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by the prospective buyers, four families became pre-qualified. A lottery was held to determine the family that would be able to purchase the Property, and Carlos Morales and Ana Viera were selected. E. In order to implement the Redevelopment Plan, the Agency has agreed, subject to the approval of the City Council, to sell said Agency owned real property, pursuant to the terms and provisions of a Purchase/Sale Agreement and an amended Agreement Containing Covenants (Including Affordable Housing Restrictions) (hereinafter referred to collectively as the "Agreements") between the Agency and Carlos Morales and Ana Viera, which are on file in the office of the Executive Director of the Agency, in which said real property and the terms and conditions of the purchase of the Property are more fully described. F. The Agreements contain all of the provIsions, terms, conditions and obligations required by the state and local laws, as well as long term affordability covenants. G. The proposed sale of the Property is exempt from further review and in accordance with the California Environmental Quality Act ("CEQA") in accordance with Section 15061 (b)(3) of the CEQA Guidelines. Categorical Exemption ER No. 2004-233 will be filed for this project. H. Pursuant to the provisions of the California Redevelopment Law (Health and Safety Code section 33433) the Agency and the City Council have held a duly noticed joint public hearing on the proposed sale of the Property. I. The Agency finds that the consideration the Agency will receive for the sale of the Property is not less than the fair reuse value given the use and with the covenants and restrictions authorized by the sale and recorded against the Property. Section ? The Purchase/Sale Agreement is hereby approved, and the Executive Director of the Agency is hereby authorized to execute the Agreement, with such non-substantive changes as may be approved by Agency's General Counsel. Section ::l. The Amended Agreement Containing Covenants (Including Affordable Housing Restrictions) is hereby approved, and the Executive Director of the Agency is hereby authorized to execute the Agreement, with such non-substantive changes as may be approved by Agency's General Counsel. Section 4. The Executive Director of the Agency is hereby authorized to take all steps, and to sign all documents and instruments necessary to implement and carry out the Agreement(s) on behalf of the Agency. Resolution No. 2004-015 Page 2 of 3