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<br />. <br /> <br />RESOLUTION NO. 2001- 02 <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA AUTHORIZING THE <br />SUBORDINATION OF CERTAIN PAYMENTS TO BE MADE <br />UNDER AN OWNER PARTICIPATION AGREEMENT WITH <br />RESPECT TO THE HENINGER VILLAGE SENIOR.. <br />APARTMENTS AND AUTHORIZING THE EXECUTION AND <br />DELIVERY OF AND APPROVING OTHER RELATED <br />DOCUMENTS AND APPROVING OTHER RELATED <br />ACTIONS IN CONNECTION THEREWITH <br /> <br />BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE <br />CITY OF SANTA ANA AS FOLLOWS: <br /> <br />Section 1. The Community Redevelopment Agency the City of Santa Ana <br />hereby, finds, determines and declares as follows: <br /> <br />. <br /> <br />A. The Community Redevelopment Agency of the City of Santa Ana (the <br />"Agency") has entered into an Owner Participation Agreement, dated March 17, 1987, <br />with Syçamore Retirement Apartments, Ltd., a California limited partnership (the <br />"Original Developer") and TEJV-1, loP., assuCC$SSOf-in-interest to the Resolution Trust <br />Corporation, as sucœssor-in-interest to Mercury Savings and Loan Association (the <br />"Owner Participation Agreement"), with respect to the acquisition, development and <br />ownership of the a 58-unit multifamily residential rental facility located at 200 South <br />Sycamore Street in the City of Santa Ana, currently known as Heninger Village Senior <br />Apartments (forrner1y known as Sycamore Apartments) (the "Project"), a portion of <br />which is made available to persons of low and moderate income; <br /> <br />B. Pursuant to the terms and provisions of the Owner Participation <br />Agreement, the Agency made a loan to the Original Developer for the purpose of <br />financing, in part, the Project in the amount of $425.000.00 and the Borrower executed <br />a Promissory Note, dated April 6, 1987, in the principal amount of $425,000.00 (the <br />"Note") in favor of the Agency; <br /> <br />C. The Housing Authority of the City of Santa Ana (the "Authority") is <br />authorized by Chapter 1 of Part 2 of Division 24 (commencing with Section 34200) of <br />the Health and Safety Code of the State of California (the "Law"), to issue and &ell its <br />revenue bonds for the purpose of financing the acquisition, construction, rehabilitation <br />or development of multifamily rental housing for families and individuals of low and very <br />low income; and <br /> <br />. <br /> <br />D. In connection with the execution and delivery of the Owner Participation <br />Agreement, the Housing Authority of the City of Santa Ana (the "Authority") issued and <br />delivered its $3,290,000 aggregate principal amount of Variable Rate Demand <br />Multifamily Housing Revenue Bonds (Mercury Savings and Loan Association/Sycamore <br />