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income families, and the remaining seven will be sold to low income <br />families. The term of affordability on each of the homes will be for forty- <br />five years. <br />D. The consideration for the Properties is not less than the fair market <br />value of the land at the use and with the long term affordability covenants <br />and conditions and development costs authorized by the sale. <br />E. The Agreement contains all of the provisions, terms, conditions and <br />obligations required by the state and local laws, as well as long-term <br />affordability covenants benefiting the Agency. <br />F. Olson Urban Housing, LLC possesses the qualifications and <br />financial resources necessary to acquire and insure development and <br />construction of the Properties as twenty single-family homes to be sold to <br />qualified low income families in accordance with the purpose and objectives <br />of the Redevelopment and Implementation Plan. <br />G. Pursuant to the provisions of the California Redevelopment Law, the <br />Agency and the City Council have held a duly noticed joint public hearing on <br />the proposed sale of the Properties in compliance with Health and Safety <br />Code section 33433. <br />Section 2. The City Council has considered all terms and conditions of the <br />proposed sale to Olson Urban Housing, LLC and hereby finds and determines that the <br />sale and development of the Properties pursuant to the Agreement is in the best interest <br />of the City of Santa Ana and the health, safety and welfare of its residents, and is in <br />accord with the public purpose and provisions of the applicable state and local laws. <br />Section 3. The City Council hereby finds and determines that the consideration <br />for the sale of the Properties pursuant to the Disposition and Development Agreement is <br />not less than the fair market value of the Properties determined in accordance with the <br />covenants and conditions governing the sale. <br />Section 4. The sale of the Properties by the Agency to Olson Urban Housing, <br />LLC, upon the terms and conditions contained in the Agreement is hereby approved. <br />Section 5. The Clerk of the Council shall attest to and certify the vote adopting <br />this Resolution. <br />2 <br />80A-8 <br />