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F. The Redevelopment Agency utilized moneys from its Housing Fund in <br />connection with the acquisition of that certain site, 1126 -1146 E. <br />Washington Avenue, APN 398 -092 -14 (the 'Property "). <br />G. Pursuant to the Dissolution Act, the Authority prepared and the <br />California Department of Finance approved a Housing Asset Transfer <br />Form, which listed the housing assets of the Redevelopment Agency <br />eligible and required to be transferred to the Authority. The Property <br />was included on the approved Housing Asset Transfer Form. <br />H. The Property is not "surplus property' pursuant to Section 5422.1 of the <br />Government Code. The City believes that the Property will be useful in <br />pursuing the public purpose activities of the City to construct a new <br />ground water well and related water facilities to augment existing <br />capacity and replace existing aging wells that no longer produce high <br />quality water efficiently. <br />I. The Authority is authorized to transfer the Property to the City pursuant <br />to Health and Safety Code Section 34312.3(b). <br />J. The respective staffs of the City and the Authority have reviewed the <br />fair market value of the Property, as appraised, and have concluded <br />that the value of such Property is consistent with the purchase price as <br />set forth in the draft "Purchase and Sale Agreement' in the form <br />submitted to the City and the Authority concurrently herewith (the <br />"Agreement'). <br />K. The City Council has duly considered all terms and conditions of the <br />proposed Agreement and believes that the Agreement is in the best <br />interests of the Authority and the City and the health, safety, and <br />welfare of its residents, and in accord with the public purposes and <br />provisions of applicable State and local law requirements. <br />L. A joint public hearing of the Authority and City Council on the proposed <br />Agreement was duly noticed in accordance with Health and Safety <br />Code Sections 33431 and 34312.3(b). <br />M. On July 5, 2016, the governing board of the Authority and the City <br />Council held a joint public hearing on the proposed Agreement, at <br />which time the City Council and the Authority reviewed and evaluated <br />all of the information, testimony, and evidence presented during the <br />joint public hearing. <br />N. All actions required by all applicable law with respect to the proposed <br />Agreement have been taken in an appropriate and timely manner. <br />FOOTITARE <br />