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<br />I <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO. <br /> <br />91-08 <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE <br />CITY OF SANTA ANA, APPROVING A DISPOSITION AND <br />DEVELOPMENT AGREEMENT BETWEEN THE COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA AND PAUL DEL VALLE, INC.: <br />MAXING CERTAIN FINDINGS WITH RESPECT TO THE CONSIDERATION <br />TO BE RECEIVED BY THE AGENCY PURSUANT TO SAID AGREEMENT: <br />AND AUTHORIZING THE EXECUTION AND IMPLEMENTATION OF SAID <br />DISPOSITION AND DEVELOPMENT AGREEMENT <br /> <br />WHEREAS, the Community Redevelopment Agency of the city of <br />Santa Ana (the "Agency") is engaged in activities necessary to <br />develop low- and moderate-income housing in the city of Santa Ana <br />pursuant to the Community Redevelopment Law: and <br /> <br />WHEREAS, in implementation of the Agency's low- and moderate- <br />income housing program, the Agency proposes to sell certain real <br />property located in the City of Santa Ana (the "Site") pursuant to <br />the terms and provisions of a proposed Disposition and Development <br />Agreement (the "DDA") to be entered into with Paul Del Valle, Inc. <br />(the "Developer"); and <br /> <br />WHEREAS, the DDA provides for the development of dwelling <br />units affordable to and restricted to occupancy by moderate-income <br />households; and <br /> <br />WHEREAS, the Developer has submitted to the Agency a written <br />offer in the form of said DDA as submitted to purchase the Site; <br />and <br /> <br />WHEREAS, the proposed DDA contains all the provisions, terms <br />and conditions, and obligations required by State and local law; <br />and <br /> <br />WHEREAS, the Developer possesses the qualifications and <br />financial resources necessary to acquire and insure the development <br />of the site in accordance with the purposes and objectives of the <br />Redevelopment Plan; and <br /> <br />WHEREAS, as set forth in the Community Redevelopment Law <br />(Health and Safety Code section 33334.6) the Legislature has <br />determined that the use of Low- and Moderate-Income Housing Funds <br />for the provision and improvement of affordable housing outside of <br />redevelopment project areas can be of direct benefit to projects in <br />assisting the accomplishment of project objectives: and <br /> <br />WHEREAS, the Agency has prepared, reviewed and considered a <br />summary report setting forth the cost of the DDA to the Agency, the <br />