HomeMy WebLinkAbout85-113RESOLUTION NO. 85-113
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA ANA ANA AUTHORIZING THE ISSUANCE
AND SALE OF $6,000,000 PRINCIPAL AMOUNT OF
COMMERCIAL REVENUE BONDS (MCFADDEN PROPERTIES), APPROVING
RELATED DOCUMENTS AND AUTHORIZING OFFICIAL ACTION
WHEREAS, the members of the City Council are the
duly elected officials of the City of Santa Ana for purposes
of Section 103(k) of the Internal Revenue Code of 1954, as
amended (the "code"); and
WHEREAS, this meeting of the City Council on
September 17, 1985 at 2:30 P.M. constitutes a public hearing
within the meaning of Section 103(k) of the Code; and
WHEREAS, adequate
given by publication in the
and
notice of the public hearing was
Register on September 3, 1985;
WHEREAS, said notice specified that this public
hearing shall be with respect to the following Project:
COMPANY: McFadden Properties, which will construct
and own the Project.
PROJECT: Acquisition, construction and improvement
of two commercial office buildings consisting of
an aggregate of approximately 59,000 square feet,
located on the south side of McFadden Avenue between
the Costa Mesa Freeway and Ritchey Street at approx-
imately 2002 E. McFadden Avenue in the City of
Santa Ana, California. The Project will be used
for commercial office space by the Company and
other persons; and
WHEREAS, such notice also provided that the proposed
bonds will be issued by the City in a total principal amount
not to exceed $6,000,000 to finance the costs of the Project
and the bonds will be repaid entirely by the Company and
that neither the faith and credit nor the taxing power of
the City, the State of California or any political subdivision
thereof will be pledged to the payment of the principal of
or interest on the proposed bonds or other costs incident
thereto; and
WHEREAS, no written comments were received prior
to this hearing; and
WHEREAS, those wishing to comment on the proposed
nature and location of the Project and financing were given
an opportunity to appear in person and speak at this hearing;
and
WHEREAS, all written comments on the proposed
nature and location of the Project and financing were read
and all persons appearing at the hearing who wished to comment
thereon have had an opportunity to do so;
NOW, THEREFORE, BE IT RESOLVED, that this Council
in its capacity as the duly elected officials of the City of
Santa Ana for purposes of complying with Section 103(k) of
the Code, does hereby approve the creation by the City of
its industrial development bonds and does hereby approve the
issuance of such bonds in an aggregate principal amount not
to exceed $6,000,000 for the acquisition, construction and
improvement by McFadden Properties of two commercial office
buildings consisting of an aggregate of approximately 59,000
square feet, located on the south side of McFadden Avenue
between the Costa Mesa Freeway and Ritchey Street at approx-
imately 2002 E. McFadden Avenue in the City of Santa Ana,
California, to be used for commercial office space by McFadden
Properties (which will construct and own the Project) and
other persons. The bonds may be issued on such terms and
conditions as may be approved by this Council.
ADOPTED this 17th day of September , 1985.
Daniel E. Griset
Mayor
ATTEST:
dice C. Guy
erk of the CouncF1/
COUNCILMEMBERS:
Griset Aye
Acosta Aye
Hart Aye
Johnson Aye
Luxembourger Aye
McGuigan Aye
Young Aye
APPROVED AS TO FORM:
l~'d w~r ~/~. C~oper
City A~tt~