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<br />JOINT PUBLIC HEARING - DOCUMENTATION AND CONTRACTS FOR CERTIFICATES <br />OF PARTICIPATION TO FINANCE DOWNTOWN PARKING FACILITIES <br /> <br />. <br /> <br />Chairman Griset announced that it was the time and place for the <br />Joint Public Hearing of the Community Redevelopment Agency and the <br />City Council of the City of Santa Ana for the proposed lease of <br />properties by the Community Redevelopment Agency of the City of <br />Santa Ana to the City of Santa Ana, adding that the properties are <br />located at: <br /> <br />1) Southeast and southwest corners of 5th and Spurgeon <br />2) Southwest corner of 5th and Main <br />3) Northwest corner of 3rd and Spurgeon <br />4) Northwest corner of 3rd and Birch <br /> <br />The Chairman then asked that staff identify <br />issues and give the staff recommendations. <br /> <br />the properties and <br /> <br />The Manager of Operations and Finance pointed out that the Agency <br />Members had been given maps showing the locations of the sites and <br />the footprints of the four parking facilities. He added that the <br />size and locations of the proposed parking facilities were: <br /> <br />. <br /> <br />750 space parking structure at 5th and French <br />479 space parking structure at 5th and Main <br />370 space parking structure at 3rd and Birch <br />150 space surface parking lot at Cor day Hotel Site <br /> <br />The Manager of Operations and Finance added that the financing <br />vehicle selected to fund the facilities is Certificates of <br />Participation which involves a lease-purchase arrangement between <br />the Redevelopment Agency and the City of Santa Ana and that the <br />City, as Lessee, must approve by resolution all of the same <br />documents that are approved by the Agency. He added that the <br />financing for these parking facilities would be a bond issue in the <br />$13 to $13.5 million range at a fixed-rate of interest with a <br />30-year term. He stated that if the bonds were marketed today they <br />would bear a 7 3/4% interest rate and, since it was hoped that they <br />could be marketed by July 22, 1986, they would probably bear an <br />interest rate in that range. <br /> <br />. <br /> <br />In response to a query from the Chairman, the Agency Secretary <br />affirmed that there were no written communications. <br /> <br />The Chairman then asked any member of the public wishing to be <br />heard on this issue to step forward and give their name and address <br />and limit their comments to five minutes. <br /> <br />5 <br />