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RESOLUTION NO. 2002-090 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA AUTHORIZING LEASE FINANCING RELATING <br />TO RENOVATION OF THE HISTORICAL PHILLIPS HUTTON <br />BUILDING IN THE MAXIMUM PRINCIPAL AMOUNT OF <br />$2,800,000, AND APPROVING RELATED DOCUMENTS <br />AND ACTIONS <br /> <br />bk: 10/15/02 <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 and <br />declares as follows: <br /> <br />The Community Redevelopment Agency of the City of Santa Ana (the <br />"Agency") has undertaken to assist in financing the restoration, renovation <br />and rehabilitation of historical buildings located at 301-309 West Fourth <br />Street, known generally as the Phillips Hutton Building (the "Project"), <br />which is located in the Central City Redevelopment Project of the Agency, <br />and in order to provide funding for the Project and to pay related financing <br />costs the Agency has requested the City to make a loan to the Agency in <br />the amount of not to exceed $2,800,000 (the "Loan"). <br /> <br />In order to raise the funds needed to make the Loan to the Agency, the <br />City has proposed to enter into a Site Lease (the "Site Lease") with the <br />Santa Ana Financing Authority (the "Authority"), whereby the City leases <br />to the Authority certain land and improvements constituting the Cambridge <br />Reservoir (the "Property") in consideration of the agreement by the <br />Authority to pay to the City an amount which is sufficient to enable the City <br />to make the Loan to the Agency. <br /> <br />Co <br /> <br />The Authority has proposed to lease the Property back to the City and to <br />assign its rights under the related Lease Agreement (the "Lease <br />Agreement") to Zions First National Bank (the "Bank") in order to raise the <br />funds necessary to enable the Authority to make the payment due to the <br />City under the Site Lease and thereby enable the City to make the Loan <br />to the Agency. <br /> <br />The Agency has proposed to repay the Loan from available tax increment <br />revenues derived from the Central City Redevelopment Project, in <br />semiannual installments which are equal to the City's lease payments <br />under the Lease Agreement, and the City will pledge and assign the Loan <br />repayments to the Bank so that the City will be obligated to make <br /> <br />Resolution No. 2002-090 <br /> Page 1 of 3 <br /> <br /> <br />