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RESOLUTION NO. 2002-07 A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA APPROVING A LOAN FROM THE CITY OF SANTA ANA IN THE MAXIMUM PRINCIPAL AMOUNT OF $2,800,000 TO PROVIDE FUNDS TO RENOVATE THE HISTORIC PHILLIPS HUTTON BUILDING, AND APPROVING RELATED ACTIONS BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, AS FOLLOWS: Ser.tion 1: The Board of the Community Redevelopment Agency of the City of Santa Ana hereby finds, determines and declares as follows: A. The Community Redevelopment Agency of the City of Santa Ana (hereinafter referred to as the "Agency") has undertaken to assist in financing the restoration, renovation and rehabilitation of historical buildings located at 301-309 West Fourth Street, known generally as the Phillips Hutton Building (the "Project"), which is located in the Central City Redevelopment Project of the Agency, and in order to provide funding for the Project and to pay related financing costs the Agency has requested the City of Santa Ana (the "City") to make a loan to the Agency in the amount of not to exceed $2,800,000 (the "Loan"). B. In order to raise the funds needed to make the Loan to the Agency, the City has proposed to enter into a Site Lease (the "Site Lease") with the Santa Ana Financing Authority (the "Authority"), whereby the City leases to the Authority certain land and improvements constituting the Cambridge ReseNoir (the "Property") in consideration of the agreement by the Authority to pay to the City an amount which is sufficient to enable the City to make the Loan to the Agency. C. The Authority has proposed to lease the Property back to the City and to assign its rights under the related Lease Agreement (the "Lease Agreement") to Zions First National Bank (the "Bank") in order to raise the funds necessary to enable the Authority to make the payment due to the City under the Site Lease and thereby enable the City to make the Loan to the Agency. 1