HomeMy WebLinkAbout85-003R~L: adg
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RESOLUTION NO. 85- 3
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA ANA RELATING TO THE ISSUANCE
OF BONDS FOR THE PURPOSE OF FINANCING THE
ACQUISITION AND CONSTRUCTION OF VARIOUS
MULTI-FAMILY RESIDENTIAL RENTAL PROJECTS
AND RELATED FACILITIES
WHEREAS, the City Council of the City of Santa Ana
(the "City") is authorized to issue bonds pursuant to the
provisions of California Health and Safety Code, Division 31,
Part 5 (Sections 52000 et seq.) (the "Law") for the purpose of
providing financing for the acquisition and construction of
multi-family residential rental projects located within the
City; and
WHEREAS, the various property owners and/or developers
listed in Exhibit A hereto (collectively, the "Developers")
have requested the City to issue and sell its revenue bonds
pursuant to the procedures specified in the Law for the purpose
of financing the acquisition and construction of certain land
and facilities consisting of multi-family residential rental
projects and underlying land and related and appurtenant
facilities located at the respective addresses set forth in
Exhibit A (collectively, the "Projects") to be acquired and
constructed by the Developers within the City, and the City
Council wishes to induce the Developers to acquire, construct
and develop the Projects in the City; and
WHEREAS, it is in the public interest, for the public
benefit and in furtherance of the public purposes of the City
that the City Council authorize the Bonds for the aforesaid
purposes;
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Santa Ana as follows:
RESOLUTION NO. 85-3
PAGE TWO
1. The City Council hereby authorizes the issuance
and sale of the Bonds pursuant to the procedures specified in
the Law in an aggregate principal amount not to exceed Fifty-
Seven Million Four Hundred Thousand Dollars ($57,400,000)
for the purpose of providing financing for the acquisition,
construction and improvement of the Projects as set forth in
Exhibit A. Such authorization shall be for the purpose of
inducing the Developers to undertake the Projects and, in
particular, to do so at the aforesaid respective locations.
2. The issuance and sale of the Bonds shall be upon
such terms and conditions as may be mutually agreed upon by the
City, the Developers and the purchaser of said Bonds and shall
be authorized by resolution of the City Council at a meeting
duly held and conducted for such purpose.
3. The proceeds of the Bonds shall include such
related and necessary issuance expenses, administrative costs,
debt service reserves and interest payments as may be required
to accomplish successfully the financing.
ADOPTED this
ATTEST:
21st day of January
Daniel E. Griset
Mayor
, 1985.
COUNCILMEMBERS:
Griset Aye
Acosta Absent
Hart Aye
Johnson Aye
Luxembourger Aye
McGuigan Aye
Young Aye
APPROVED AS TO FORM:
Edwar~ ~ Co~per
City Att~-a~y
ADDRESS
1500 N. Harbor
Santa Ana
1202 N. Van Ness
Santa Ana
EXHIBIT A
DEVELOPER
415, 419, 421
E. 16th Street
Classic Development
Corporation
17682 Mitchell North
Suite 200
Irvine, CA 92714
Roger De Young
Frank H. Ayres & Son
20951 Brookhurst St.
Huntington Beach
92648
Karcher-George-
Struthers
Santa Ana
514, 518,
East Pine
Santa Ana
522, 526
207 S. Orange
Santa Ana
518 & 520 E.
Chestnut
Santa Aha
Karcher-George-
Struthers
Karcher-George-
Struthers
Karcher-George
Struthers
702, 708, 710 E.
Santa Ana Blvd.
613, 617 N. Lacy
Santa Ana
710, 714, 720, 722,
724 E. Walnut
Santa Ana
1407, 1409, 1413
N. Bush
Santa Ana
703, 709 N. Lacy
711 E. Santa Ana
Blvd.
Santa Aha
501 E. Pine
Santa Ana
309 S. Flower
Santa Ana
Karcher-George-
Struthers
Karcher-George-
Struthers
Karcher-George-
Struthers
Karcher-George-
Struthers
Fred White
547-8015
C. & S. Development
UNITS
130
10
66
78
54
56
90
99
65
34
16
10
$
5,000,000
400,000
3,700,000
5,000,000
3,200,000
3,300,000
4,700,000
5,300,000
3,700,000
2,000,000
600,000
400,000
-1-
621-623 E. Chestnut
Santa Aha'
1219 N. Van Ness
· an~a A~a
437 S. Birch
Santa Aha
317 S. Flower
Santa Ana
523 E. Pine
Santa Ana
1321 N. Ross
Santa Aha
1015 N. Parton
Santa Aha
614 E. Walnut
Santa Ana
1113-1117 Santa Ana
Blvd.
Santa Ana
1114 W. Santa Ana
Blvd.
Santa Ana
917 N. Bewley
Santa Ana
921 & 925 Highland
Santa A~a
2052 N. Bush
2042 N. Bush
Santa Ana
1202 N. Parton
Santa Ana
2138 S. Main St.
Santa Ana
Fred White
William Brown
Faramary Sahba
968-1582
Parviz Tabatabaee
870-4254
Hadi Tabatabaee
943-8651
Mediterranean
Construction
549-1978
William Brown
544-3281
William Brown
544-3281
Kent Koepsell
492-4663
Chaarani & Assoc.
953-9054
Villa Sunrise
John Shea
955-3454
BACS Development
1616 N. Broadway
Santa Ana
BACS Development
1616 N. Broadway
Santa Ana
BACS Development
1616 N. Broadway
Santa Ana
27
52
10
20
10
55
10
12
36
15
12
37
36
49
1,000,000
2,000~000
400,000
800,000
400,000
2,100,000
400,000
500,000
1,500,000
700,000
500,000
1,500,000
1,500,000
2,000,000
-2-
612 E. Porter
Santa Ana
507, 511 E.
Chestnut
Santa Ana
414 & 420 E. 6th
419 & 415 E. 5th
Santa Ana
2146 Cypress
Santa Ana
TOTAL:
Dick Timboe
Dick Timboe
Dick Timboe
Erwin Thomas
47
27
45
8
1~216
2,000,000
500,000
2,000,000
300,000
$57,400,000
-3-