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RESOLUTION NO. 2009- <br />A RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF SANTA ANA MAKING CERTAIN <br />FINDINGS WITH RESPECT TO THE <br />CONSIDERATION TO BE RECEIVED BY THE <br />COMMUNITY REDEVELOPMENT AGENCY OF <br />THE CITY OF SANTA ANA PURSUANT TO A <br />DISPOSITION AND DEVELOPMENT AGREEMENT <br />BETWEEN THE AGENCY AND RSI <br />DEVELOPMENT, LLC, FOR THE SALE OF <br />CERTAIN REAL PROPERTY AND APPROVING <br />THE SALE OF SAID REAL PROPERTY UPON THE <br />TERMS AND CONDITIONS CONTAINED IN THAT <br />AGREEMENT <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 and <br />declares as follows: <br />A. The Community Redevelopment Agency of the City of Santa Ana <br />(hereinafter referred to as the "Agency") is engaged in activities necessary <br />to execute and implement the Redevelopment Plan for the Merged <br />Redevelopment Projects, including strengthening of public-private <br />partnerships to provide more affordable housing, and particularly to <br />provide decent, safe, sanitary, and affordable housing to the lower income <br />citizens of the City of Santa Ana. <br />B. In order to implement the Redevelopment Plan, the Agency <br />proposes to sell said real property located at 1112 and 1118 S. Orange <br />Street (the Property) pursuant to the terms and provisions of a Disposition <br />and Development Agreement (hereinafter referred to as the "Agreement") <br />between the Agency and RSI Development, LLC, which is on file in the <br />office of the Executive Director of the Agency. <br />C. RSI Development, LLC, shall construct and sell these two homes to <br />income qualified households. The term of affordability on each of the <br />homes will be forty-five years. <br />D. The consideration for the Property is not less than the fair market <br />1 <br />80A-7 <br />