80A - JOINT - ACQUISITION 1126-1146 WASHINGTON

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P. The price at which the Property will be conveyed to City represents the appraised fair market value of the Property. Q. Proceeds from the sale will be used by the Authority solely for affordable housing development. R. All actions required by all applicable law with respect to the proposed Agreement have been taken in an appropriate and timely manner. S. The Authority and the City Council have duly considered all of the terms and conditions of the proposed Agreement and believe that the sale of the Property pursuant to the Agreement is in the best interests of the City of Santa Ana and the health, safety, and welfare of its residents, and in accord with the public purposes and provisions of applicable state and local laws and requirements. Section 2. The Authority hereby finds and determines that the disposition by sale of the Property by the Authority pursuant to the Agreement will further the achievement of the Authority's affordable housing objectives by generating resources to the Authority, which will be used for a housing project pursuant to Health and Safety Code Section 34312.3(b). Section 3. The Authority finds and determines that, based upon substantial evidence provided in the record before it, the consideration for the Authority's sale of the Property pursuant to the terms and conditions of the Agreement is not less than the fair market value of the Property. Section 4. The Authority hereby approves the Agreement in substantially the form presented to the Authority, subject to such revisions as may be made by the Executive Director of the Authority, or designee. The Executive Director of the Authority is hereby authorized to execute the Agreement, as so revised (including without limitation all attachments thereto), on behalf of the Authority, together with any Instruments necessary or convenient to implement the Agreement. A copy of the Agreement shall, when executed by the Authority, be placed on file in the office of the Secretary of the Authority. Section 5. The Executive Director of the Authority, or designee, is hereby authorized, on behalf of the Authority, to make revisions to the Agreement which do not materially or substantially increase the Authority's obligations thereunder or materially or substantially change the uses or development permitted on the Property, to sign all documents, to make all approvals and take all actions necessary or appropriate to carry out and implement the Agreement and to administer the Authority's obligations, responsibilities and duties to be performed under the Agreement and related documents.