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<br />\.. <br /> <br />l <br /> <br />\.. <br /> <br />L <br /> <br />\.. <br /> <br />RESOLUTION NO. <br /> <br />IDA 85-15 <br /> <br />OF <br /> <br />RESOLUTION OF THE INDUSTRIAL DEVELOPMENT <br />AUTHORITY OF THE CITY OF SANTA ANA <br />AUTHORIZING ISSUANCE OF BONDS FOR <br />THE PURPOSE OF FINANCING THE CONSTRUCTION <br />INDUSTRIAL FACILITIES BY MCFADDEN PROPERTIES <br /> <br />WHEREAS, the City Council of the City of Santa Ana <br />(the "City Council") on December 21, 1981, adopted its <br />Resolution No. 81-223 authorizing the issuance and sale of <br />bonds of the City of Santa Ana ("City") in a principal <br />amount not to exceed Ten Million Dollars ($10,000,000) for <br />the purpose of financing the acquisition, construction and <br />improvement of certain industrial and commercial facilities <br />and parking and related and appurtenant facilities (the <br />"project") to be constructed by McFadden properties, a <br />partnership qualified to do business in California (the <br />"Company"), and <br /> <br />WHEREAS, such resolution was adopted for the purpose <br />of inducing the Company to undertake to construct and develop <br />the project; and <br /> <br />WHEREAS, the project as approved by the City Council <br />included proposed commercial facilities to be constructed by <br />the Company at 2002 East McFadden Avenue in the City (the <br />"Commercial portion") and a proposed industrial facility to <br />be proposed on adjacent land, which parcel extends to Wilshire <br />Avenue at approximately 2041 East Wilshire Avenue in the <br />City (the "Industrial portion"); and <br /> <br />WHEREAS, the City Council found that authorization <br />of bonds for the aforesaid purposes was in the public interest, <br />for the public benefit and in furtherance of the public <br />purposes of the City; and <br /> <br />WHEREAS, this Authority is organized and existing <br />in accordance with the California Industrial Development <br />Financing Act (Title 10, commencing with section 91500 of <br />Government Code) (the "Act") to render assistance to private <br />industry for industrial development within the City of Santa <br />Ana in accordance with the Act; and <br />