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RESOLUTION NO. 85-95 <br />PAGE TWO <br /> <br /> WHEREAS, the Agency has found and determined that <br />the Environmental Impact Report prepared for the Santa Ana <br />Redevelopment Project as supplemented by the Supplemental <br />Environmental Impact Report prepared for the Fashion Square <br />Project is adequate for approval of the Participation Agree- <br />ment and that no additional Environmental Impact Report is <br />necessary, and this~Council likewise believes said Environ- <br />mental Impact Repor% 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 sale and hereby finds and determines <br />that the sale and the redevelopment of the Site pursuant to <br />the Participation Agreement is the best interests of the City <br />and the health, safety and welfare of its residents, and is <br />in accord with the public purposes and provisions of the <br />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 />Participation Agreement is not less than the fair market <br />value of the Site in accordance with covenants and condi- <br />tions governing such sale. <br /> <br /> <br />