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RESOLUTION NO. 85-104 PAGE TWO WHEREAS, the Agency has found and determined that the Environmental Impact Report prepared for the Santa Ana Redevelopment Project is adequate for approval of the Disposi- tion and Development Agreement and that no additional Environ- mental 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 sale and hereby finds and determines that the sale and the redevelopment of the Site pursuant to the Disposition and Development Agreement is 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 sale of the Site pursuant to the Disposition and Development Agreement is not less than the fair market value of the Site in accordance with covenants and conditions governing such sale; and that, although said consideration is less than the estimated value of the Site determined at the highest use permitted under the Redevelop- ment Plan, such lesser consideration is necessary to effec- tuate the purposes of the Redevelopment Plan.