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<br />RESOLUTION NO. 80-24 <br />PAGE TWO <br /> <br />. <br /> <br />1. The Agency has considered all terms and <br />conditions of the proposed sale and hereby finds and <br />determines that the redevelopment of the Property pursuant <br />to the proposed Agreement is in the best interests of the <br />City and the health, safety, morals and welfare of its <br />residents, and is in accord with the public purposes and <br />provisions of the applicable state and local laws. <br /> <br />2. The Agency hereby finds and determines that <br />the consideration for the sale of the Site pursuant to the <br />Disposition and Development Agreement between the Agency and <br />Santora Partners, a limited partnership, is less than the <br />fair market value of the Site, determined at the highest use <br />permitted under the Redevelopment plan, but that such lesser <br />consideration is necessary to effectuate the purposes of <br />the Redevelopment Plan. <br /> <br />. <br /> <br />3. The sale of the site by the Agency to <br />Santora Partners, a limited partnership, and the Disposition <br />and Development Agreement which establishes the terms and <br />conditions for the sale and development of the Site, are <br />hereby approved. <br /> <br />4. The Chairman of the Agency is hereby <br />authorized to execute the Disposition and Development <br />Agreement and Grant Deeds pertaining thereto. <br /> <br />5. The Executive Director is hereby authorized <br />to take all steps, and to sign all documents and instruments <br />necessary to implement and carry out said Agreement on <br />behalf of the Agency. <br /> <br />ADOPTED this 19th day of <br />by the following vote: <br /> <br />February <br /> <br />, 1980, <br /> <br />AYES: MEMBERS: Griset, Luxembourger, Serrato, <br /> Ward, Yamamoto <br />NOES: MEMBERS: Bricken, Markel <br />ABSENT: MEMBERS: None <br /> <br />. <br /> <br />ATTEST: <br /> <br />R~ <br /> <br />Executive Director/ <br />Recording Secretary <br /> <br />QcHA~ <br /> <br />APPROVED AS TO FORM: <br /> <br />1:4~ <br /> <br />KEITH L. GOW <br />Agency Legal Counsel <br /> <br />. <br /> <br />4'1- <br /> <br />lD <br />