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377 <br /> <br />RESOLUTION NO. 2000-081 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA AUTHORIZING AND APPROVING A LOAN TO <br />THE COMMUNITY REDEVELOPMENT AGENCY OF THE <br />CITY OF SANTA ANA USE IN ITS SOUTH MAIN PROJECT <br />AREA OF A PORTION OF THE TRANSIENT OCCUPANCY <br />TAX GENERATED BY THE DOUBLETREE HOTEL <br /> <br />BK: 12/7/00 <br /> <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS <br />FOLLOWS: <br /> <br /> SECTION 1: The City Council of the City of Santa Ana hereby finds, determines <br />and declares as follows: <br /> <br />The Planning Commission of the City of Santa Ana, after a noticed public <br />hearing, has approved the construction and operation of a 151 room, 7 <br />story Doubletree Hotel at the corner of Imperial Promenade and MacArthur <br />Boulevard in the City of Santa Ana. <br /> <br />This Hotel will include approximately 8,130 square feet of banquet facilities. <br />This will be, bar far, the largest banquet facility associated with any hotel in <br />the City. <br /> <br />As part of this project, the Hotel owner and the Community Redevelopment <br />Agency ("Agency") have entered into an Owner Participation Agreement <br />("OPA") in which the owner has agreed to construct said banquet facilities <br />and certain other amenities and maintain an agreed-upon, high level of <br />fixtures, furniture and equipment through and until fiscal year 2015-2016. <br /> <br />In return for this commitment, which will run with the land, the Agency has <br />agreed to pay annually to the hotel owner from tax increment an amount <br />equivalent to a portion of the transient occupancy tax generated by this <br />hotel. <br /> <br />The South Main Project Area and the entire City will benefit from the <br />construction and operation of this hotel with this high level of improvements <br />and large banquet area. <br /> <br />For these reasons, and because it is appropriate for the South Main Project <br />Area to maintain as much of its tax increment as is possible in the short <br />term in order to further the purposes of the Community Redevelopment Law <br />and the Redevelopment Plan for this Project Area, the Council intends to <br />make an annual loan to the Agency of an amount equal to its obligation to <br />the hotel owner. <br /> <br />RESOLUTION NO. 2000-081 <br /> PAGE 1 OF 2 <br /> <br /> <br />