HomeMy WebLinkAbout1980-069 CRA
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6/12/80
RESOLUTION NO. 80-69
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF SANTA ANA APPROVING
THE SALE OF AN $800,000 PROMISSORY NOTE
TO WELLS FARGO BANK, PURSUANT TO THE MAJOR
COMKERCIAL REHABILITATION LOAN PROGRAM
WHEREAS, by its Resolution No. 79-63, this Agency
authorized bond issues for the purpose of funding permanent
loans for the rehabilitation of certain properties pursuant
to the Agency's Major Commercial Rehabilitation Loan Program,
including the following:
Developer/Owner
Harry and Evelyn Greenberg
Steven J. Keiser and
Paula B. Keiser
Location of Project Properties
117 North Sycamore, Santa Ana
408/410 West Fourth Street,
Santa Ana, California
WHEREAS, the City Council of the City of Santa
ID1a, by its Resolution No. 79-209 approved the said bond
issue in accordance with California Health and Sa~ety Code
Section 33640;
WHEREAS, on June 12,1980, after publication of
notice as required by law, the Agency held a public sale of
a bond issue for the purpose of funding permanent loans for
the above-specified project properties, in the form of a
Promissory Note in the principal amount of $800,000: and
WHEREAS, upon such date of public sale, Wells
Fargo Bank, National Association, submitted a bid for the
purchase of the said Promissory Note for the purchase price
of $800,000.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS:
1. That the execution and delivery of a Secured
Promissory Note, to Wells Fargo Bank, National Association,
in exchange for the payment of loan proceeds in the amount
of $800,000 by the said Bank to the Agency is hereby approved,
and the Chairman is authorized to execute the same on behalf
of the Agency: said Secured Promissory Note to be in the
principal amount, to bear interest, and to require payment
in installments as set forth in the form attached hereto as
Exhibit A and incorporated herein by reference, and to be
subject to the prior approval by the Executive Director of
the Agency and by Agency Legal Counsel as to other terms and
conditions.
2. That the execution and delivery of a Pledge
Agreement to Wells Fargo Bank N.A. simultaneously with the
execution and delivery of the abovesaid Secured Promissory
Note, for the purpose of pledging the abovesaid loan proceeds
as security for payment of the said Secured Promissory Note
pending the use of said loan proceeds for the funding of
permanent loans for the rehabilitation of the abovesaid
project properties, is hereby approved and the Chairman is
authorized to execute the same on behalf of the Agency,
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~.\.. ..~ RESOLUTION NO. 80-69
PAGE TWO
e..,...- subject to the prior approval of the terms and conditions of
such Pledge Agreement by the Executive Director of the
Agency and Agency Legal Counsel.
ADOPTED this 16th day of
by the following vote: -----
June
,1980,
NOES:
MEMBERS: Bricken, Griset, Luxembourger, Serrato,
Yamamoto
MEMBERS: Markel
AYES:
ABSENT:
MEloffiERS: Ward
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CHAIRMAN
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APPROVED AS TO FORM:
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Agency Legal Counsel
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