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<br />moderate-income households outside the Redevelopment Project area if <br />such use will be of benefit to the Redevelopment Project. <br /> <br />F. <br /> <br />The Agency has used Housing Funds to purchase certain real property <br />located at 1633 East Sixth Street (the "Property"), which is located outside <br />the Redevelopment Project area. <br /> <br />G. The Agency proposes to sell the Property, at an affordable housing price, to <br />Carlos Morales and Ana Viera, qualified buyers. The Amended Agreement <br />Containing Covenants will be recorded against the Property establishing a <br />forty-five year term of affordability. <br /> <br />H. The Agency has duly considered all of the terms and conditions of the <br />proposed sale, and believes that the proposed sale is in the best interests of <br />the City and the health, safety, morals and welfare of its residents, and in <br />accord with the public purpose and provisions of applicable state and local <br />laws and requirements. <br /> <br />I. <br /> <br />The City and Agency held a public hearing on the proposed Project and the <br />Agreement as required for the sale of Agency owned property by Section <br />33433 of the Community Redevelopment Law, after having duly provided <br />notice of such public hearing in accordance with state law. <br /> <br />J. <br /> <br />The proposed sale of the Property is exempt from further review and in <br />accordance with the California Environmental Quality Act, categorical <br />exemption ER No. 2004-233 will be filed for this project. <br /> <br />K. The City recognizes that it has received and heard all oral and written <br />objections to the proposed sale, and to other matters pertaining to this <br />transactions, and that all such oral and written objections are hereby <br />overruled. <br /> <br />L. <br /> <br />The City hereby finds and determines that the information set forth herein is <br />true and correct. <br /> <br />M. The City hereby finds and determines that the sale of the Property will <br />provide housing for a low-income household. <br /> <br />N. The City hereby finds that the consideration the Agency will receive for the <br />sale of the Property is not less than the fair reuse value given the use and with <br />the covenants and restrictions authorized by the sale and recorded against the <br />Property. <br /> <br />O. The City hereby approves the sale of the Property. <br /> <br />Resolution No. 2004-098 <br />Page 2 of 4 <br />