65A - SANTORA BUILDING AD HOC RPT

Home Browse Search

REHABILITATION LOAN AGREEMENT AND USE COVENANT THIS AGREEMENT is entered into as of the ? day of {(1-1 C? 2001 by and between the COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, a public body, corporate and politic (the "Agency") and SANTORA PARTNERS, LLC, a Delaware Limited Liability Company (the "Developer"). RECITALS A. Agency is engaged in implementation of the Redevelopment Plan for the City of Santa Ana Redevelopment Project Area (the "Redevelopment Plan" for the "Project Area") in the City of Santa Ana, California (the "City"). B. Pursuant to the California Community Redevelopment Law and the Redevelopment Plan, Agency is entering into this Agreement in order to obtain substantial rehabilitation of the building in the Project Area, increase employment opportunities within the Project Area, generate additional taxes with which the community can improve and provide an environment for the social, economic and psychological growth and well-being of all citizens. C. Developer has requested assistance from the Agency for rehabilitation of the Santora Building and certain other improvements of the Property. The Agency is authorized to provide assistance pursuant to Health and Safety Code § 33444.5. D. In order to make possible the rehabilitation of the Property, thereby increasing business and employment opportunity in the project area and eliminating blight, Agency is willing to provide financial assistance on behalf of the Developer. NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Developer and Agency agree as follows: [§ 1001 DEFINITIONS AND PURPOSE OF AGREEMENT §101 Puipose of this Agreement.` The purpose of tKis Agreement is to effectuate the Redevelopment Plan for the Project Area by providing for the improvement of the Property (the 'Project"). The improvement of the Property pursuant to this Agreement and the fulfillment generally of this Agreement are in the vital and best interests of the City and the health, safety, morals and welfare of its residents and in accordance with the public purposes and provisions of applicable federal, state and local laws and requirements. Implementation of this Agreement will further the goals and objectives of the Redevelopment Plan. §102 Intentionally Omitted. § 103 The Project Area. The Project Area is located in the City, and the exact boundaries of the Project Area are specifically described in the Redevelopment Plan. 65A-7