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O. The City Council has reviewed the staff report in connection with this <br />matter and has evaluated other information provided to it pertaining to <br />the findings proposed to be made hereunder. <br />P. The price at which the Property will be conveyed to City represents the <br />appraised fair market value of the Property. <br />O. Proceeds from the sale will be used by the Authority solely for <br />affordable housing development. <br />R. All actions required by all applicable law with respect to the proposed <br />Agreement have been taken in an appropriate and timely manner. <br />S. The Authority and the City Council have duly considered all of the <br />terms and conditions of the proposed Agreement and believe that the <br />sale of the Property pursuant to the Agreement is in the best interests <br />of the City of Santa Ana and the health, safety, and welfare of its <br />residents, and in accord with the public purposes and provisions of <br />applicable state and local laws and requirements. <br />Section 2. The City Council hereby finds and determines that the disposition <br />by sale of the Property by the Authority to the City pursuant to the Agreement will further <br />the achievement of the City's public purposes by making property available for use by <br />the City. <br />Section 3. The City Council finds and determines that, based upon substantial <br />evidence provided in the record before it, the consideration for the Authority's sale of the <br />Property to the City pursuant to the terms and conditions of the Agreement is not less <br />than the fair market value of the Property. <br />Section 4. The City Council hereby approves the Agreement in substantially <br />the form presented to the City Council, subject to such revisions as may be made by the <br />City Attorney, or designee. The City Manager is hereby authorized to execute the <br />Agreement, as so revised (including without limitation all attachments thereto), on behalf <br />of the City, together with any instruments necessary or convenient to implement the <br />Agreement. A copy of the Agreement shall, when executed by the City, be placed on <br />file in the office of the Clerk of the Council. <br />Section 5. The City Manager, or designee, is hereby authorized, on behalf of <br />the City, to make revisions to the Agreement which do not materially or substantially <br />increase the City's obligations thereunder or materially or substantially change the uses <br />or development permitted on the Property, to sign all documents, to make all approvals <br />and take all actions necessary or appropriate to carry out and implement the Agreement <br />and to administer the City's obligations, responsibilities and duties to be performed <br />under the Agreement and related documents. <br />FOR <br />