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<br />Director of the Agency. <br /> <br />E. The Agreement contains all of the provisions, terms, conditions and obligations <br />required by the state and local laws. <br /> <br />F, The Santa Ana Housing Authority possesses the qualifications and financial <br />resources necessary to acquire and insure development of the Property in <br />accordance with the purpose and objectives of the redevelopment law. <br /> <br />G. In accordance with the Califomia Environmental Quality Act, the proposed <br />project is exempt from further review. Categorical Exemption ER No. 2004-47 <br />will be filed for the project. <br /> <br />H. Pursuant to the provisions of the Califomia Redevelopment Law, the Agency, <br />Housing Authority and the City Council have held a duly noticed joint public <br />hearing on the proposed sale of the Property. <br /> <br />Section 2, The City Council has considered all terms and conditions of the <br />proposed sale and hereby finds and determines that the sale of the Property pursuant to <br />the Agreement is the best interests of the City of Santa Ana and the health, safety and <br />welfare of its residents, and is in accord with the public purpose and provisions of the <br />applicable state and local laws. . <br /> <br />SAction 3. The City Council hereby finds and determines that the consideration <br />for the sale of the Property pursuant to the Purchase and Sale Agreement is not less than <br />the fair market value of the Property. <br /> <br />SAction 4. The sale of the Property by the Agency to the Santa Ana Housing <br />Authority upon the terms and conditions contained in the Agreement is hereby approved, <br /> <br />SAction 5. <br />this Resolution. <br /> <br />The Clerk of the Council shall attest to and certify the vote adopting <br /> <br />2 <br /> <br />75C..6 <br />