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RESOLUTION NO. 86-61 <br />PAGE TWO <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 sale and hereby finds and determines <br />that the sale and the redevelopment of the Site pursuant to <br />the Disposition and Development Agreement is the best interests <br />of the City and the health, safety and welfare of its residents, <br />and is in accord with the public purposes and provisions of <br />the applicable state and local laws. <br /> <br /> 2. The City Council hereby finds and determines that <br />the consideration for the sale of the Site pursuant to the <br />Disposition and Development Agreement is not less than the fair <br />market value of the Site in accordance with covenants and <br />conditions governing such sale; and that, although said <br />consideration is less than the estimated value of the Site <br />determined at the highest use permitted under the Redevelop- <br />ment Plan, such lesser consideration is necessary to effec- <br />tuate the purposes of the Redevelopment Plan. <br /> <br /> 3. The sale of the Site by the Agency to Urban Ventures <br />Corporation upon the terms and conditions contained in the <br />Disposition and Development Agreement is hereby approved. <br /> <br />ADOPTED this <br /> <br />ATTEST: <br /> <br /> ~_Wnice C. Guy / ('7 <br /> Clerk of the Councl~l <br /> <br />17th day of <br /> <br />Daniel E. Griset <br />Mayor <br /> <br />COUNCILMEMBERS: <br /> <br />Griset Absent <br />Acosta Aye <br />Hart Absent <br />Johnson ~ye <br />Luxembourger Aye <br />McQuigan Aye <br />Young Aye <br /> <br />_A~O FO RM .' <br />~;r~t~per <br /> <br /> <br />