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<br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />REL:adg-5a <br />1/7/87 <br /> <br />RESOLUTION NO. I'I;!" <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA APPROVING <br />AN OWNER PARTICIPATION AGREEMENT AMONG THE <br />AGENCY, SYCAMORE RETIREMENT APARTMENTS, LTD., <br />AND MERCURY SAVINGS AND LOAN ASSOCIATION <br /> <br />WHEREAS, the Community Redevelopment Agency of the <br />City of Santa Ana proposes to sell certain real property <br />pursuant to the terms and provisions of that certain "Owner- <br />Participation Agreement" among the Agency, Sycamore Retirement <br />Apartments, Ltd., and Mercury Savings and Loan Association, <br />which is on file in the office of the Executive Director of <br />the Agency, in which said real property (hereinafter referred <br />to as the "Site") is described; and <br /> <br />WHEREAS, Sycamore Retirement Apartments, Ltd., has <br />submitted to the Agency a written offer in the form of said <br />Agreement to purchase the Site; and <br /> <br />WHEREAS, the proposed Agreement contains all the <br />provisions, terms, conditions and obligations required by state <br />and local law; and <br /> <br />WHEREAS, the Agency has prepared, reviewed and con- <br />sidered a Summary Report setting forth the cost of the Agreement <br />to the Agency, the estimated value of the interests to be con- <br />veyed, and the purchase price, and made said Summary Report <br />available for public inspection in accordance with the California <br />Community Redevelopment Law; and <br /> <br />WHEREAS, pursuant to the provisions of the California <br />Redevelopment Law, the Agency and the City Council have held a <br />duly noticed joint public hearing on the proposed sale of the <br />site and the proposed agreement; <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, AS FOLLOWS: <br /> <br />1. The Agency has considered all the terms and conditions <br />of the proposed sale and hereby finds and determines that the <br />redevelopment of the property pursuant to the said Agreement <br />is in the best interest of the City and the health, safety and <br />welfare of its residents, and is in accord with the public <br />purposes and provisions of the applicable state and local laws. <br /> <br />/'1- <br /> <br />2A <br />