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3/21/08 LES <br />RESOLUTION NO. 2008-024 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA APPROVING THE SALE OF AGENCY OWNED <br />PROPERTY LOCATED AT 715-719 N. CONCORD STREET; <br />AUTHORIZING THE DEPUTY CITY MANAGER FOR <br />DEVELOPMENT SERVICES TO EXECUTE DOCUMENTS <br />AS NECESSARY; AND MAKING CERTAIN FINDINGS <br />WITH RESPECT THERETO, ON BEHALF OF THE CITY <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS <br />FOLLOWS: <br />Section 1. The City Council of the City of Santa Ana hereby, finds, determines <br />and declares as follows: <br />A. Pursuant to Sections 33334.2(a) and 33334.6(c) of the California <br />Community Redevelopment Law (California Health and Safety Code <br />Section 33000 et seg.) not less than 20 percent of all taxes which are <br />allocated to the Community Redevelopment Agency of the City of Santa <br />Ana ("Agency") are set aside by the Agency in a Low- Moderate-Income <br />Housing Fund and used by the Agency for the purpose of increasing, <br />improving and preserving the community's supply of low and moderate <br />housing available at affordable housing costs to persons and families of <br />low- and moderate-income, including very-low-income persons. <br />B. The Agency has purchased a number of properties over the years for the <br />development of such low and moderate income housing. <br />C. California Community Redevelopment law (Health and Safety Code section <br />33334.16) currently restricts the length of time that an Agency can hold land <br />for future development to ten years. The property located 715-719 N. <br />Concord Street ("the Property") will soon exceed the legal time limit. <br />D. The Agency proposes to sell the Property to the City of Santa Ana at the <br />current appraised value, pursuant to the terms and provisions of a <br />Purchase/Sale Agreement (hereinafter referred to as the "Agreement"). <br />E. The City has duly considered all of the terms and conditions of the <br />proposed sale, and believes that the proposed sale is in the best interests <br />of the City and the health, safety, morals and welfare of its residents, and <br />in accord with the public purpose and provisions of applicable state and <br />local laws and requirements. <br />F. The City and Agency held a public hearing on the proposed Project and <br />the Agreement as required by Section 33433 of the Community <br />Resolution No. 2008-024 <br />Page 1 of 3 <br />