1981-042 CRA - Laserfiche WebLink

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REL:adg 6/1/81 RESOLUTION NO. 81-42 . A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AUTHORIZING BOND ISSUES FOR THE FUNDING OF PERMANENT LOANS FOR REHABILITATION OF SPECIFIED PROPERTY AND MAKING CERTAIN FINDINGS IN CONNECTION THEREWITH. WHEREAS, by Resolution No. 79-61, adopted November 5,1979, the Community Redevelopment Agency of the City of Santa Ana adopted a Major Commercial Rehabilitation Program and declared its intention to issue bonds or notes pursuant to the Community Redevelopment Law or the Marks Historical Rehabilitation Act of 1976 for the purpose of providing financial assistance to developers and owners of properties by funding permanent loans for rehabilitation of said property within a Designated Rehabilitation Area, therein described; and . WHEREAS, in order to induce developers and owners of property within the described Designated Rehabilitation Area, the Community Redevelopment Agency of the City of Santa Ana desires to take official action authorizing the issuance of specified bonds to fund loans made for rehabilitation of specified properties by developers and owners. NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS: 1. In accordance with the general requirements set forth in Resolution No. 79-61, this Agency hereby authorizes the issuance of one or more separate and distinct bond issues in an amount not to exceed $1,000,000 per bond issue for the purpose of providing financial assistance to the developers or owners set forth herein below by funding permanent loans made for rehabilitation of the property set forth below: Developer or Owner Location of Project Property . Noe L. Lao and Esther Ting Lao Otis Building Limited Partnership i 1 Harry E. Gabriel, Gene M. Hill, and Gene Mayo 2. The proceeds of such issue of bonds shall include related and necessary issuance expenses, administrative costs, reasonably required reserves and interest payments. 515 N. Main Street 101/103 W. Fourth Street 415 N. Sycamore Street 3. Such issue of bonds shall be issued subject to completion of issuance, sale and delivery proceedings and other matters relating thereto to the full satisfaction of the Agency. 4. It is hereby found and determined that the providing of financial assistance, as more particularly described herein and in Resolution No. 79-61, is a substantial inducement to the aforesaid developer or owner to rehabilitate the aforedescribed property, that said rehabilitation will further the public purpose and goals of this Agency and is for the public interest and benefit, and that the aforesaid developer owner has requested this Agency .