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RESOLUTION NO. 2009- <br />A RESOLUTION OF THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF <br />SANTA ANA APPROVING A DISPOSITION AND <br />DEVELOPMENT AGREEMENT BETWEEN THE <br />AGENCY AND RSI DEVELOPMENT, LLC <br />BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE <br />CITY OF SANTA ANA, AS FOLLOWS: <br />Section 1: The Board of the Community Redevelopment Agency of the City of <br />Santa Ana hereby finds, determines and declares as follows: <br />A. The Community Redevelopment Agency of the City of Santa Ana <br />(hereinafter referred to as the "Agency") is engaged in activities necessary <br />to execute and implement the Redevelopment Plan for the Merged <br />Redevelopment Project Areas (the "Redevelopment Plan"), including <br />strengthening of public-private partnerships to provide more affordable <br />housing, and particularly to provide decent, safe, sanitary, and affordable <br />housing to the lower income citizens of the City of Santa Ana. <br />B. In order to implement the Redevelopment Plan, the Agency has <br />agreed, subject to the approval of the City Council, to sell certain real <br />property located at 1112 and 1118 S. Orange Street (the "Property") <br />pursuant to the terms and provisions of a Disposition and Development <br />Agreement (hereinafter referred to as the "Agreement") between the <br />Agency and RSI Development, LLC, which is on file in the office of the <br />Executive Director of the Agency, in which said real property, is described. <br />C. RSI Development, LLC, proposes to construct and sell these two <br />homes to qualified Low Income Households. The term of affordability on <br />each of the homes will be for forty-five years. <br />D. The Agreement contains all of the provisions, terms, conditions and <br />obligations required by the state and local laws. <br />E. RSI Development, LLC, possesses the qualifications and financial <br />resources necessary to acquire and insure development of the Properties, <br />in accordance with the purpose and objectives of the Redevelopment Plan. <br />1 <br />3-7 <br />