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3/9/04les <br />E. The Agency has agreed, subject to the approval of the Santa Ana Housing <br />Authority ( "Housing Authority "), to sell said real property at its current appraised <br />value, pursuant to the terms and provisions of a Purchase and Sale Agreement <br />(hereinafter referred to as the "Agreement ") between the Agency and the Housing <br />Authority, which is on file in the office of the Executive Director of the Agency. <br />F. The Housing Authority possesses the qualifications and financial resources <br />necessary to acquire and insure development of the Property, in accordance with <br />the purpose and objectives of the redevelopment law. <br />G. The Agreement contains all of the provisions, terms, conditions and obligations <br />required by the state and local laws. <br />H. The proposed sale of the Property is exempt from further review and in <br />accordance with the California Environmental Quality Act, categorical exemption <br />ER No. 2004 -47 will be filed for the project. <br />I. The Agency hereby finds and determines that the sale of the Property will <br />bring the Agency into compliance with Redevelopment law. <br />J. Pursuant to the provisions of the California Redevelopment Law, the City <br />Council, Agency and the Housing Authority have held a duly noticed joint public <br />hearing on the proposed sale of the Property. <br />K. The Agency hereby finds that the consideration received for the sale of the <br />Property is not less than the fair market value. <br />L. The Agency hereby approves the sale of the Agency -owned Property to the <br />Housing Authority, with proceeds to be deposited into the Agency's Housing Set - <br />Aside Account. <br />Section 2. The Purchase and Sale Agreement is hereby approved, and the <br />Executive Director of the Agency is hereby authorized to execute the Agreement and all <br />necessary related documents, with such non - substantive changes as may be approved <br />by Agency's General Counsel. <br />Section 3. The Executive Director of the Agency is hereby authorized to take all <br />steps, and to sign all documents and instruments necessary to implement and carry out <br />the Agreement on behalf of the Agency. <br />2 <br />