Laserfiche WebLink
<br />BUSINESS CALENDAR <br /> <br />Matters listed on the Business Calendar are generally proposals for new legislation or <br />items requiring discussion. <br /> <br />4. <br /> <br />INDUSTRIAL DEVELOPMENT BOND - INGARDIA BROTHERS <br />PRODUCE, INC. <br /> <br />Motion: <br /> <br />1. Recommend that the City Council adopt a resolution <br />approving the Industrial Development Authority of the City of <br />Santa Ana entering into a loan and/or issue a bond in a <br />principal amount currently at $2,075,000, but potentially <br />subject to minor increase once the final costs of issuance are <br />known, in Private Activity Bonds and lend the proceeds of <br />such loan or bond to Ingardia Brothers Produce, Inc. for the <br />acquisition of equipment for installation and use in their new <br />Santa Ana facility. <br /> <br />2. Recommend that the Industrial Development Authority adopt a <br />resolution authorizing entering into a loan agreement pursuant <br />to which the Authority will borrow pursuant to the loan <br />agreement and lend to Ingardia Brothers Produce, Inc. an <br />amount currently at $2,075,000, but potentially subject to <br />minor increase once the final costs of issuance are known, in <br />Private Activity Bonds and lend the proceeds of such loan to <br />Ingardia Brothers Produce, Inc. for the acquisition of <br />equipment for installation and use in their new Santa Ana <br />facility. <br /> <br />Board member Harita moved for discussion, seconded by Burrier-Lund. <br /> <br />Board member discussion ensued. <br /> <br />Amended Motion: <br /> <br />1. Recommend that the City Council adopt a resolution <br />approving the Industrial Development Authority of the City of <br />Santa Ana entering into a loan and/or issue a bond in a <br />principal amount not to exceed $2,500,000 in Private Activity <br />Bonds and lend the proceeds of such loan or bond to Ingardia <br />Brothers Produce, Inc. for the acquisition of equipment for <br />installation and use in their new Santa Ana facility. <br /> <br />SAEC MINUTES <br /> <br />3 <br /> <br />JULY 25, 2007 <br />