ARA1979-109RESOLUTION NO. ARA79- 109
A RESOLUTION OF THE' ANAHEIM REDEVELOPT :ENT
AGENCY RELATING TO AVAILABILITY OF FINANCIAL
ASSISTANCE UNDER THE AGENCY'S RESIDENTIAL AND
COMMERCIAL MORTGAGE FINANCING PROGRAM.
WHEREAS, the Legislature of the State of California has
authorized redevelopment agencies to make and purchase long -term,
low - interest rate loans made to provide financing for new residen-
tial and commercial construction in redevelopment project areas
in order to encourage investment within and to upgrade such areas
and has authorized redevelopment agencies to issue bonds to finance
such loans; and
WHEREAS, Watt Commercial Properties, Incorporated (the
"Developer ") has proposed to the Agency that the Agency, in connec-
tion with its residential and commercial program for the Alpha
Redevelopment Project Area, make available financial assistance
for the Developer's Anaheim Towne Center Project; and
WHEREAS, the Agency, with the aid of its Staff, has re-
viewed the Developer's proposal and has determined that, subject to
the hereinafter stated qualifications, the providing of such finan-
cial assistance is in the public interest.
NOW, THEREFORE, BE IT RESOLVED that the Anaheim Redevelop-
ment Agency does determine and order as follows:
1. Subject to completion of proceedings and other matters
relating thereto to the full satisfaction of the Agency, the Agency
shall provide financing assistance to the Developer in the form of
construction and permanent financing loans in an amount not to ex-
ceed $3,500,000 (in the amount never in excess of $10,000,000) for
the Developer's Anaheim Towne Center Project, as more particularly
described in its proposal for such project.
2. Based on the foregoing, it is understood that the avail-
ability of such financial assistance is an additional inducement to
the Developer to undertake such project in the manner described in
such proposal.
3. The Chairman and the Staff of the Agency are hereby auth-
orized and directed to take whatever further action relating to the
aforesaid financial assistance is deemed reasonable and desirable in
accordance with the laws of the State, and within the limitations
of any applicable laws of the United States of America.
THE FOREGOING RESOLUTION is approved and adopted by the
Anaheim Redevelopment Agency this 27th day of November, 1979.
CHAIRMA'� w
ANAHEIV REDEVELOP P EDIT AGE14CY
ATT T:
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SEC TA Y
ANAHEIt1 REDEVELOPi'IENT AGENCY
MES :fm
STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF ANAHEIM )
I, LINDA D. ROBERTS, Secretary,of the.Anaheim Redevelopment Agency, do
hereby certify that the for egoing.Resolution No. ARA79 -109. was passed and
adopted at a regular meeting of the Anaheim Redevelopment Agency held on
the 27th day of November, 1979, by_ the . following vote of the members thereof:
AYES: AGENCY MEMBERS: Kaywood, Bay, Roth and Overholt
NOES: AGENCY MEMBERS: None
ABSENT: AGENCY MEMBERS: Seymour
AND I FURTHER CERTIFY that the Chairman Pro Tem,of the Anaheim Redevelopment
Agency signed said Resolution on the .27th day,of November, 1979.
IN WITNESS WHEREOF, I have hereunto set.. my hand and seal this 27th day of
November, 1979.
SECRETARY OF THE ANAHE EDEVELOPMENT AGENCY
(SEAL)
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