HomeMy WebLinkAbout85-086RESOLUTION NO. 85-86
A SUPPLEMENTAL RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF SANTA ANA AUTHORIZING THE ISSUANCE
OF BONDS FOR THE PURPOSE OF PROVIDING FINANCING FOR THE
ACQUISITION, CONSTRUCTION AND REHABILITATION OF AN
ENTERTAINMENT RETAIL SHOPPING DISTRICT AND RELATED
FACILITIES BY THE FIESTA MARKETPLACE PARTNERS
WHEREAS~ the City Council of the City of Santa Ana (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 (5bonds") pursuant to the City Charter for the
purpose of providing financing for the acquisition,
rehabilitation, construction and improvement of commercial
projects located within the City; and
WHEREAS, Fiesta Marketplace Partners (the "Developer"),
successor to Greater Eastern Development Corporation, which
corporation and successors and assigns have requested the
City to issue and sell its revenue bonds for the purpose of
financing the acquisition of property and the construction
and rehabilitation of a festival shopping center and related
facilities (the "Project"), to be constructed by the
Developer within the City, and the City Council wishes to
induce the Developer to construct and develop the Project in
the City; and
WHEREAS, on January 21, 1985, the City Council adopted
Resolution No. 85-12 entitled "A RESOLUTION OF THE CITY
COUNCIL OF THE CITY OF SANTA ANA AUTHORIZING THE ISSUANCE OF
BONDS FOR THE PURPOSE OF PROVIDING FINANCING FOR THE
ACQUISITION AND CONSTRUCTION OF A FESTIVAL SHOPPING CENTER
AND RELATED FACILITIES BY THE GREATER EASTERN DEVELOPMENT
CORPORATION" (the "Initial Inducement Resolution") wherein
the City Council authorized 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 Six Million Dollars ($6,000,000); and
WHEREAS, the cost of the Project will exceed $6,000,000
and, therefore, it is necessary to augment the amount of
financing authorized to a principal amount of bonds not to
exceed $10,000,000 (the "Bonds"); and
WHEREAS, it is in the public interest, for ~he public
benefit and in furtherance of the public purposes of the
City that the City Council authorize Bonds for the aforesaid
purposes and in the aforesaid amounts;
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 Ten Million Dollars ($10,000,000)
for the purpose of financing the acquisition, construction
and rehabilitation of the Project located between 5th Street
and 3rd Street, and French Street and Bush Street. 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 may be used to pay 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 15th day of July, 1985.
ATTEST:
Daniel E. Griset, Mayor
Janice c. Guy, clerk or ~n~ Council
COUNCILMEMBERS:
Gr i se t Aye
Johnson -~
Acosta Absent
H a r t A.ye
Luxembourger ~bsent
~Gu~ gan aye
'~ u ~g -'Aye ,.
Approved as to form:
Edward J. Cooper¥ .Ci~.y Attorney