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RESOLUTION NO. 2008- <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 OLSON URBAN HOUSING, 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: 2034 N. Bush, 2038 N. Bush, the corner of North <br />Spurgeon and E. 22"d, 1314 Eastwood, 719 N. Concord, 812 N. Concord, <br />542 E. Central, 1029 McLean, 4010 & 4018 W. McFadden, 4106 W. <br />McFadden, 4110 W. McFadden, 4809 W. Edinger (the Properties) <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 Olson Urban Housing, LLC, a Delaware limited liability <br />company, which is on file in the office of the Executive Director of the <br />Agency, in which said real property, is described. <br />C. Olson Urban Housing, LLC proposes to develop, construct, market <br />and sell these twenty (20) single family homes to income qualified <br />households. Of the twenty homes, thirteen will be sold to moderate <br />income families, and the remaining eight will be sold to low income <br />families. The term of affordability on each of the homes will be for forty- <br />five years. <br />1 <br />4 - 27 <br />