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<br />. <br /> <br />. <br /> <br />. <br /> <br />COMMUNITY REDEVELOPMENT AGENCY <br />OF THE CITY OF SANTA ANA <br /> <br />RESOLUTION NO. 97-3 <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE <br />CITY OF SANTA ANA APPROVING THE IMPLEMENTATION AGREEMENT <br />BETWEEN THE AGENCY AND SOUTHLAND ECONOMIC DEVELOPMENT <br />CORPORATION, dba SANTA ANA DEVELOPMENT COMPANY, <br />PERTAINING TO THE SALE OF FIVE AGENCY-OWNED PARCELS AND <br />THE CONSTRUCTION THEREON OF FIVE REPLACEMENT HOUSING <br />UNITS; AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE, ON <br />BEHALF OF THE AGENCY, THE IMPLEMENTATION AGREEMENT AND <br />RELATED DOCUMENTS AS NECESSARY; AND MAKING CERTAIN <br />FINDINGS WITH RESPECT THERETO. <br /> <br />THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA HEREBY <br />FINDS, DETERMINES, RESOLVES AND ORDERS AS FOLLOWS: <br /> <br />WHEREAS, the City of Santa Ana has an obligation to provide <br />replacement low and moderate income dwelling units in accordance <br />with HUD Regulations (24 CFR §570.606) in the city of Santa Ana <br />(the "Replacement Housing"); and <br /> <br />WHEREAS, the HUD Regulations provide that Replacement Housing <br />units may be provided by any government agency or private <br />developer, and must meet the requirements set forth in 24 CFR <br />§570.606(c) (ii) (the "HUD Requirements"); and <br /> <br />WHEREAS, Southland Economic Development Corporation, dba Santa <br />Ana Development Company ("Developer") is a nonprofit corporation <br />having experience and qualifications in acquiring, constructing and <br />providing well-managed and affordable housing for low and moderate <br />income persons and families in the community; and <br /> <br />WHEREAS, pursuant to the Community Redevelopment Law <br />(California Health and Safety Code section 33334.2 et ~., <br />referred to hereinafter as the "Redevelopment Law"), not less than <br />20% of the tax increment derived from redevelopment projects in the <br />city of Santa Ana must be used to provide affordable housing for <br />persons and families of low and moderate income in the City of <br />Santa Ana (the "Housing Funds"); and <br /> <br />WHEREAS, using a portion of its Housing Funds, the Agency has <br />acquired five parcels of property in the City of Santa Ana, <br />described as set forth in the legal description attached to this <br />Resolution as Exhibit "A" (each one referred to as a "Parcel" and <br />referred to collectively as the "Parcels") which are appropriate <br /> <br />-1- <br />