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D. The consideration for the Properties is not less than the fair market <br />value of the land at the use and with the long term affordability covenants <br />and conditions and development costs authorized by the sale. <br />E. The Agreement contains all of the provisions, terms, conditions and <br />obligations required by the state and local laws, as well as long-term <br />affordability covenants benefiting the Agency. <br />F. Developer possesses the qualifications and financial resources <br />necessary to acquire and insure development of the Properties as a three <br />single-family homes to be sold to qualified low income families in <br />accordance with the purpose and objectives of the Redevelopment and <br />Implementation Plan. <br />G. In accordance with the California Environmental Quality Act, the <br />proposed project is exempt from further review. <br />H. 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 Properties in compliance with Health and Safety <br />Code section 33433. The City Council has considered all evidence <br />submitted, both oral and written, as fully advised prior to adoption of this <br />Resolution. <br />Section 2. The City Council has considered all terms and conditions of the <br />proposed sale to Developer and hereby finds and determines that the sale and <br />development of the Properties pursuant to the Agreement is in the best interest of the City <br />of Santa Ana and the health, safety and welfare of its residents, and is in accord with the <br />public purpose and provisions of the applicable state and local laws. <br />Section 3. The City Council hereby finds and determines that the consideration <br />for the sale of the Properties pursuant to the Disposition and Development Agreement is <br />not less than the fair market value of the Properties determined in accordance with the <br />covenants and conditions governing the sale. <br />Section 4. The sale of the Properties by the Agency to Developer upon the <br />terms and conditions contained in the Agreement is hereby approved. <br />Section 5. The Clerk of the Council shall attest to and certify the vote adopting <br />this Resolution. <br />Resolution No. 2011-019 <br />Page 2 of 3