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RESOLUTION NO. IDA 2007-001 RESOLUTION OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF SANTA ANA ACCEPTING THE APPLICATION OF INGARDIA BROTHERS PRODUCE, INC., AND EXPRESSING PRELIMINARY INTENT TO PROVIDE FINANCING IN AN AMOUNT OF $2,075,000 FOR THE ACQUISITION OF CERTAIN EQUIPMENT, AND AUTHORIZING VARIOUS ACTIONS IN CONNECTION THEREWITH BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF SANTA ANA AS FOllOWS: Section 1. The Board of Directors hereby finds, determines and declares as follows: A. The California Industrial Development Financing Act (California Government Code Sections 91500 et seq., as amended and supplemented) (the "Act"), permits an industrial development authority to issue revenue bonds for the purpose of financing the acquisition, construction and/or rehabilitation of facilities, including real and personal property suitable for industrial uses such as assembling, fabricating, manufacturing or processing activities with respect to any products of agriculture, forestry or manufacturing, and commercial uses within an empowerment zone and enterprise community designated pursuant to Section 1391 of the Internal Revenue Code of 1986, as amended (the "Code"), and the Act deems such revenue bonds to include various types of obligations and evidences of indebtedness. B. The Industrial Development Authority of the City of Santa Ana (the "Authority") is authorized pursuant to the provisions of the Act to exercise powers of acquiring, constructing, improving, furnishing, equipping, repairing, reconstructing and/or rehabilitating facilities and to enter into agreements for the same. C. The Board of Directors of the Authority desires to accept the application of Ingardia Brothers Produce, Inc., a California corporation, (the "Borrower") for the financing by the Authority of the acquisition of certain equipment to be located at the Borrower's food distribution facility located at 700 South Hathaway, Santa Ana, California, and certain costs of issuance in the estimated amount of $2,075,000, all of which together constitute a project under the Act (the "Project"). D. The Project is located within the City of Santa Ana Federal Empowerment Zone designated pursuant to Section 1391 of the Code and will be used for qualified purposes. E. The Authority, based on the information provided by the Borrower with respect to the Project, makes in Section 2 hereof certain determinations with respect to the public benefits that may be derived from the financing of the Project and the qualifications of the Project for financing under the Act. IDA Resolution No. 2007-001 Page 1 of 4