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<br />WHEREAS, the Industrial Portion of the Project <br />approved by the City Council is an industrial facility <br />subject to the Act; and <br /> <br />WHEREAS, this Authority agrees with the findings <br />by the City Council that financing of the Industrial Portion <br />of the Project is in the public interest, for the public <br />benefit and in furtherance of the public purposes of the <br />City and desires to assume the City's intent, as expressed <br />in City Council Resolution No. 81-223, to assist McFadden <br />Properties in the acquisition, construction and improvement <br />of the Industrial Portion of the Project. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE INDUSTRIAL <br />DEVELOPMENT AUTHORITY OF THE CITY OF SANTA ANA AS FOLLOWS: <br /> <br />Section 1. The undertaking of the financing of <br />the Industrial Portion of the project by this Authority will <br />be a substantial factor in accrual of the public benefits to <br />be received from the project. <br /> <br />Section 2. The proposed financing of the Industrial <br />Portion of the Project is in accord with the purposes and <br />requirements of the Act. <br /> <br />Section 3. This Authority will incur indebtedness, <br />in an aggregate amount of up to $1,750,000 to finance the <br />Industrial Portion of the Project and hereby authorizes the <br />issuance and sale of Bonds of the Authority pursuant to the <br />Act in a principal amount of not to exceed $1,750,000 for <br />the purpose of financing the acquisition, construction and <br />improvement of an industrial facility and related and <br />appurtenant facilities, to be constructed by the Company <br />within the City at a site located at approximately 2041 East <br />Wilshire Avenue. Such authorization is an undertaking by <br />the Authority to issue and sell such Bonds in lieu of the <br />City and is intended as a transfer of the authorization of <br />the City with respect to such Bonds which was made for the <br />purpose of inducing the Company to undertake to construct <br />and develop the Project. This undertaking by the Authority <br />to assume the City's resolution of intent applies only to <br />the Industrial Portion of the project, in an amount not to <br />exceed $1,750,000, and does not impact the balance of the <br />$10,000,000 principal amount of Bonds proposed to be issued <br />by the City pursuant to its Resolution No. 81-223 in <br />connection with the Commercial Portion of the Project. <br /> <br />wi <br /> <br />J <br /> <br />"'" <br /> <br />J <br /> <br />...J <br />