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BK/k 3-17-78 RESOLUTION NO. 78-38 A RESOULTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA MAKING CERTAIN FINDINGS WITH RESPECT TO THE CONSIDERATION TO BE RECEIVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA PURSUANT TO A PARTICIPATION AGREEMENT BETWEEN THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AND HERITAGE DEVELOPMENTCOMPANY FOR THE SALE AND DEVELOP- MENT OF CERTAIN REAL PROPERTY IN THE SANTA ANA REDEVELOPMENT PROJECT; APPROVING THE PROPOSED SALE OF SAID REAL PROPERTY; AND APPROVING THE PARTICIPATION AGREEMENT PERTAINING THERETO. WHEREAS, the Community Redevelopment Agency of the City of Santa Ana is engaged in activities necessary to execute and implement the Redevelopment Plan for the Santa Ana Redevelopment Project; and WHEREAS, in order to implement the Redevelopment Plan, the Agency proposes to sell certain real property in the Project area, pursuant to the terms and provisions of a Participation Agreement in which said real property is described; and WHEREAS, Heritage Development Company has submitted to the Agency a written offer in the form of said Agreement to purchase the site; and WHEREAS, the proposed Agreement contains all terms, conditions and obligations required by state law; and the provisions, and local WHEREAS, Heritage Development Company possesses the quali- fications and financial resources necessary to acquire and insure development of the site, in accordance with the purposes and objectives of the Redevelopment Plan; and WHEREAS, the Agency has prepared, and the City Council has reviewed and considered, a Summary Report setting forth the cost of the Agreement to the Agency, the estimated value of the interests to be conveyed determined at the highest uses permitted under the Redevelopment Plan, and the purchase price, and made said Summary Report available for public inspection in accordance with the California Community Redevelopment Law; and WHEREAS, the City Council has found on the basis of an Initial Study that said Agreement will not result in substantial changes in the Project or the circumstances under which the Project is to be undertaken, that no Negative Declaration, Subsequent Environmental Impact Report, or Supplement to an Environmental Impact Report is required, and that the proposed action will have no significant effect on the environment except as identified and considered in the previous environmental impact report; and WHEREAS, pursuant to the provisions of the California Redevelopment Law, the Agency and the City Council have held a duly noticed joint public hearing on the proposed Sale of Site and the proposed Agreement; and WHEREAS, the City Council has considered all terms and conditions of the proposed sale and believes that the redevelopment of the Site pursuant to the proposed Agreement is in the best interests of the City and the health, safety, morals and welfare of its residents, and is in accord with the public purposes and provisions of the applicable state and local laws.