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<br />F. RSI Development, LLC, possesses the qualifications and financial <br />resources necessary to acquire and insure development of the Property as <br />two single-family homes to be sold to qualified low income families in <br />accordance with the purpose and objectives of the Redevelopment and <br />Implementation Plan. <br /> <br />G. Pursuant to the provisions of the Califomia Redevelopment Law, the <br />Agency and the City Council have held a duly noticed joint public hearing on <br />the proposed sale of the Property in compliance with Health and Safety <br />Code section 33433. <br /> <br />Section 2. The City Council has considered all terms and conditions of the <br />proposed sale to RSI Development, LLC, and hereby finds and determines that the sale <br />and development of the Property pursuant to the Agreement is in the best interest of the <br />City of Santa Ana and the health, safety and welfare of its residents, and is in accord with <br />the public purpose and provisions of the applicable state and local laws. <br /> <br />Section 3. The City Council hereby finds and determines that the consideration <br />for the sale of the Property pursuant to the Disposition and Development Agreement is <br />not less than the fair market value of the Property determined in accordance with the <br />covenants and conditions governing the sale. <br /> <br />Section 4. The sale of the Property by the Agency to RSI Development, LLC, <br />upon the terms and conditions contained in the Agreement is hereby approved. <br /> <br />Section 5. The Clerk of the Council shall attest to and certify the vote adopting <br />this Resolution. <br /> <br />ADOPTED this 5th day of Januarv, 2009. <br /> <br /> <br />APPROVED AS TO FORM: <br />Joseph W. Fletcher, City Attorney <br /> <br />BY:f,~:" (f'~ <br />Lisa E. Storck <br />Assistant City Attorney <br /> <br />Resolution No. 2009-003 <br />Page 2 of 3 <br />