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<br />. <br /> <br />. <br /> <br />. <br /> <br />WHEREAS, the Agency has prepared, reviewed and considered a <br />summary and report setting forth the cost of the DDA to the Agency, <br />the estimated value of the interests to be conveyed determined at <br />the highest uses permitted under applicable land use controls, and <br />the purchasd price, and made said summary available for public <br />inspection in accordance with the California Community <br />Redevelopment Law; and <br /> <br />WHEREAS, the summary and report have been considered by Agency <br />staff, and the staff has satisfied the Agency that the sale and the <br />DDA are feasible; and <br /> <br />WHEREAS, pursuant to the provisions of the California <br />Redevelopment Law, the Agency and the City Council of the City of <br />Santa Ana have held a duly noticed joint public hearing on the <br />proposed sale of the site and the proposed DDA; and <br /> <br />WHEREAS, the Agency has duly considered all terms and <br />conditions of the proposed sale and believes that the development <br />of the site pursuant to the proposed DDA is in the best interests <br />of the city and the health, safety, morals, and welfare of its <br />residents, and in accord with the public purposes and provisions of <br />applicable State and local law and requirements. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Community Redevelopment <br />Agency of the city of Santa Ana as follows: <br /> <br />1. The Agency hereby finds and determines that the <br />consideration for the sale of the site pursuant to the DDA between <br />the Agency and the Developer is not less than the fair market value <br />for the site in accordance with the covenants and conditions <br />governing such sale. <br /> <br />2. The Agency hereby finds and determines that the <br />consideration for the sale of the site pursuant to said DDA is <br />necessary to effectuate the Agency I s low and moderate income <br />housing program organized under the Community Redevelopment Law. <br /> <br />3. The sale of the site by the Agency to the Developer and <br />the DDA which establishes the terms and conditions for the sale and <br />development of the Site, are hereby approved. <br /> <br />4. The Chairman of the Agency is hereby authorized to execute <br />the DDA. <br /> <br />2 <br />