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RESOLUTION NO. 85%03 <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 is adequate for approval of the Owner <br />Participation Agreement 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 in <br />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 sale and hereby finds and determines <br />that the sale and the redevelopment of the site pursuant to <br />the Owner Participation Agreement is the best interests of <br />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 />Owner Participation 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 /> <br />