05 - JOINT PH - Vista Del Rio DDA

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D. The consideration for the Property is not less than the fair market value of the land at the use and with the long term affordability covenants and conditions and development costs authorized by the sale. E. The Agreement contains all of the provisions, terms, conditions and obligations required by the state and local laws, as well as long-term affordability covenants benefiting the Agency and the community. F. Developer possesses the qualifications and financial resources necessary to acquire and insure development of the Property as the 41 units shall be rented to qualified low income persons in accordance with the purpose and objectives of the Redevelopment and Implementation Plan. G. 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 Property in compliance with Health and Safety Code section 33433. Section 2. The City Council has considered all terms and conditions of the proposed sale to Developer and hereby finds and determines that the sale and development of the .Property pursuant to the Agreement is in the best interest 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 Property pursuant to the Disposition and Development Agreement is not less than the fair market value of the Property determined in accordance with the covenants and conditions governing the sale. Section 4. The sale of the Property by the Agency to Developer upon the terms and conditions contained in the Agreement is hereby approved. Section 5. The Clerk of the Council shall attest to and certify the vote adopting this Resolution. 2 5-6