RES-ORA-0488 Loan Agreement Approval with 234 West Chapman, LLCRESOLUTION NO. ORA-
0488 A RESOLUTION OF THE
ORANGE REDEVELOPMENT AGENCY APPROVING
A LOAN AGREEMENT WITH 234 WEST
CHAPMAN,LLC, A CALIFORNIA LIMITED
LIABILITY COMPANY, RELATING TO REDEVELOPMENT
OF PROPERTY COMMONLY KNOWN AS 238
W.CHAPMAN AVENUE IN THE ORANGE
MERGED AND AMENDED REDEVELOPMENT
PROJECT
AREA.WHEREAS, the Orange Redevelopment Agency, a public body, corporate and
politic the Agency), has been duly created, established and authorized to transact business
and exercise its powers under and pursuant to the Community Redevelopment Law (
commencing with Section 33000 of the Health and Safety Code of the State of California and herein
referred to as the CRL);
and WHEREAS, the Amended and Restated Redevelopment Plan (the
Redevelopment Plan) for the Orange Merged and Amended Redevelopment Project Area (
the Redevelopment Project Area) was duly approved by the Orange City Council on
November 27,2001 by Ordinance No. 21-01, pursuant to the
CRL; and WHEREAS, the Agency is engaged in activities necessary to carry
out and implement the Redevelopment Plan for the Redevelopment Project
Area; and WHEREAS, 234 West Chapman, LLC, a California limited liability
company (the Borrower), has contracted to purchase certain real property located at 238
W. Chapman Avenue (the Property) within the Project Area and desires to (i) restore and
rehabilitate the existing historical structure located on the Property for the purpose of operating
therein a Wahoo's Fish Taco style restaurant (including ancillary second floor office uses
and tenant improvements), and (ii) develop and construct on the Property additional new
retail space and second floor office space for lease by Borrower to retail and office
tenants, respectively the
Project); and WHEREAS, Borrower has applied to the Agency for a loan in the amount
of Eight Hundred Thousand and No/100 Dollars ($800,000.00) to be used to finance
acquisition ofthe Property (the Agency
Loan); and WHEREAS, this Board of Directors desires to extend the Agency Loan
to Borrower on the terms and conditions set forth in that certain Loan Agreement in the
form executed and submitted to the Agency by
WHEREAS, this Board of Directors has duly considered all terms and conditions of
the Loan Agreement and believes that the acquisition of the Property by Borrower pursuant
to the Loan Agreement is in the best interest of the City and the health, safety, morals and
welfare of its residents, and in accord with the public purposes and provisions of applicable
State and local law and requirements, and that such activities promote the objectives of the
CRL, as well as the Redevelopment Plan for the Redevelopment Project Area.
NOW, THEREFORE, the Board of Directors of the Orange Redevelopment Agency,
resolves, finds and determines, on the basis of the facts set forth in the agenda report presented
to it and any testimony received at the meeting at which this matter was considered, as follows:
1. The foregoing recitals are true and correct.
2. The terms and provisions of the Loan Agreement between the Agency and the
Borrower, with respect to the acquisition of the Project, in the form submitted and executed
by the Borrower, are approved and that the Chairman is authorized to execute, and the Agency
Clerk to attest, the Loan Agreement on behalf of the Agency. A copy of the Loan Agreement,
when executed by both parties, shall be placed on file in the office of the Agency Clerk.
3. Except as may otherwise be provided in the Loan Agreement, the Executive
Director is hereby authorized and directed to execute on behalf of the Agency all documents
necessary and appropriate to carry out and implement the Loan Agreement and to administer the
Agency's obligations, responsibilities and duties to be performed thereunder.
ADOPTED this 10th day of June, 2008.
ATTEST:
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I, MARY E. MURPHY, City Clerk of the City of Orange, California, do hereby
certify that the foregoing Resolution was duly and regularly adopted by the Orange
Redevelopment Agency at a regular meeting thereof held on the 10th day of June, 2008, by
the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
DIRECTORS: Smith, Murphy, Cavecche, Dumitru, Bilodeau
DIRECTORS: None
DIRECTORS: None
DIRECTORS: None
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