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<br />RESOLUTION NO. CRA 2009-001 <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA APPROVING A <br />DISPOSITION AND DEVELOPMENT AGREEMENT <br />BETWEEN THE AGENCY AND RSI DEVELOPMENT, LLC <br /> <br />BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE <br />CITY OF SANTA ANA, AS FOLLOWS: <br /> <br />Section 1: The Board of the Community Redevelopment Agency of the City of <br />Santa Ana hereby finds, determines 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 Project Areas (the "Redevelopment Plan"), including <br />strengthening of public-private partnerships to provide more affordable <br />housing, and particularly to provide decent, safe, sanitary, and affordable <br />housing to the lower income citizens of the City of Santa Ana. <br /> <br />B. In order to implement the Redevelopment Plan, the Agency has agreed, <br />subject to the approval of the City Council, to sell certain real property <br />located at 1112 and 1118 S. Orange Street (the "Property") pursuant to the <br />terms and provisions of a Disposition and Development Agreement <br />(hereinafter referred to as the "Agreement") between the Agency and RSI <br />Development, LLC, which is on file in the office of the Executive Director of <br />the Agency, in which said real property, is described. <br /> <br />C. RSI Development, LLC, proposes to construct and sell these two homes to <br />qualified Low Income Households. The term of affordability on each of the <br />homes will be for forty-five years. <br /> <br />D. The Agreement contains all of the provisions, terms, conditions and <br />obligations required by the state and local laws. <br /> <br />E. RSI Development, LLC, possesses the qualifications and financial <br />resources necessary to acquire and insure development of the Properties, <br />in accordance with the purpose and objectives of the Redevelopment Plan. <br /> <br />F. 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 Property. <br /> <br />Resolution No. eRA 2009-001 <br />Page 1 of 2 <br />