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RESOLUTION NO. 84- 37 PAGE TWO WHEREAS, the Agency has found and determined that the environmental impact report prepared for the South Main Street Redevelopment Project is adequate for approval of the Participation Agreement, and that no additional environ- mental impact report is necessary, and this Council likewise believes said environmental impact report to be adequate for its use in aDproving the terms and conditions of sale of the Site; and WHEREAS, pursuant to the provisions of the Cal- ifornia Redevelopment Law, the Agency and the City Council have held a duly noticed joint public hearing on the pro- posed sale of the site and the proposed Agreement; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA, AS FOLLOWS: 1. The City Council has considered all terms and conditions of the proposed sale and hereby finds and deter- mines that the sale and the redevelopment of the Site pur- suant to the Participation Agreement is in the best interests of the city and the health, safety and welfare of its resi- dents, and is in accord with the public purposes and pro- visions of the applicable state and local laws. 2. The City Council hereby finds and determines that the Consideration for the sale of the Site pursuant to the Participation Agreement is not less than the fair market value of the Site in accordance with covenants and condi- tions governing such sale. 3. The sale of the Site by the Agency to Grand Plaza Development Company upon the terms and conditions contained in the Participation Agreement is hereby approved. ADOPTED this 20th d~y of ~4arc~ , 1984. CLERK OF THE COUNCIL COUNCILMEMBERS: LUXEMBOURGER ~ve GRISET ~¥e ACOSTA ~¥e BRICKEN ~ve JOHNSON Aye MCGUIGAN Aye YOUNG Aye APPROVED AS TO FORM: CITY