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RESOLUTION NO. 84- 162 <br />PAGE TWO <br /> <br />purchase price and sum of the lease payments, and has made said <br />Summary Report available for public inspection in accordance <br />with the California Community Redevelopment Law; and <br /> <br /> WHEREAS, the Agency has found and determined that <br />the Environmental Impact Report prepared for the Santa Ana <br />South Main Street Redevelopment Project is adequate for <br />approval of the Lease, Option and Development Agreement <br />(Parcels 1 and 2), and that no additional Environmental <br />Impact Report is necessary, and this Council likewise believes <br />said Environmental Impact Report to be adequate for its use <br />in approving the terms and conditions of sale of the Site; and <br /> <br /> WHEREAS, pursuant to the provisions of the California <br />Redevelopment Law, the Agency and the City Council have held a <br />duly noticed joint public hearing on the proposed sale of the <br />site and the proposed Agreement; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL <br />OF THE CITY OF SANTA ANA, AS FOLLOWS: <br /> <br /> 1. The City Council has considered all terms and con- <br />ditions of the proposed transaction and hereby finds and <br />determines that the disposition and the redevelopment of the <br />Site pursuant to the Lease, Option and Development Agreement <br />(Parcels 1 and 2) is the best interests of the City and the <br />health, safety and welfare of its residents, and is in accord <br />with the public purposes and provisions of the applicable <br />state and local laws. <br /> <br /> 2. The City Council hereby finds and determines that <br />the consideration for the lease and/or sale of the Site pur- <br />suant to the Lease, Optioh and Development Agreement (Parcels <br />1 and 2) is less than the estimated value of the Site, deter- <br />mined at the highest use permitted under the Redevelopment <br />Plan, but that such lesser consideration is necessary to <br />effectuate the purpose of the said Plan. <br /> <br /> 3. The lease and/or sale of the Site by the Agency to <br />John R. Ward and M.V. Duffy James upon the terms and conditions <br />contained in the Lease, Option, and Development Agreement is <br />hereby approved. <br /> <br /> 4. The City Council finds and determines that the <br />provision by the Agency of Streets, sidewalks, utilities and <br />other improvements in accordance with the said Agreement is <br />necessary to effectuate the purposes of the Redevelopment <br /> <br /> <br />