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. . . REL : adg l2/13/84 RESOLUTION NO. 84- 25 A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA APPROVING A LEASE, OPTION AND DEVELOPMENT AGREEMENT (PARCEL 5) BETWEEN THE AGENCY AND COLONIAL DATSUN, INC. WHEREAS, the Community Redevelopment Agency of the City of Santa Ana is engaged in activities necessary to ex- ecute and implement the Redevelopment Plan for the Santa Ana South Main Street Redevelopment Project; and WHEREAS, in order to implement the Redevelopment PIan, the Agency proposes to lease and/or sell certain real property in the Project Area, pursuant to the terms and pro- visions of that certain "Lease, Option and Development Agree- ment (Parcel 5)" between the Agency and Colonial Datsun, Inc. which is on file in the office of the Executive Director of the Agency, in which said real property (hereinafter referred to as the "Site") is described; and WHEREAS, Colonial Datsun, Inc. has submitted to the Agency a written offer in the form of said Agreement to purchase the Site; and WHEREAS, the proposed Agreement contains all the provisions, terms, conditions and obligations required by state and local law; and WHEREAS, Colonial Datsun, Inc. possesses the quali- fications and financial resources necessary to acquire and insure development of the Site, in accordance with the purposes and objectives of the Redevelopment PIan; and WHEREAS, the Agency has prepared, reviewed and con- sidered a Summary Report setting forth the cost of the Agree- ment to the Agency, the estimated value of the interests to be conveyed determined at the highest uses permitted under the Redevelopment Plan, and the purchase price and sum of the lease payments, and made said Summary Report available for public inspection in accordance with the California Redevelop- ment Law; and 2B 98