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6/13/11 LES <br />RESOLUTION NO. 2011- <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT <br />AGENCY FOR THE CITY OF SANTA ANA APPROVING THE <br />SALE OF AGENCY OWNED PROPERTY LOCATED AT 335 <br />EAST McFADDEN AVENUE; AUTHORIZING THE <br />EXECUTIVE DIRECTOR TO EXECUTE DOCUMENTS AS <br />NECESSARY; AND MAKING CERTAIN FINDINGS WITH <br />RESPECT THERETO, ON BEHALF OF THE AGENCY <br />BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF <br />SANTA ANA AS FOLLOWS: <br />Section 1. The Board of the Community Redevelopment Agency of the City of Santa Ana <br />hereby finds, determines, and declares as follows: <br />A. Pursuant to Sections 33334.2(a) and 33334.6(c) of the California Community <br />Redevelopment Law (California Health and Safety Code Section 33000 et sec,.) not less <br />than 20 percent of all taxes which are allocated to the Community Redevelopment Agency <br />of the City of Santa Ana ("Agency") are set aside by the Agency in aLow- Moderate-Income <br />Housing Fund and used by the Agency for the purpose of increasing, improving and <br />preserving the community's supply of low and moderate housing available at affordable <br />housing costs to persons and families of low- and moderate-income, including very-low- <br />income persons. <br />B. During the course of its regular activities, the Agency has purchased the property located <br />at 335 E. McFadden Avenue (the "Property") for residential development. <br />C. California Community Redevelopment law (Health and Safety Code section 33433) <br />requires that before any Agency owned properly, acquired in whole or in part with tax <br />increment moneys, is sold for development, the sale must first be approved by the legislative <br />body by resolution after a public hearing. <br />D. The Agency proposes to sell the Property to the City of Santa Ana at the current <br />appraised fair market value, pursuant to the terms and provisions of Purchase/Sale <br />Agreement (hereinafter referred to as the "Agreement"). The City will be utilizing District 3 <br />Acquisition and Development Funds to purchase the Property. <br />E. The Agency has duly considered all of the terms and conditions of the proposed sale, <br />and believes that the proposed sale is in the best interests of the City and the health, safety, <br />morals and welfare of its residents, and in accord with the public purpose and provisions of <br />applicable state and local laws and requirements. <br />F. The Agency and City held a public hearing on the proposed Project and the Agreements <br />as required by Section 33433 of the Community Redevelopment Law, after having duly <br />provided notice of such public hearing in accordance with state law. <br />EXHIBIT 3 5 _ 9 <br />