Laserfiche WebLink
JOINT SESSION COUNCIUCRA <br />MOTION: Alvarez SECOND: Solorio <br />VOTE: AYES: Alvarez, Bist, Bustamante, Garcia, Pulido, <br />Solorio (6) <br />NOES: None (0) <br />ABSTAIN: Christy(1) <br />ABSENT: None (0) <br />COUNCIL RECESSED TO THE COMMUNITY REDEVELOPMENT AGENCY <br />MEETING AT 7:26 P.M. FOLLOWED BY THE SANTA ANA FINANCING AUTHORITY <br />AND HOUSING AUTHORITY. <br />COUNCIL RECESSED TO THE JOINT SESSION BETWEEN THE CITY COUNCIL <br />AND INDUSTRIAL DEVELOPMENT AUTHORITY AT 7:29 P.M. <br />WORK STUDY SESSION <br />W.S.A. Empowerment Zone Industrial Development Bonds — Community <br />Development Agency <br />Pat Whitaker, Executive Director, Community Development Agency <br />briefed the Council relative to the two items on the Joint session between <br />the City Council and the Industrial Development Authority. Highlights are <br />as follows: <br />• One of the incentives available to businesses within the Santa Ana <br />Empowerment Zone is an allocation of $130 million for the issuance of <br />Private Activity Bonds to qualified businesses <br />• The Empowerment Zone has issued two prior bonds <br />• The City has received applications from Cramer -Decker Industries <br />requesting assistance in financing the acquisition of property located in <br />the Empowerment Zone ( 1641 St. Andrew Place), and from Memory <br />Experts International requesting assistance in acquiring the property <br />located in the Empowerment Zone (1651 St. Andrew Place) <br />• As a condition, 35 percent of the workforce for these industries must <br />be Empowerment Zone residents <br />• In addition to receiving approval by the Industrial Development <br />Authority, the Tax Equity and Fiscal Responsibility Act (TEFRA) <br />imposes public hearing requirements for tax-exempt bonds. <br />• Before bonds can be sold, the Council must hold a public hearing <br />CITY COUNCIL MINUTES 392 DECEMBER 20, 2004 <br />