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7/28/08 LES <br />RESOLUTION N0, 2008- <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SANTA ANA APPROVING THE SALE OF AGENCY -OWNED <br />PROPERTY LOCATED AT 626 -628 E. SANTA ANA <br />BOULEVARD, 809 '/2 E. SANTA ANA BOULEVARD, 630 N. <br />GARFIELD STREET, AND 604 N. LACY STREET TO THE <br />CITY OF SANTA; AUTHORIZING THE DEPUTY CITY <br />MANAGER FOR DEVELOPMENT SERVICES TO EXECUTE <br />DOCUMENTS AS NECESSARY; AND MAKING CERTAIN <br />FINDINGS WITH RESPECT THERETO, ON BEHALF OF THE <br />CITY <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA AS FOLLOWS: <br />Section 1. The City Council of the City of Santa Ana hereby, finds, determines and declares <br />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 seq.) 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 a Low- 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. The Agency has purchased a number of properties over the years for the development <br />of such low and moderate income housing. <br />C. California Community Redevelopment law (Health and Safety Code section 33334.16) <br />currently restricts the length of time that an Agency can hold land for future development to ten <br />years. The properties located at 626 -628 E. Santa Ana Boulevard, 809 '/2 E. Santa Ana <br />Boulevard, 630 N. Garfield Street and 604 N. Lacy Street ( "the Property ") will soon exceed the <br />legal time limit. <br />D. The Agency proposes to sell the Property to the City of Santa Ana at the current <br />appraised values, pursuant to the terms and provisions of a Purchase /Sale Agreement <br />(hereinafter referred to as the "Agreement'). <br />E. The City has duly considered all of the terms and conditions of the proposed sale, and <br />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 City and Agency held a public hearing on the proposed Project and the Agreement <br />6 -57 <br />