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<br />RESOLUTION NO. IDA 2007-002 <br /> <br />A RESOLUTION OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF <br />THE CITY OF SANTA ANA AUTHORIZING ENTERING INTO LOAN <br />AGREEMENT PURSUANT TO WHICH IRE AUTHORITY WILL BORROW <br />AND LEND TO BORROWER NOT TO EXCEED $2,500,000 FOR THE <br />ACQUISITION, CONSTRUCTION AND INSTALLATION OF CERTAIN <br />PROPERTY AND FACILITIES, AND AUTHORIZING VARIOUS ACTIONS IN <br />CONNECTION THEREWITH <br /> <br />BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE INDUSTRIAL <br />DEVELOPMENT AUTHORITY OF THE CITY OF SANTA ANA AS FOLLOWS: <br /> <br />Section I. <br /> <br />The Board of Directors hereby finds, determines and declares as follows: <br /> <br />A. The California Industrial Development Financing Act (California Government Code <br />Sections 91500 et seq., as amended and supplemented) (the "Act"), permits an industrial <br />development authority to issue revenue bonds for the purpose of financing the acquisition, <br />construction and/or rehabilitation of facilities, including real and personal property suitable for <br />industrial uses such as assembling, fabricating, manufacturing or processing activities with respect to <br />any products of agriculture, forestry or manufacturing, and commercial uses in an empowerment <br />zone and enterprise community designated pursuant to Section 1391 of the Internal Revenue Code of <br />1986, as amended (the "Code"), and the Act deems such revenue bonds to include various types of <br />obligations and evidences of indebtedness. <br /> <br />B. The Industrial Development Authority of the City of Santa Ana (the "Authority") is <br />authorized pursuant to the provisions of the Act to exercise powers of acquiring, constructing, <br />improving, furnishing, equipping, repairing, reconstructing and/or rehabilitating facilities and to enter <br />into agreements for the same. <br /> <br />C. The Board of Directors of the Authority desires to enter into a Loan Agreement for <br />the benefit of Ingardia Bros. Produce, Inc., or a related entity, as applicable (the "Borrower") for the <br />purpose of financing the acquisition and equipping of certain property comprising equipment to be <br />located at 700 Hathaway, Santa Ana, California, and certain costs of issuance, all of which together <br />constitute a project under the Act (the "Project"). <br /> <br />D. The Project is located within the City of Santa Ana Federal Empowerment Zone <br />designated pursuant to Section 1391 of the Code and will be used for qualified purposes. <br /> <br />E. The Authority has accepted the Borrower's application and has made certain findings <br />by resolution adopted July 16, 2007, the Borrower has revised its application to make a technical <br />correction to its legal name and to increase the principal amount of financing requested to a revised <br />principal amount not to exceed $2,500,000, and, based on the information provided by the Borrower <br />with respect to the Project, the Authority makes in Section 5 hereof certain determinations with <br />respect to the public benefits that may be derived from the financing of the Project and the <br />qualifications of the Project for financing under the Act. <br /> <br />F. The Project constitutes "Facilities" within the meaning of the Act and the Borrower is <br />a "Company" within the meaning ofthe Act. <br /> <br />DOCSOC/1233 212v2/200039-000 1 <br /> <br />