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<br />6 <br /> <br />. <br /> <br />. <br /> <br />estimated value of the interests to be conveyed determined at the <br />highest uses permitted under applicable land use controls, and the <br />purchase 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 report has 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 />Redevelop.ent 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 teras 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 DCA 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'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 DCA which establishes the terms and conditions for the sale and <br />development of the Site are hereby appro~ed. <br /> <br />4. The Chairman of the Agency is hereby authorized to <br />execute the DDA. <br /> <br />5. The Executive Director (or designee) is hereby authorized <br />to take all steps, and to sign all documents and instruments on <br />behalf of the Agency necessary and appropriate to implement and <br /> <br />2 <br />