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RESOLUTION NO. 93-038 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF SANTA ANA MAKING CERTAIN FIND- <br />INGS WITH RESPECT TO THE CONVEYANCE OF <br />REAL PROPERTY BY THE COMMUNITY REDEVEL- <br />OPMENT AGENCY OF THE CITY OF SANTA ANA <br />TO ORIENT CORPORATION OF AMERICA, INC., <br />AND APPROVING THE TERMS AND CONDITIONS <br />OF SAID CONVEYANCE <br /> <br /> WHEREAS, <br />Santa Ana is <br />implement the <br />Project; and <br /> <br />the Community Redevelopment Agency of the City of <br />engaged in activities necessary to execute and <br />Redevelopment Plan for the Santa Ana Redevelopment <br /> <br /> WHEREAS, in order to implement the Redevelopment Plan, the <br />Agency has agreed, subject to the approval of this Council, to <br />convey certain real property in the Project Area pursuant to the <br />terms and provisions of that certain Owner Participation Agreement <br />between the Agency and Orient Corporation of America, Inc. (the <br />"Agreement"), which is on file in the office of the Executive <br />Director of the Agency, in which said real property (hereinafter <br />referred to as the "Site") is more specifically described; and <br /> <br /> WHEREAS, the Agency has prepared, and the city Council has <br />reviewed and considered a Summary Report setting forth the cost of <br />the Agreement to the Agency, the estimated value of the interests <br />to be conveyed, and other matters, and has made said Summary Report <br />available for public inspection in accordance with the California <br />Community Redevelopment Law; and <br /> <br /> WHEREAS, pursuant to the provisions of the California <br />Redevelopment Law, the Agency and the City Council have held a duly <br />noticed joint public hearing on the proposed sale of the Site and <br />the proposed Agreement; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF SANTA ANA, AS FOLLOWS: <br /> <br /> 1. The City Council hereby finds and determines that the con- <br />sideration for the conveyance of the Site pursuant to the Disposi- <br />tion Agreement is less than the fair market value of the site <br />determined at the highest use permitted under the Redevelopment <br />Plan, but such lesser consideration is necessary to effectuate the <br />purposes of the Redevelopment Plan. <br /> <br /> 2. The conveyance of the Site by the Agency to Orient <br />Corporation of America, Inc., upon the terms and conditions <br />contained in the Owner Participation Agreement is hereby approved. <br /> <br />1 <br /> <br /> <br />