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<br />. <br /> <br />. <br /> <br />. <br /> <br />R!:SOLUTION 94-038 <br />'Page 3 <br /> <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA ANA DOES <br />HEREBY RESOLVE AS FOLLOWS: <br /> <br />1. It is hereby determined that: <br /> <br />(a) <br /> <br />The acquisition and rehabilitation of the Properties will <br />be of benefit to the South Main Project Area¡ <br /> <br />(b) <br /> <br />No other reasonable means of financing the acquisition <br />and rehabilitation of the Properties is available to the <br />community¡ and <br /> <br />(c) <br /> <br />The use of funds from the South Main project Area to pay <br />the cost of acquisition and rehabilitation of the <br />Properties will assist in the elimination of one or more <br />blighting conditions inside the South Main Project Area <br /> <br />2. The City hereby consents to the Agency's expenditure of <br />up to the following sums from the funds of the South Main Project <br />Area for the acquisition and rehabilitation of the Properties: <br /> <br />Gas Company Property <br /> <br />Acquisition: <br />Rehabilitation: <br /> <br />up to $300,000.00 <br />up to $500,000.00 <br /> <br />Grand Central Property <br /> <br />Acquisition: <br />Rehabilitation <br /> <br />up to $1,500,000.00 <br />up to $2,000,000.00 <br /> <br />ADOPTED this <br /> <br />20th <br /> <br />June <br /> <br />, 1994. <br /> <br />day of <br /> <br />ATTEST: <br /> <br />D~~ <br /> <br /> <br />Mayor <br /> <br />~ . /~ ~ <br />a ice c. Guy / <br />Clerk of the Council <br /> <br />COUNCILMEMBERS: <br /> <br />Young <br />Pulido <br />Lutz <br />McGuigan <br />Mills <br />Moreno <br />Richardson <br /> <br />APPROVED AS TO FORM: <br /> <br />~ <br />~ <br />~ <br />~ <br />~ <br />~ <br />~t <br /> <br />E~b- <br /> <br />City Attorney <br /> <br />3 <br />