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037 <br /> <br /> SECTION 1. The City Council recognizes that is has received <br />and heard all oral and written objections to the proposed <br />Agreement, to the proposed financing of the Project pursuant to the <br />proposed Agreement, and to other matters pertaining to this <br />transaction, and that all such oral and written objections are <br />hereby overruled. <br /> <br /> SECTION 2. The City Council hereby finds and determines that <br />the consideration to be paid by the Developer for the sale of the <br />Parcels as described in the Agreement is not less than the fair <br />reuse value at the use and with the covenants and conditions and <br />development costs authorized by the Agreement. <br /> <br /> SECTION 3. The city Council hereby finds and determines that <br />the sale of the property in accordance with the Agreement will <br />provide housing for low or moderate income persons and is <br />consistent with the Implementation Agreement approved by the Agency <br />pursuant to California Health and Safety Code Section 33490. <br /> <br /> SECTION 4. The sale of the Parcels and the Agreement <br />establishing the terms and conditions for the sale and development <br />of the Parcels, including all attachments thereto, are herebF <br />approved. <br /> <br /> SECTION 5. The City Council finds and determines that the use <br />of the Housing Funds as authorized by this Resolution will be of <br />benefit to the Redevelopment Projects. <br /> <br />ATTEST: <br /> <br />APPROVED and ADOPTED this Third day of February, 1997. <br /> <br /> 1 A. Pfilido, Mayor <br /> <br />ouncil <br /> <br />By: ~ ~v--~ <br /> <br /> /J0se~ W. Fletcher <br /> ttorney <br /> <br />-3- <br /> <br /> <br />