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... . . . 3.3 REL:adg 7/3/84 RESOLUTION NO. 84-14 A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA APPROVING AN AGREEMENT BETWEEN THE AGENCY AND LOWY DEVELOPMENT CORPORATION 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 Redevelopment Project; and WHEREAS, in order to implement the Redevelopment Plan, the Agency proposes to sell certain real property in the Project Area, pursuant to the terms and provisions of that certain nDisposition and Development Agreementn between the Agency and Lowy Development Corporation, which is on file in the office of the Executive Director of the Agency, in which said real property (hereinafter referred to as the nSite") is described; and WHEREAS, Lowy Development Corporation 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, Lowy Development Corporation possess the qualifications and financial resources necessary to ac- quire and insure development of the Site, in accordance with the purposes and objectives of the Redevelopment Plan; and WHEREAS, the Agency has prepared, reviewed and considered a Summary Report setting forth the cost of the Agreement to the Agency, the estimated value of the inter- ests to be conveyed determined at the highest uses permitted under the Redevelopment Plan, and the purchase price, and made said Summary Report available for public inspection in accordance with the California Community Redevelopment Law; and WHEREAS, pursuant to the provisions of the California Redevelopment Law, the Agency and the City Council have held a duly noticed joint public hearing on the proposed sale of the Site and the proposed agreement; and ~I IB I