HomeMy WebLinkAbout85-123RESOLUTION NO. 85423
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 COMMERCIAL
SHOPPING CENTER AND RELATED FACILITIES BY
SCHURGIN DEVELOPMENT CORPORATION
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, rehab-
ilitation, construction and improvement of industrial and
commercial projects located within the City:
WHEREAS, Schurgin Development Corporation, 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 commercial 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, 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 Ten Million Dollars ($10,000,000)
for the purpose of financing the acquisition and the
construction of the Project located on the southeast corner
of Harbor Boulevard and McFadden 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 purposes.
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 21s%day of 0¢%0ber , 1985.
Daniel E. Griset
Mayor
ATTEST:
~ic~ C. Guy
~lerk of the Coun6il
COUNCILMEMBERS:
Griset Aye
Johnson Absent
Acosta AyE
Hart Absent
Luxembourger
McGuigan
Young Aye
APPROVED AS O FORM:
Ed'wafd--~ .~' Coo)per
City A t~ o~!~