HomeMy WebLinkAbout85-109RESOLUTION NO. 85-109
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
SANTA ANA AUTHORIZING THE ISSUANCE OF BONDS FOR
THE PURPOSE OF PROVIDING PERMANENT AND CONSTRUCTION
FINANCING FOR THE DEVELOPMENT OF A NEW RETAIL/OFFICE
SHOPPING CENTER BY HOWARD RUBENSTEIN, ET. AL.
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 ("Bonds") pursuant to the City Charter for the
purpose of providing financing for the acquisition, rehabi-
litation, construction and improvement of industrial and
commercial projects located within the City:
WHEREAS, Howard Rubenstein, et. al, Tenants in
Common ("Developer") have requested the City to issue and
sell its revenue bonds for the purpose of providing permanent
and construction financing for the development of office and
retail space (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, 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 Five Hundred Thousand
Dollars ($2,500,000) for the purpose of providing permanent
and construction financing for the project located adjacent
to the southwest corner of 17th Street and Lincoln Avenue
(1002 E. 17th Street) 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 the 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 3rd day of September , 1985.
Daniel E. Griset, Mayor
ATTEST:
Janice C. Guy, Clerk of the Council
COUNCILMEMBERS:
Griset Aye
Johnson Aye
Acosta Aye
Hart Aye
Luxembourger Aye
McGuigan Absent
Young Absent
Approved as to form:
City Attorney