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RESOLUTION NO. 2011-020 A RESOLUTION OF THE CITY COUNCIL OF SANTA ANA MAKING CERTAIN FINDINGS WITH RESPECT TO THE CONSIDERATION TO BE RECEIVED BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA PURSUANT TO A DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN THE AGENCY AND VISTA DEL RIO HOUSING PARTNERS, L.P., FOR THE SALE OF CERTAIN REAL PROPERTY AND APPROVING THE SALE OF SAID REAL PROPERTY UPON THE TERMS AND CONDITIONS CONTAINED IN THAT AGREEMENT BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SANTA ANA, AS FOLLOWS: Section 1: The City Council of the City of Santa Ana hereby finds, determines and declares as follows: A. The Community Redevelopment Agency of the City of Santa Ana (hereinafter referred to as the "Agency") is engaged in activities necessary to execute and implement the Redevelopment Plan for the Merged Redevelopment Projects, including strengthening of public-private partnerships to provide more affordable housing, and particularly to provide decent, safe, sanitary, and affordable housing to the lower income citizens of the City of Santa Ana. B. In order to implement the Redevelopment Plan, the Agency proposes to sell said real property located at 1600 W. Memory Lane (the Property) pursuant to the terms and provisions of a Disposition and Development Agreement (hereinafter referred to as the "Agreement") between the Agency and Vista del Rio Housing Partners, L.P., a limited partnership ("Developer'), which is on file in the office of the Executive Director of the Agency. C. Developer plans to develop a 41 unit, handicapped accessible affordable rental housing project on the 3.2 acre vacant site owned by the Agency. The term of affordability for such units will be fifty-five (55) years. D. The consideration for the Property is not less than the fair market value of the land at the use and with the long term affordability covenants Resolution No. 2011-020 Page 1 of 3