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RESOLUTION 94-038 103 <br />Page 3 <br /> <br /> NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA ANA DOES <br />HEREBY RESOLVE AS FOLLOWS: <br /> <br />1. It is hereby determined that: <br /> <br />(a) The acquisition and rehabilitation of the Properties will <br /> be of benefit to the South Main Project Area; <br /> <br />(b) <br /> <br />No other reasonable means of financing the acquisition <br />and rehabilitation of the Properties is available to the <br />community; and <br /> <br />(c) <br /> <br />The use of funds from the South Main Project Area to pay <br />the cost of acquisition and rehabilitation of the <br />Properties will assist in the elimination of one or more <br />blighting conditions inside the South Main Project Area <br /> <br /> 2. The City hereby consents to the Agency's expenditure of <br />up to the following sums from the funds of the South Main Project <br />Area for the acquisition and rehabilitation of the Properties: <br /> <br />Gas Company Property <br /> <br />Acquisition: <br />Rehabilitation: <br /> <br />up to $300,000.00 <br />up to $500,000.00 <br /> <br />Grand Central Property <br /> <br />Acquisition: <br />Rehabilitation <br /> <br />up to $1,500,000.00 <br />up to $2,000,000.00 <br /> <br />ADOPTED this 20th day of <br /> <br />June , 1994. <br /> <br />ATTEST: <br /> <br />Daniel/~ H. ' Young <br />Mayor <br /> <br />COUNCILMEMBERS: <br /> <br />Young Aye <br />Pulido Aye <br />Lutz Aye <br />McGuigan Aye <br />Mills Aye <br />Moreno Aye <br />Richardson Ah~nt <br /> <br />APPROVED AS TO FORM: <br /> <br />Edwa~ ~.~Co~ <br />city Attorney <br /> <br />3 <br /> <br /> <br />