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7/28108 LES <br />RESOLUTION NO. 2008-058 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA APPROVING THE SALE OF AGENCY- <br />OWNED PROPERTY LOCATED AT 626-628 E. SANTA <br />ANA BOULEVARD, 809 Y~ E. SANTA ANA BOULEVARD, <br />630 N. GARFIELD STREET, AND 604 N. LACY STREET TO <br />THE CITY OF SANTA ANA; AUTHORIZING THE DEPUTY <br />CITY MANAGER FOR DEVELOPMENT SERVICES TO <br />EXECUTE DOCUMENTS A5 NECESSARY; AND MAKING <br />CERTAIN FINDINGS WITH RESPECT THERETO, ON <br />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 sue.) 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 properties located at 626-628 E. <br />Santa Ana Boulevard, 809 '/~ E. Santa Ana Boulevard, 630 N. Garfield <br />Street and 604 N. Lacy Street ("the Property") will soon exceed the legal <br />time limit. <br />D. The Agency proposes to sell the Property to the City of Santa Ana at the <br />current appraised values, 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 />Resolution No. 2008-058 <br />Page 1 of 3 <br />