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les: 12/17/13 <br />RESOLUTION NO. 2014- <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA APPROVING THE INDUSTRIAL <br />DEVELOPMENT AUTHORITY OF THE CITY OF SANTA <br />ANA AUTHORIZING THE AMENDMENT OF A LOAN <br />AGREEMENT TO REFINANCE THE MANUFACTURING <br />FACILITY OF MEMORY EXPERTS INTERNATIONAL <br />(USA), INC., LOCATED AT 1651 ST. ANDREW PLACE <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS <br />FOLLOWS: <br />Section 1. The City Council of the City of Santa Ana hereby finds, determines <br />and declares as follows: <br />A. The Santa Ana Empowerment Zone originally received an allocation of <br />$130 million of private activity bond volume cap for the issuance of industrial <br />development bonds ( "IDBs "). The City Council of the City of Santa Ana (the "City ") is <br />authorized to grant allocations of the volume cap to qualified businesses in the <br />empowerment zone for capital financing of projects in the empowerment zone. <br />B. On December 20, 2004, the City Council adopted its Resolution No. 2004- <br />100, allocating an amount not to exceed $4.7 million of such volume cap to Memory <br />Experts International (USA), Inc. ( "Memory Experts ") to permit the use of industrial <br />development bonds or loans to finance and refinance a manufacturing facility located at <br />The Pres Corporate Center, 1651 St. Andrew Place, and related equipment and <br />furnishings (the "Project "). <br />C. On December 20, 2004, the Industrial Development Authority of the City of <br />Santa Ana (the "Authority ") adopted its Resolution No. IDA 2004 -002, authorizing the <br />Authority to assist in such financing and refinancing by entering into a Loan Agreement, <br />dated as of February 1, 2005 (the "Original Loan Agreement'), among GE Capital Public <br />Finance, Inc., as lender and collateral agent (the "Lender'), the Authority, as issuer, and <br />Memory Experts, as borrower. <br />D. Under the Original Loan Agreement, the Lender loaned $4.4 million to the <br />Authority and the Authority immediately loaned the same $4.4 million to Memory <br />Experts (collectively, the "Loan "). Memory Experts is required to make all Loan <br />repayments directly to the Lender. Neither the City nor the Authority bear any financial <br />responsibility whatsoever for the Loan. <br />2-15 Resolution No. 2014 - <br />