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Section 2. The foregoing recitals are true and correct and are hereby <br />incorporated by reference as if set forth in full in this Resolution. <br />Section 3. The City council hereby finds and determines that} based upon <br />substantial evidence provided in the record before it, the use of funds from the Agency's <br />Low and Moderate Income lousing Fund pursuant to the Agreement constitutes a <br />lawful expenditure of such funds and will be of benefit to the Project Area for the <br />reasons set forth in this Resolution. <br />Section 4. The city Council hereby finds and determines that} based upon <br />substantial evidence provided in the record before it, the consideration for the Agency's <br />conveyance of the Site to the Developer pursuant to the terms and conditions of the <br />Agreement is not less than the fair reuse value at the use and with the covenants and <br />conditions and development costs authorized by the Agreement. <br />Section 5. The City Council hereby finds and determines that, based upon <br />substantial evidence provided in the record before it, the Agency's conveyance of the <br />Site to the Developer for development pursuant to the Agreement and the cL will <br />eliminate blight and provide housing for lover- or moderate- income persons. <br />Section 6. The City council hereby finds and determines that, based upon <br />substantial evidence provided in the record before it, the Agreement is consistent with <br />the provisions and goals of the Implementation Plan. <br />Section 7. The city Council hereby consents to the approval by the Agency of <br />the Agreement in substantially the form presented to the Agency, subject to such <br />revisions as may be made by the Executive Director of the Agency or his or her <br />designee. A copy of the Agreement when executed by the Agency shall be placed on <br />file in the office of the city clerk. <br />Section 8. The city Council ackno wledges that the Executive Director of the <br />Agency is authorized, on behalf of the Agency, to make revisions to the Agreement <br />which do not materially or substantially increase the Agency's obligations thereunder or <br />materially or substantially change the uses or development permitted on the Site, to <br />sign all documents, to make all approvals and take all actions necessary or appropriate <br />to carry out and implement the Agreement and to administer the Agency's obligations, <br />responsibilities and duties to be performed under the Agreement and related <br />documents. <br />ADOPTED this day of <br />APPROVED AS TO FORM: <br />y .2 0 . <br />Miguel A. Pulido <br />Mayor <br />Resolution No. 2001 -XX <br />Pageof <br />