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WHEREAS, a private entity, Marianne P. Covington, Ridley J. Politiski and Michael P. Politiski, as Trustees of the Marital Trust of the Politiski Trust dated December 4, 2000 ("Buyer") has proposed to purchase the Successor Agency Property from the Successor Agency on those terms and conditions as set forth in that certain Purchase and Sale Agreement and Joint Escrow Instructions as submitted herewith (the "Purchase and Sale Agreement"); and WHEREAS, the Successor Agency has reviewed the terms of the Purchase and Sale Agreement, the staff report, testimony given in connection with this item, and a report prepared by a land economist, and has determined that the Purchase and Sale Agreement provides a reasonable price for the Successor Agency Property; and WHEREAS, notice of the proceedings at which the Purchase and Sale Agreement is to be considered were published in a newspaper of general circulation; and WHEREAS, the proposed Purchase and Sale Agreement, and a staff report describing various aspects of the proposed Purchase and Sale Agreement (the "Report"), were available for public inspection prior to the joint public hearing; and WHEREAS, on October 17, 2017, the governing board of the Successor Agency held a public hearing on the proposed Agreement, at which time the Successor Agency reviewed and evaluated all of the information, testimony, and evidence presented during the joint public hearing; and WHEREAS, all actions required by all applicable law with respect to the proposed Purchase and Sale Agreement have been taken in an appropriate and timely manner; and WHEREAS, the Successor Agency has reviewed the Report and has evaluated other information provided to it pertaining to the findings proposed to be made hereunder. NOW THEREFORE, BE IT RESOLVED BY THE SUCCESSOR AGENCY TO THE FORMER COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA: Section 1. The foregoing recitals are true and correct and are a substantive part of this Resolution. Section 2. The Successor Agency hereby approves the Purchase and Sale Agreement in substantially the form presented to the Successor Agency, subject to such revisions as may be made by the City Manager or his/her designee. The City Manager is hereby authorized to execute the Purchase and Sale Agreement (including without limitation a grant deed and all attachments thereto) on behalf of the Successor Agency. A copy of the Purchase and Sale Agreement when executed by the Successor Agency shall be placed on file in the office of the Secretary of the Successor Agency. The Secretary of the Successor Agency shall transmit or cause to be transmitted to the Resolution 2017-001 Page 2 of 5