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RESOLUTION NO. 86- 70 PAGE TWO WHEREAS, the Agency has found and determined that the Environmental Impact Report prepared for the Santa Ana South Main Street Redevelopment Project is adequate for approval of the Disposition and Development Agreement, and that no additional Environmental Impact Report is necessary, and this Council likewise believes said Environmental Impact Report to be adequate for its use in approving the terms and conditions of sale of the Site; 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. The City Council has considered all terms and con- ditions of the proposed transaction and hereby finds and determines that the disposition and the .redevelopment of the Sites pursuant to the Disposition and Development Agreement (Parcels 1 and 2) are in the best interests of the City and the health, safety and welfare of its residents, and is in accord with the public purposes and provisions of the applicable state and local laws. 2. The City Council hereby finds and determines that the consideration for the lease and sale of the Site pursuant to the Disposition and Development Agreement (Parcels 1 and 2) are not 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 said Plan. 3. The lease and sale of the Site by the Agency to Santa Ana Datsun, Inc. upon the terms and conditions con- tained in the Disposition and Development Agreement is hereby approved.