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RESOLUTION NO. 84-61 PAGE TWO WHEREAS, the Agency has prepared and certified a Final Environmental Impact Report for the Fashion Square Com- mercial Center project (the "Project") to be undertaken pursuant to the Participation Agreement, and such Final Environmental Impact Report has been reviewed and considered by this Council; 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 the Site and the proposed Agreement; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA, AS FOLLOWS: 1. This Council finds and determines that the Final Environmental Impact Report prepared and certified by the Agency for the Project is adequate for this Council's use in determining whether to approve the terms and conditions of the sale of the Site. This Council further incorporates by reference those findings set. forth in Sections 1 through 3 of Resolution No. 84-11 of the Agency as though fully set forth herein, and hereby approves and adopts said findings as its own. 2. 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. 3. The City Council hereby finds and determines that the consideration for the sale of the Site pursuant to the Participation Agreement is less than the estimated value of the Site, determined at the highest use permitted under the Redevelopment Plan, but that such lesser consideration is necessary to effectuate the purposes of the Redevelopment Plan.