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<br />- <br /> <br />EJC:sc <br />11/19/79 <br /> <br />RESOLUTION NO. 79-63 <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA AUTHORIZING <br />BOND ISSUES FOR THE ACQUISITION OF PERMANENT <br />LOANS FOR REHABILITATION OF SPECIFIED PROP- <br />ERTIES AND MAKING CERTAIN FINDINGS IN CONNEC- <br />TION THEREWITH <br /> <br />. <br /> <br />WHEREAS, by Resolution Number 79-61, adopted November 5, <br />1979, the Community Redevelopment Agency of the City of Santa Ana <br />adopted a Major Commercial Rehabilitation Program and declared its <br />intention to issue bonds or notes pursuant to the Community Rede- <br />velopment Law or the Marks Historical Rehabilitation Act of 1976 <br />for the purpose of providing financial assistance to developers and <br />owners of properties by purchasing permanent loans for rehabilita- <br />tion of said properties within a Designated Rehabilitation Area, <br />therein described; and <br /> <br />WHEREAS, in order to induce developers and owners of <br />property within the described Designated Rehabilitation Area, the <br />Community Redevelopment Agency of the City of Santa Ana desires to <br />take official action authorizing the issuance of specified bonds to <br />acquire loans made for rehabilitation of specified properties by <br />developers and owners. <br /> <br />. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY REDEVEL- <br />OPMENT AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS: <br /> <br />1. In accordance with the general requirements set <br />forth in Resolution Number 79-61, this Agency hereby authorizes the <br />issuance of separate and distinct bond issues in amounts not to <br />exceed $1,000,000 each for the purpose of providing financial assis- <br />tance to the developers and owners set forth herein below by pur- <br />chasing permanent loans made for rehabilitation of the respective <br />properties set forth below: <br /> <br />. <br /> <br />Developer or Owner <br /> <br />1, Marvin O. Burton <br />2. Sylvia Jackman, et. al. <br />3. L. C. Scott <br />4. Harry and Evelyn Greenberg <br />5. Steven J. Keiser <br />6. E. Walter Scott <br />7. Arthur Turner <br />8. David Flaherty <br />9. Lynn Cereda <br />10. Albert Blank <br />11. William E. Baker <br /> <br />Location of Project Properties <br /> <br />116 West Fourth Street, Santa Ana <br />117 West Fourth Street, Santa Ana <br />214/18 West Fourth Street, Santa Ana <br />117 North Sycamore, Santa Ana <br />408/410 West Fourth Street, Santa Ana <br />206 West Fourth Street, Santa Ana <br />Odd Fellows Hall, North Main, Santa Ana <br />505 North Main Street, Santa Ana <br />517 North Main Street, Santa Ana <br />515 North Main Street, Santa Ana <br />1322 North Sycamore/1325 North <br />Broadway, Santa Ana <br /> <br />2. The proceeds of each such issue of bonds shall include <br />related and necessary issuance expenses, administrative costs, <br />reasonably required reserves and interest payments. <br /> <br />3. Each issue of bonds shall be issued subject to com- <br />pletion of issuance, sale and delivery proceedings and other matters <br />relating thereto to the full satisfaction of the Agency. <br /> <br />4. It is hereby found and determined that the providing <br />of financial assistance, as more particularly described herein and <br />in Resolution Number 79-61, is a substantial inducement to the <br />aforesaid developers and owners to rehabilitate the aforedescribed <br />properties, that said rehabilitation will further the public purpose <br /> <br />. <br />