80A - JT PH VISTA DEL RIO HOUSING

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D. Vista Del Rio, L.P., a California limited partnership, possess the qualifications and financial resources necessary to acquire and insure development of the Site, in accordance with the purpose and objectives of the Redevelopment Plan. E. In accordance with the California Environmental Quality Act, a negative declaration has been approved by the City Council for this project. F. Pursuant to the provisions of the California Redevelopment Law, the Agency and the City Council have held a duly noticed joint public hearing on the proposed sale of the Site pursuant to the Agreement. The City Council has considered all evidence submitted, both oral and written, as has been fully advised prior to adoption of this Resolution. Section 2. The City Council has considered all terms and conditions of the proposed sale and hereby finds and determines that the sale and the redevelopment of the Site pursuant to the Agreement is the best interests of the City of Santa Ana and the health, safety and welfare of its residents, and is in accord with the public purpose and provisions of the applicable state and local laws. Section 3. The City Council hereby finds and determines that the consideration for the sale of the Site pursuant to the Disposition and Development Agreement is not less than the fair reuse value of the Site determined in accordance with the covenants and conditions governing the sale. Section 4. The sale of the Site by the Agency to Vista Del Rio, L.P., a California limited partnership, upon the terms and conditions contained in the Agreement is hereby approved. Section 5. The City Manager or designee is authorized to accept deeded title to the approximately 0.465 acres owned by the Agency immediately adjacent to the project that are to be transferred to the City of Santa Ana to be improved and maintained by the City for open space and park purposes. Section 6. The Clerk of the Council shall attest to and certify the vote adopting this Resolution. 2 80A-134