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RESOLUTION NO. 84- 164 <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 />(Parcel 6), and that no additional Environmental Impact Report <br />is necessary, and this Council likewise believes said Environ- <br />mental Impact Report to be adequate for its use in approving <br />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 />(Parcel 6) is the best interests of the City and the health, <br />safety and welfare of its residents, and is in accord with <br />the public purposes and provisions of the applicable state <br />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, Option and Development Agreement (Parcel <br />6) is less than the estimated value of the Site, determined <br />at the highest use permitted under the Redevelopment Plan, <br />but that such lesser consideration is necessary to effectuate <br />the purpose of the said Plan. <br /> <br /> 3. The lease and/or sale of the Site by the Agency to <br />J. R. Wood upon the terms and conditions contained in the <br />Lease, Option, and Development Agreement (Parcel 6) is hereby <br />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 />