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Z. The Agreement would assist in the alleviation or removal of blighting <br />conditions and provide housing for low- or moderate- income persons and <br />could further the goals of the Implementation Plan by providing for the <br />development of such housing; and <br />. The Agency has duly considered all terms and conditions of the proposed <br />Agreement and believes that the Agreement is in the best interests of the <br />Agency and the City and the health, safety, and welfare of its residents, and <br />in accord with the public purposes and provisions of applicable State and <br />local laver requirements. <br />Section 2. The foregoing recitals are true and correct and are hereby <br />incorporated by reference as if set forth in full in this (solution. <br />Section 3. The Agency hereby finds and determines that, based upon substantial <br />evidence provided in the record before it} the use of funds from the Agency's Housing Fund <br />in the amounts required by the Agreement is necessary because the Agency and the <br />Developer have made a good faith attempt but have been unable to obtain sufficient <br />commercial or private means of financing the Developer Project at the sane level of <br />affordability and quantity as is required by the Agreement. <br />Section 4. The Agency hereby finds and determines that, based upon substantial <br />evidence provided in the record before it, the use of funds from the Agency's Lou and <br />Moderate Income lousing Fund pursuant to the Agreement constitutes a la wful expenditure <br />of such funds and will be of benefit to the Project Area for the reasons set forth in this <br />Resolution. <br />Section 5. The Agency hereby finds and determines that: based upon substantial <br />evidence provided in the record before it} the consideration for the Agency's conveyance of <br />the Site to the Developer pursuant to the terns and conditions of the Agreement is not less <br />than the fair reuse value at the use and with the covenants and conditions and development <br />costs authorized by the Agreement. <br />Section 6. The Agency hereby finds and determines that, based upon substantial <br />evidence provided in the record before it, the Agency's conveyance of the Site to the <br />Developer for development pursuant to the Agreement and the CL, will eliminate blight and <br />provide housing for lour- or moderate- income persons. <br />Section 7. The Agency hereby finds and determines that, based upon substantial <br />evidence provided in the record before it, the Agreement is consistent with the provisions <br />and goals of the Implementation Plan. <br />Section 8. The Agency hereby adopts the Findings of Fact and Statement of <br />Overriding Considerations} attached to this Resolution as "Exhibit A." <br />Section g. The Agency hereby adopts the litigation Monitoring and reporting <br />Program, attached to this Resolution as "Exhibit B." <br />Resolution fro. CA 2010 -XX <br />Page 5 of <br />