2011-039 - Agency Owned Property Located at 335 East McFadden Avenue

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RESOLUTION NO. 2011-039 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA ANA APPROVING THE SALE OF AGENCY OWNED PROPERTY LOCATED AT 335 EAST McFADDEN AVENUE; AUTHORIZING THE CITY MANAGER TO EXECUTE DOCUMENTS AS NECESSARY; AND MAKING CERTAIN FINDINGS WITH RESPECT THERETO, ON BEHALF OF THE CITY BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS FOLLOWS: Section 1 . The City Council of the City of Santa Ana hereby, finds, determines and declares as follows: A. Pursuant to Sections 33334.2(a) and 33334.6(c) of the California Community Redevelopment Law (California Health and Safety Code Section 33000 et sue.) not less than 20 percent of all taxes which are allocated to the Community Redevelopment Agency of the City of Santa Ana ("Agency") are set aside by the Agency in a Low- Moderate-Income Housing Fund and used by the Agency for the purpose of increasing, improving and preserving the community's supply of low and moderate housing available at affordable housing costs to persons and families of low- and moderate-income, including very-low- income persons. B. During the course of its regular activities, the Agency purchased the property located at 335 E. McFadden Avenue for residential development (the "Property"). C. California Community Redevelopment law (Health and Safety Code section 33433) requires that before any Agency owned property, acquired in whole or in part with tax increment moneys, is sold for development, the sale must first be approved by the legislative body by resolution after a public hearing. D. The Agency proposes to sell the Property to the City of Santa Ana at the current appraised fair market value, pursuant to the terms and provisions of Purchase/Sale Agreement (hereinafter referred to as the "Agreement"). The City will be utilizing District 3 Acquisition and Development Funds to purchase the Property. E. The City has duly considered all of the terms and conditions of the proposed purchase, and believes that the proposed purchase is in the best interests of the City and the health, safety, morals and welfare of its residents, and in accord with the public purpose and provisions of applicable state and local laws and requirements. F. The City and Agency held a public hearing on the proposed sale/purchase and the Agreements as required by Section 33433 of the Community Redevelopment Law, after having duly provided notice of such public hearing in accordance with state law. Resolution No. 2011-039 Page 1 of 3