2010-027 - Approval of a Disposition and Development Agreement

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Section 2. The foregoing recitals are true and correct and are hereby incorporated by reference as if set forth in full in this Resolution. Section 3. The City Council hereby finds and determines that, based upon substantial evidence provided in the record before it, the use of funds from the Agency's Low and Moderate Income Housing Fund pursuant to the Agreement constitutes a lawful expenditure of such funds and will be of benefit to the Project Area for the reasons set forth in this Resolution. Section 4. The City Council hereby finds and determines that, based upon substantial evidence provided in the record before it, the consideration .for the Agency's conveyance of the Site to the Developer pursuant to the terms and conditions of the Agreement is not less than the fair reuse value at the use and with the covenants and conditions and development costs authorized by the Agreement. Section 5. The City Council hereby finds and determines that, based upon substantial evidence provided in the record before it, the Agency's conveyance of the Site to the Developer for development pursuant to the Agreement and the CRL will eliminate blight and provide housing for low- or moderate-income persons. Section 6. The City Council hereby finds and determines that, based upon substantial evidence provided in the record before it, the Agreement is consistent with the provisions and goals of the Implementation Plan. Section 7. The City Council hereby consents to the approval by the Agency of the Agreement in substantially the form presented to the Agency, subject to such revisions as may be made by the Executive Director of the Agency or his or her designee. A copy of the Agreement when executed by the Agency shall be placed on file in the office of the City Clerk. Section 8. The City Council acknowledges that the Executive Director of the Agency is authorized, on behalf of the Agency, to make revisions to the Agreement which do not materially or substantially increase the Agency's obligations thereunder or materially or substantially change the uses or development permitted on the Site, to sign all documents, to make all approvals and take all actions necessary or appropriate to carry out and implement the Agreement and to administer the Agency's obligations, responsibilities and duties to be performed under the Agreement and related documents. ADOPTED this 7th day of June, 201 O. Resolution No. 2010-027 Page 5 of 6