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HomeMy WebLinkAbout1984-003 ""'" I L \r j. [: l .'-' RESOLUTION NO. 84-3-IDA A RESOLUTION OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF SANTA ANA AUTHORIZING THE ISSUANCE OF BONDS FOR THE PURPOSE OF FINANCING THE ACQUISITION OF LAND AND BUILDINGS AND ALTERATIONS TO INDUSTRIAL BUILDINGS AND RELATED FACILITIES BY RITCHEY CENTER NORTH. WHEREAS, the City Council of the City of Santa Ana (the "City") has adopted its Ordinance No. NS-1559 (the "Ordinance") authorizing the establishment of the Industrial Development Authority of the City of Santa Ana (the "IDA") to issue and sell its bonds, notes, interim certificates, debentures or other obligations ("Bonds") pursuant to the California Industrial Development Financing Act (Government Code, Section 91500 et seq.), for the purpose of providing financing for the acquisition, rehabilitation, construction and improvement of industrial and commerical projects located within the CitYI and WHEREAS, Ritchey Center North, a California general partnerShip, and successors and assigns ("Developer") has requested the IDA to issue and sell its revenue bonds for the purpose of financing the acquisition of land and buildings and alterations to industrial buildings and related facilities (the "Project"), to be completed by the Developer within the City, and the IDA wishes to induce the Developer to construct and develop the Project in the CitYI and WHEREAS, it is in the public interest, for the public benefit and in furtherance of the public purposes of the City that the IDA authorizes Bonds for the aforesaid purposes I BE IT RESOLVED BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF SANTA ANA AS FOLLOWS: 1. The IDA hereby authorizes the issuance and sale of Bonds of the IDA pursuant to the California Industrial Development Financing Act and the procedures specified in Resolution 83-1 in a principal amount of not to exceed Five Million Dollars ($5,000,000.00) for the purpose of financing the acquisition of land and buildings and alterations for the Project located on parcel numbers 1, 2, 3 & 5 of Parcel Map recorded on June 19, 1973 in Book 52, page 33 for the County of Orange. 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 IDA, the Developer and the purchaser of said Bonds and shall be issued by resolution of the IDA at a meeting duly held and conducted for such purpose. ..,J 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. J 4. The IDA 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 2nd day of April , 1984. ..,J ATTEST: ~--' - -'~ ~~ t ice C. Guy, Selre ih DIRECTORS: Luxembourger Griset Acosta Bricken Johnson McGuigan Young Aye Aye Aye Aye Aye Aye Aye j """