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<br />~ <br /> <br />. <br /> <br />. <br /> <br />REL:adg <br />4/29/82 <br /> <br />RESOLUTION NO .82-27 <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA AUTHORIZING <br />THE EXECUTIVE DIRECTOR OF THE AGENCY TO <br />ENTER INTO A LOAN AGREEMENT WITH BARRISTERS' <br />BUILDING LTD. FOR THE REHABILITATION OF A <br />BUILDING LOCATED AT 217 NORTH MAIN STREET <br /> <br />WHEREAS, Barristers' Building Ltd., a California <br />Limited partnership, desires to undertake the rehabilitation <br />of its building located at 217 North Main Street, commonly <br />known as the "Old City Hall;" and <br /> <br />WHEREAS, in order to obtain construction loan <br />financing for such rehabilitation work, Barristers' Building <br />Ltd. needs permanent loan commitments from financial lenders <br />in the approximate amount of $2,750,000.00 at current market <br />interest rates and from the Community Redevelopment Agency <br />of the City of Santa Ana ("Agency") in the amount of <br />$325,000.00 at no interest; and <br /> <br />WHEREAS, the rehabilitation of the said building <br />will promote the goals and objectives of the Agency pursuant <br />to the Redevelopment Plan of the Santa Ana Community <br />Redevelopment Project by achieving the restoration and new <br />use of an historically and architecturally significant <br />structure in the downtown area of the City of Santa Ana, and <br />thereby encourage the redevelopment of nearby properties; <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS: <br /> <br />The Executive Director of the Agency is authorized <br />to negotiate, prepare, and execute, on behalf of the Agency, <br />an agreement with Baristers' Building Ltd. by which the <br />Agency commits to loan $325,000.00 to Barristers' Building <br />Ltd., subject to the following terms and conditions: <br /> <br />(1) The proceeds of the loan shall be used for <br />the purpose of repaying such loan or loans as have been <br />obtained by Barristers' Building Ltd. for the purpose of <br />rehabilitating the building located at 217 North Main <br />Street, plus incidental financing costs. <br /> <br />(2) The loan shall be evidenced by a promissory <br />note which shall state that no interest is to be charged on <br />the principal amount of the loan and that said principal <br />amount shall be due and payable in its entirety on a date <br />three and one-half years following the date of said note. <br /> <br />.3 <br /> <br />lA <br />