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<br />RESOLUTION NO. 2009-003 <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA MAKING CERTAIN FINDINGS WITH <br />RESPECT TO THE CONSIDERATION TO BE RECEIVED <br />BY THE COMMUNITY REDEVELOPMENT AGENCY OF <br />THE CITY OF SANTA ANA PURSUANT TO A <br />DISPOSITION AND DEVELOPMENT AGREEMENT <br />BETWEEN THE AGENCY AND RSI DEVELOPMENT, LLC, <br />FOR THE SALE OF CERTAIN REAL PROPERTY AND <br />APPROVING THE SALE OF SAID REAL PROPERTY <br />UPON THE TERMS AND CONDITIONS CONTAINED IN <br />THAT AGREEMENT <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA, AS <br />FOLLOWS: <br /> <br />Section 1: The City Council of the City of Santa Ana hereby finds, determines <br />and declares as follows: <br /> <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 /> <br />B. In order to implement the Redevelopment Plan, the Agency proposes to sell <br />said real property located at 1112 and 1118 S. Orange Street (the Property) <br />pursuant to the terms and provisions of a Disposition and Development <br />Agreement (hereinafter referred to as the "Agreement") between the <br />Agency and RSI Development, LLC, which is on file in the office of the <br />Executive Director of the Agency. <br /> <br />C. RSI Development, LLC, shall construct and sell these two homes to <br />income qualified households. The term of afford ability on each of the <br />homes will be forty-five years. <br /> <br />D. The consideration for the Property is not less than the fair market value of <br />the land at the use and with the long term affordability covenants and <br />conditions and development costs authorized by the sale. <br /> <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 /> <br />Resolution No. 2009-003 <br />Page 1 of 3 <br />