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E. The Agreement contains all of the provisions, terms, conditions and obligations required by the state and local laws. F. The Santa Ana Housing Authority possesses the qualifications and financial resources necessary to acquire and insure development of the Property in accordance with the purpose and objectives of the redevelopment law. G. In accordance with the California Environmental Quality Act, the proposed project is exempt from further review. Categorical Exemption ER No. 2004-47 will be filed for the project. H. Pursuant to the provisions of the California Redevelopment Law, the Agency, Housing Authority and the City Council have held a duly noticed joint public hearing on the proposed sale of the Property. SAdlon? The City Council has considered all terms and conditions of the proposed sale and hereby finds and determines that the sale of the Property pursuant to the Agreement is the best interests of the City of Santa Ana and the health, safety and welfare of its residents, and is in accord with the public purpose and provisions of the applicable state and local laws. SAdlon 3. The City Council hereby finds and determines that the consideration for the sale of the Property pursuant to the Purchase and Sale Agreement is not less than the fair market value of the Property. Section 4. The sale of the Property by the Agency to the Santa Ana Housing Authority upon the terms and conditions contained in the Agreement is hereby approved. SAdion 5. this Resolution. The Clerk of the Council shall attest to and certify the vote adopting ADOPTED this ~ day of M.arcl1, 2004. APPROVED AS TO FORM: Joseph W. Fletcher, City Attorney BY:~v¿~ Lisa E. Storck Assistant City Attorney Resolution No. 2004-019 Page 2 of 3