HomeMy WebLinkAbout1984-010
RESOLUTION NO. 84-10-IDA
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A RESOLUTION OF THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE CITY OF SANTA ANA APPROVING
THE APPLICATION OF RITCHEY CENTER NORTH FOR
INDUSTRIAL DEVELOPMENT BOND FINANCING.
des ires
certain
located
on June
Orange,
WHEREAS, Ritchey Center North ("Applicant")
to finance the acquisition and improvement of
facilities, operating as a manufacturing center,
on parcel numbers 1, 2, 3 & 5 of parcel map recorded
19, 1973 in book 52, page 33 for the County of
in the City of Santa Ana (the "Facility"); and
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WHEREAS, the Applicant is willing to undertake the
improvement of the Facility if the Industrial Developement
Authority of the City of Santa Ana (the "Authority") will
issue its revenue bonds in an amount not exceeding Five
Million Dollars ($5,000,000) to finance the acquisition and
improvement to the Facility pursuant to the California
Industrial Development Financing Act, California Government
Code Sections 91500 et seq. (the "Act"); and
WHEREAS, the Applicant has submitted, and this
Board of Directors has accepted, an application requesting
financing for the Facility (the "Application"); and
WHEREAS, the Authority may not issue bonds to
finance the Facility until this Board of Directors makes
certain determinations with respect to public benefits and
qualifications of the Facility as required by the Act; and
WHEREAS, this Board of Directors has carefully
considered and discussed the information contained in the
Application and other information necessary to make such
determinations;
BE IT RESOLVED BY THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE CITY OF SANTA ANA AS FOLLCMS:
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1. This Board of Directors hereby finds and
determines:
(a) That the use of the Facility for a
manufacturing center is in accord with
Section 91503(a) of the Act;
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(b) That the use of the Facility is likely to
produce employment benefits securing or
increasing the number of employees of the
Applicant as more particularly set forth in
the Application;
(c) That the issuance of revenue bonds by the
Authority in an amount not exceeding Five
Million Dollars ($5,000,000) to finance the
improvement of the Facility (the "Bonds") is
likely to be a substantial factor in the
accrual of each of the public benefits
resulting from the use of the Facility as
proposed in the Application; and
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(d) That the proposed financing is otherwise in
accord with the purposes and requirements of
the Act.
2. The Authority does therefore intend to approve
said Facility and issue said Bonds in the amount of
$5,000,000, in accordance with the following terms and
conditions.
3. The Bonds will be payable solely from the revenues
to be received by the Authority pursuant to a financing
agreement to be entered into between the Authority and the
Applicant (the "Agreement"), which Agreement shall have a
term of not more than forty years.
4. The Bonds shall be issued subject to the
conditions that (i) the Authority and the Applicant shall
have first agreed to mutually acceptable terms and
conditions of the Agreement; (ii) the City Council of the
City of Santa Ana shall have approved this action of the
Authority and shall have caused the Clerk of the Council of
the City of Santa Ana to certify such approval to this
Authority; (iii) the California Industrial Development
Financing Advisory Commission shall have approved the
Facility, as described in the Application, and authorized
the issuance of Bonds therefore; (iv) thirty days from the
date of publication of this approval shall have elapsed; and
(v) all other requisite governmental approvals shall have
been first obtained.
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5. The Secretary of the Authority is hereby
authorized and directed as soon as possible to certify the
determinations and action of the Authority, as set out
herein, to the City Council of the City of Santa.Ana for its
further consideration, as submitted by the Applicant to be
attached to said certification.
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6. The Secretary is hereby authorized and directed to
cause to be published one time in a newspaper of general
circulation in the City of Santa Ana, a notice in
substantially the form before this meeting, naming the
Applicant, stating the estimated maximum bond issue,
describing the Facility in general terms, and stating that
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the Application for financing has been approved by the
Au thor i ty.
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7. The Secretary of the Authority is hereby
authorized and directed to request that the City Council of
the City of Santa Ana hold a public hearing at its meeting
scheduled for September 17, 1984, to take comments from the
general public on the question of whether the Authority
should issue the Bonds, such hearing being required under
the provisions of the Tax Equity and Fiscal Responsibility
Act of 1982.
8. This Resolution shall take effect immediately upon
its passage.
APPROVED, PASSED AND SIGNED this ~ day of
September , 1984.
ATTEST:
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~. . - ,7'.,iy
n~ce C. Guy, Sec eta
DIRECTORS:
Luxembourge r
Griset
Acosta
Bricken
Johnson
McGuigan
Young
Aye
Aye
Aye
Aye
Aye
Aye
Aye
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