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<br />. <br /> <br />. <br /> <br />. <br /> <br />WHEREAS, the Parcels are located in the City of Santa Ana, but <br />outside any Redevelopment Project area, and, pursuant to the <br />Redevelopment Law, in order to use Housing Funds to assist <br />affordable housing outside a Redevelopment Project, the Agency and <br />the City Council must find that the use of the Housing Funds will <br />be of benefit the Redevelopment Projects; and <br /> <br />WHEREAS, the Agency has duly considered all of the terms and <br />conditions of the proposed Agreement, and believes that the <br />proposed Agreement is in the best interests of the City and the <br />health, safety, morals and welfare of its residents, and in accord <br />with the public purposes and provisions of applicable State and <br />local laws and requirements; and <br /> <br />WHEREAS, this Agency and the City Council have held a joint <br />public hearing on the proposed Project and the Agreement, after <br />having duly provided notice of such public hearing in accordance <br />with State law. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Community Redevelopment <br />Agency of the City of Santa Ana as follows: <br /> <br />SECTION 1. The Agency recognizes that is has received and <br />heard all oral and written objections to the proposed Agreement, to <br />the proposed financing of the Project pursuant to the proposed <br />Agreement, and to other matters pertaining to this transaction, and <br />that all such oral and written objections are hereby overruled. <br /> <br />SECTION 2. The Agency hereby finds and determines that the <br />consideration to be paid by the Developer for the sale of the <br />Parcels as described in the Agreement is not less than the fair <br />reuse value at the use and with the covenants and conditions and <br />development costs authorized by the Agreement. <br /> <br />SECTION 3. The Agency hereby finds and determines that the <br />sale of the property in accordance with the Agreement will provide <br />housing for low or moderate income persons and is consistent with <br />the Implementation Agreement approved by the Agency pursuant to <br />California Health and Safety Code section 33490. <br /> <br />SECTION 4. The sale of the Parcels and the Agreement <br />establishing the terms and conditions for the sale and development <br />of the Parcels, including all attachments thereto, are hereby <br />approved. <br /> <br />SECTION 5. The Executive Director of the Agency or her <br />designee is hereby authorized, on behalf of the Agency, to execute <br />the Agreement and each and every Attachment and Exhibit thereto <br />that is to be signed by the Agency, and to make such changes of a <br />nonsubstantive nature to such documents as the Executive Director <br /> <br />-3- <br />