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.* . . . ~ ~ RESOLUTION NO. 2000-01 A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA APPROVING AN OWNER PARTICIPATION AGREEMENT BETWEEN THE AGENCY AND THE ORANGE COUNTY ffiGH SæOOL OF THE ARTS, AND A COOPERATION AGREEMENT WITH THE CITY OF SANTA ANA RELATED TO THE ORANGE COUNTY ffiGH SCHOOL OF THE ARTS. WHEREAS, the Community Redevelopment Agency of the City of Santa Ana (the "Agency") is engaged in activities necessary to execute and implement the Redevelopment Plan for the Central City Redevelopment Project Area (the "Project Area"); and, WHEREAS, the Orange County High School of the Arts, a California nonprofit public benefit corporation (the "Owner") in under agreement to purchase several pieces of property within the Project Area (the "Property") and proposes to develop thereon a charter public high school specializing in a fine arts cumculum; and WHEREAS, in furtherance of the Redevelopment Plan, the Agency proposes to assist the Owner pursuant to the terms and provisions of that certain Owner Participation Agreement between the Agency and the Owner (the "OPA") a copy of which is on file in the office of the Executive Director of the Agency; and, WHEREAS, under the terms of the OP A the Owner agrees to rehabilitate the Property and operate the school on the Property for at least 10 years in exchange for payments by the Agency; and, WHEREAS, the OP A contains all of the provisions, terms, conditions and obligations required by state and local law; and, WHEREAS, the Agency proposes to seek the financial assistance of the City of Santa Ana (the "City") in meeting its obligations under the OP A in the fonn of a standby revolving loan under the terms of that certain Cooperation Agreement presented to the Council and on file in the Office of the Clerk Gfthe Council (the "Cooperation Agreement"); and, WHEREAS, the Agency has reviewed and considered the Negative Declaration No. 00-2 prepared by the City for the proposed OP A, the Cooperation Agreement and the development of the Property.