HomeMy WebLinkAbout85-116RESOLUTION NO. 85-116
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA
ANA GIVING PUBLIC APPROVAL FOR THE ISSUANCE OF REVENUE BONDS FOR
THE ACQUISITION, CONSTRUCTION AND IMPROVEMENT OF A COMMERCIAL
OFFICE BUILDING AND RELATED FACILITIES BY SPURGEON VENTURE,
LTD., A CALIFORNIA LIMITED PARTNERSHIP
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
SANTA ANA AS FOLLOWS:
WHEREAS, the City Council of the City of Santa Ana
(the "City") proposes that the City issue its revenue bonds in
the aggregate principal amount not to exceed $5,500,000, to be
loaned by the City to Spurgeon Venture, Ltd., A California
Limited Partnership (the "Developer"), for the purpose of
providing financing for the acquisition, construction and
improvement of a commercial office building and related
facilities aggregating approximately 50,000 square feet (the
"Project") to be owned, operated and managed by the Developer.
The Project is located at 204 West Fourth Street in the City of
Santa Ana;
WHEREAS, Section 103(k) of the Internal Revenue Code
of 1954, as amended, requires that the applicable elected
representative of the City shall approve, after public hearing
following reasonable public notice, the issuance of bonds by the
City for such purpose; and
WHEREAS, the City Council is the applicable elected
representative of the City, and the City Council has duly called
and conducted a hearing on said financing, notice of which has
been given in accordance with said Section 103(k), and all
persons requesting to be heard have been heard;
NOW, THEREFORE, the City Council of the City of Santa
Ana hereby finds, determines and declares as follows:
1. The Project consists of a commerical office
building and related facilities aggregating approximately 50,000
square feet.
2. The Project is located at 204 Fourth Street in
the City of Santa Ana, California.
3. The initial owner,
Project will be SPURGEON VENTURE,
PARTNERSHIP.
operator and manager of the
LTD., A CALIFORNIA LIMITED
4. The Project and the issuance of revenue Bonds h¥
the City in an aggregate principal amount not to exceed
$$,$00,000, to Be loaned By the City to the Developer for the
purpose of providing financing for the acquisition, construction
and improvement o£ the Project, Be and hereby are approved.
ADOPTED,
this 14th day of October, 1985.
Daniel E. Griset, Mayor
ATTE ST:
Ja~ice C. Guy, C~er~
COUNC I LMEMBERS:
Griset Aye
Johnson Aye
Acosta Aye
Hart Absent
Luxembourger Aye
McGuigan Ave
Young Ave
the Council
Approved as to form:
-2-