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RESOLUTION 91-109 Page 2 057 WHEREAS, the Agency has prepared, reviewed and considered a summary and report setting forth the cost of the DDA to the Agency, the estimated value of the interests to be conveyed determined at the highest uses permitted under applicable land use controls, and the purchasd price, and made said summary and report available for public inspection in accordance with the California community Redevelopment Law; and WHEREAS, the members of the City Council have considered the summary report; and WHEREAS, pursuant to the provisions of the California Redevelopment Law, the Agency and the City Council of the City of Santa Ana have held a duly noticed joint public hearing on the proposed sale of the Site and the proposed DDA; and WHEREAS, the city Council of the City of Santa Ana has duly considered all terms and conditions of the proposed sale and believes that the development of the Site pursuant to the proposed DDA is in the best interests of the City and the health, safety, morals, and welfare of its residents, and in accord with the public purposes and provisions of applicable State and local law and requirements. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Santa Ana as follows: 1. The city Council hereby finds and determines that the consideration for the sale of the Site pursuant to the DDA between the Agency and the Developer is not less than the fair market value for the Site in accordance with the covenants and conditions governing such sale. 2. The city Council hereby finds and determines that the consideration for the sale of the Site pursuant to said DDA is necessary to effectuate the Agency's low and moderate income housing program organized under the Community Redevelopment Law. 3. The sale of the Site by the Agency to the Developer and the DDA which establishes the terms and conditions for the sale and development of the Site are hereby approved. 2