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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. 95-4 <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVE- <br />LOPMENT AGENCY OF THE CITY OF SANTA ANA <br />APPROVING AN AGREEMENT BETWEEN THE AGEN- <br />CY AND ITT CANNON <br /> <br />WHEREAS, the Community Redevelopment Agency of the City of <br />Santa Ana (the "Agency") is engaged in activities necessary to <br />implement the Redevelopment Plan for the Santa Ana South Main <br />Street Redevelopment Project; and <br /> <br />WHEREAS, ITT Cannon owns property in the Santa Ana South Main <br />Street Redevelopment Project area which ITT Canon proposes to <br />redevelop for expanded use for industrial and manufacturing <br />purposes (the "Property"); and <br /> <br />WHEREAS, in order to implement the Redevelopment Plan, the <br />Agency proposes to provide assistance to ITT Cannon in the <br />financing of facilities and captial equipment in connection with <br />its redevelopment of the Property pursuant to the terms and <br />provisions of that certain "Owner Participation Agreement" between <br />the Agency and ITT Cannon which is on file in the office of the <br />Executive Director of the Agency; and <br /> <br />WHEREAS, pursuant to section 33444.6 of the California <br />Redevelopment Law, the Agency has held a public hearing on the <br />proposed Agreement; <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA, AS FOLLOWS: <br /> <br />1. The Agency finds that the financial assistance to be <br />provided by the Agency to ITT Cannon pursuant to the Agreement is <br />necessary for the economic feasibility of the redevelopment of the <br />Property as proposed by ITT Cannon and such assistance cannot be <br />obtained on economically feasible terms in the private market. <br /> <br />2. The Agreement is hereby approved, and the Chairman of the <br />Agency is hereby authorized to execute the said Agreement. <br /> <br />1 <br />