ($12,000,000.00) which will in turn be loaned by the Authority to <br />the Borrower (the "Loan"), all in accordance with the provisions of the California Industrial <br />Development Financing ACt, being Title 10 of the California Government Code, as <br />supplemented and amended (the "Act"). <br /> <br /> K. The Authority has made the determinations required to be made pursuant <br />to section 91530 of the Act preliminary to the loan from the Lender to the Authority and <br />the Loan to the Borrower. <br /> <br /> L. The loan from the Lender to the Authority and the Loan to the Borrower <br />must be approved by this City Council in order to satisfy the public approval requirement <br />of Section 147(f) of the Code and Section 91530(f) of the Act. <br /> <br /> M. The Clerk of the Council has caused timely notice to appear in the Orange <br />County Register, which is a newspaper of general cimulation in the City, to the effect that <br />a public hearing would be held by the City Council on July 17, 2000, regarding the loan <br />from the Lender to the Authority and the Loan to the Borrower and the nature and location <br />of the Project. <br /> <br /> N. This City Council has held said public hearing on July 17, 2000, providing a <br />reasonable opportunity for persons to comment on the loan from the Lender to the <br />Authority and the Loan to the Borrower and the nature and location of the Project. <br /> <br />Resolution No. 2000-053 <br />Page 2 of 4 <br /> <br /> <br />