Laserfiche WebLink
<br />RESOLUTION NO. 2004-100 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA APPROVING THE INDUSTRIAL DEVELOPMENT <br />AUTHORITY OF THE CITY OF SANTA ANA ENTERING INTO A <br />LOAN OR LOANS IN A PRINCIPAL AMOUNT NOT TO EXCEED <br />$4,700,000 AND LENDING THE PROCEEDS OF SUCH LOAN OR <br />LOANS TO NSHE HARLAN, LLC AND/OR MEMORY EXPERTS <br />INTERNATIONAL (USA), INC., AS APPLICABLE AND <br />ALLOCATING AN AMOUNT NOT TO EXCEED $4,700,000 OF <br />THE SANTA ANA EMPOWERMENT ZONE CEILING FOR <br />PRIVATE ACTIVITY BONDS FOR THE BENEFIT OF THE <br />PROJECT TO BE FINANCED PURSUANT TO SUCH LOANS <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA <br />ANA AS FOLLOWS: <br /> <br />Section 1. The City Council hereby finds, determines and declares as <br />follows: <br /> <br />A. Pursuant to the Taxpayer's Relief Act of 1997 (the "Taxpayer's <br />Relief Act"), the federal government has designated a portion of the City of Santa <br />Ana (the "City") as an empowerment zone (the "Santa Ana Empowerment <br />Zone"). <br /> <br />B. Pursuant to the Taxpayer's Relief Act, among the tax incentives <br />conferred on the City is the ability to issue up to $130 million in tax-exempt <br />enterprise zone facility bonds (the "Empowerment Zone Ceiling") to make loans <br />to qualifying business borrowers to finance the cost of certain commercial, retail, <br />industrial or other facilities qualifying as "enterprise zone facilities" as that term is <br />defined in Section 1394 of the Internal Revenue Code of 1986, as amended (the <br />"Code"). <br /> <br />C. As of the date of this Resolution, the City has utilized only <br />Seventeen Million Dollars ($17,000,000) of the City's Empowerment Zone <br />Ceiling, not counting other actions taking place this same date. <br /> <br />D. The Industrial Development Authority of the City of Santa Ana (the <br />"Authority") has accepted an application (the "Application") from NSHE Harlan, <br />LLC, an Arizona limited liability company, or a related entity, and Memory <br />Experts International (USA), Inc., or a related entity, as applicable (the <br />"Applicant"), requesting the Authority to enter to a loan agreement or loan <br />agreements pursuant to the California Industrial Development Financing Act, <br />being Title 10 of the California Government Code, as supplemented and <br />amended (the "Act"), to finance the construction, rehabilitation, installation and <br />equipping of certain facilities (the "Project") to be owned and operated by the <br />Applicant, or a related entity; and <br /> <br />75C <br />