Loading...
HomeMy WebLinkAbout2002-07 CRA RESOLUTION NO. 2002-07 A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA APPROVING A LOAN FROM THE CITY OF SANTA ANA IN THE MAXIMUM PRINCIPAL AMOUNT OF $2,800,000 TO PROVIDE FUNDS TO RENOVATE THE HISTORIC PHILLIPS HUTTON BUILDING, AND APPROVING RELATED ACTIONS BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, AS FOLLOWS: Ser.tion 1: The Board of the Community Redevelopment Agency of the City of Santa Ana hereby finds, determines and declares as follows: A. The Community Redevelopment Agency of the City of Santa Ana (hereinafter referred to as the "Agency") has undertaken to assist in financing the restoration, renovation and rehabilitation of historical buildings located at 301-309 West Fourth Street, known generally as the Phillips Hutton Building (the "Project"), which is located in the Central City Redevelopment Project of the Agency, and in order to provide funding for the Project and to pay related financing costs the Agency has requested the City of Santa Ana (the "City") to make a loan to the Agency in the amount of not to exceed $2,800,000 (the "Loan"). B. In order to raise the funds needed to make the Loan to the Agency, the City has proposed to enter into a Site Lease (the "Site Lease") with the Santa Ana Financing Authority (the "Authority"), whereby the City leases to the Authority certain land and improvements constituting the Cambridge ReseNoir (the "Property") in consideration of the agreement by the Authority to pay to the City an amount which is sufficient to enable the City to make the Loan to the Agency. C. The Authority has proposed to lease the Property back to the City and to assign its rights under the related Lease Agreement (the "Lease Agreement") to Zions First National Bank (the "Bank") in order to raise the funds necessary to enable the Authority to make the payment due to the City under the Site Lease and thereby enable the City to make the Loan to the Agency. 1 D. The Agency has proposed to repay the Loan from available tax increment revenues derived from the Central City Redevelopment Project, in semiannual installments which are equal to the City's lease payments under the Lease Agreement, and the City will pledge and assign the Loan repayments to the Bank so that the City will be obligated to make payments to the Bank only if and to the extent the Agency's Loan repayments are insufficient for that purpose. E. The Agency wishes at this time to authorize and approve all proceedings and documents relating to the financing of the Project. Section ? The Agency hereby approves the financing of the Project as outlined above. To that end, the Agency hereby authorizes the borrowing of funds from the City to finance the Project in the maximum principal amount of $2,800,000. The Agency hereby approves the Loan Agreement between the City and the Agency, in substantially the form on file with the Secretary together with any changes therein or additions thereto deemed advisable by the Executive Director or the Treasurer (each, an "Authorized Officer") and approved in form by the Agency General Counsel, whose execution thereof shall be conclusive evidence of such approval. An Authorized Officer is authorized and directed for and in the name and on behalf of the Agency to execute, and the Secretary is hereby authorized and directed to attest and affix the seal of the Agency to, the final form of the Loan Agreement. Section 3. The Executive Director, the Treasurer, the Secretary and all other officers of the Agency are each authorized and directed in the name and on behalf of the Agency to make any and all assignments, certificates, requisitions, agreements, notices, consents, leases and other instruments of conveyance, warrants and other documents, which they or any of them might deem necessary or appropriate in order to consummate any of the transactions contemplated by the agreements and documents approved pursuant to this Resolution. Whenever in this resolution any officer of the Agency is authorized to execute or countersign any document or take any action, such execution, countersigning or action may be taken on behalf of such officer by any person designated by such officer to act on his or her behalf in the case such officer is absent or unavailable. Section 4. This Resolution shall take effect from and after the date of its passage and adoption. 2 ADOPTED this ?1st day of October ,2002. APPROVED AS TO FORM: Joseph W. Fletcher, General Counsel I?y: (MkC ~~ J-C.- Benjamin Kaufman Assistant General Counsel AYES: Boardmembers: Alvarez, Bist, Christy, Franklin, Pulido, Solorio NOES: Boardmembers: None ABSTAIN: Boardmembers: None NOT PRESENT: Boardmembers: McGui gan CERTIFICATION OF ATTESTATION AND ORIGINALITY I, JOHN P. REEKSTIN, Secretary of the Agency, do hereby attest to and certify the attached Resolution No. ?OO?-07 to be the original resolution adopted by the Community Redevelopment Agency of the City of Santa Ana on October 21 ?OO? Date: 10-22-02 did Sec#tary City of Santa Ana 3