HomeMy WebLinkAbout85-051RESOLUTION NO. 85-51
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA APPROVING THE ISSUANCE OF BONDS FOR THE
PURPOSE OF PROVIDING FINANCING FOR THE ACQUISITION
AND CONSTRUCTION OF A NEIGHBORHOOD SHOPPING CENTER
AND RELATED FACILITIES BY HOROWITZ BROTHERS TRUST
AND STANDARD CONCRETE
WHEREAS, the City Council of the Santa Aha (the
"City") has adopted its Ordinance No. NS-1609 (the "Ordinance")
authorizing the City to issue and sell its bonds, notes,
interim certificates, debentures, or other obligations ("Bonds")
pursuant to the City Charter, for the purpose of providing
financing for the acquisition, rehabilitation, construction
and improvement of industrial and commercial projects located
within the City; and
WHEREAS, Horowitz Brothers Trust and Standard
Concrete, a California Corporation, and successors and assigns
("Developer") have requested the City to issue and sell its
revenue bonds for the purpose of financing the acquisition
of property and the construction of a neighborhood shopping
center and related facilities (the "Project"), to be constructed
by the Developer within the City, and. the ~City Council~
to induce the Developer to construct and develop the Project
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 authorizes Bonds for the
aforesaid purposes;
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
SANTA ANA AS FOLLOWS:
1. The City Council hereby authorizes the issuance
and sale of Bonds of the City pursuant to the City Charter
and the procedures specified in the Ordinance in a principal
amount of not to exceed Two Million Two Hundred Thousand
Dollars ($2,200,000) for the purpose of financing the construction
and improvement of the Project located at 2216 South Grand
Avenue. Such authorization is for the purpose of inducing
the Developer to undertake to construct and develop the
Project and, in particular, to do so at such location.
2. The issuance and sale of said bonds shall be upon
such terms and conditions as may be mutually agreed upon by
the City, the Developer and the purchaser of said Bonds and
shall be issued 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.
4. The City Council does hereby find that the adoption
of this Resolution constitutes a substantial inducement to
the Developer to undertake its Project within the City.
5. This Resolution shall take effect immediately upon
its passage and adoption.
ADOPTED, this ]Sth day of April
, 1984.
Daniel E. Griset, Mayor
ATTEST:
Griset
Johnson
Acosta
Ha r t
Luxembourger
M c Gu ig a n
Young
Council
Approved as to form:
~C~Ad~t tJo~ C~° er.