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~. . . . . ,~" RESOLUTION NO. 79-43 PAGE TWO WHEREAS, the Agency has considered all terms and condi- tions of the proposed sale and believes that the redevelopment of the Site pursuant to the proposed Agreement is in the best interests of the City and the health, safety, morals and welfare of its residents, and is in accord with the public purposes and provisions of the applicable state and local laws. NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY REDE- VELOPMENT AGENCY OF THE CITY OF SANTA ANA, AS FOLLOWS: 1. The Agency hereby finds and determines that the consideration for the sale of the Site pursuant to the participa- tion Agreement between the Agency and Jones Development Corpora- tion is not less than the fair market value of the Site in accordance with the covenants and conditions governing the sale. 2. The sale of the Site by the Agency to Jones Devel- opment Corporation and the Participation Agreement which estab- lishes the terms and conditions for the sale and development of the Site, are hereby approved. 3. The Chairman of the Agency is hereby authorized to execute the Participation Agreement and Grant Deeds pertaining thereto. 4. The Executive Director is hereby authorized to take all steps, and to sign all documents and instruments neces- sary to implement and carry out the Agreement on behalf of the Agency. ADOPTED this l7th day of by the following vote: ----- , 1979, September AYES: MEMBERS: Bricken, Griset, Luxembourger, Serrato, Ward, Markel (pursuant to Sec. 6, Art. 3) NOES: MEMBERS: Yamamoto ABSENT: MEMBERS: None ATTEST: r CHAI~ LuJ R~~~~ Executive Director/ Recording Secretary APPROVED AS TO FORM: d~ KEITH L. GOW, Agency Legal Counsel c¡ lA