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047 <br /> <br />RESOLUTION NO. 87-~ <br /> <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY <br /> OF SANTA ANA MAKING CERTAIN FINDINGS WITH <br /> RESPECT TO THE CONSIDERATION TO BE RECEIVED <br />BY THE COMMUNITY REDEVELOPMENT AGENCY OF THE <br />CITY OF SANTA ANA PURSUANT TO AN OWNER <br />PARTICIPATION AGREEMENT BETWEEN THE COMMUNITY <br />REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA <br />AND SYCAMORE RETIREMENT APARTMENTS, LTD. AND <br />MERCURY SAVINGS AND LOAN ASSOCIATION FOR THE <br />SALE OF CERTAIN REAL PROPERTY AND APPROVING <br />THE SALE OF SAID REAL PROPERTY UPON THE TERMS <br />AND CONDITIONS CONTAINED IN THAT AGREEMENT <br /> <br /> WHEREAS, the Agency has agreed, subject to the approval of <br />this Council, to sell certain real property pursuant to the terms <br />and provisions of that certain Owner Participation Agreement <br />between the Agency and Sycamore Retirement Apartments, Ltd., and <br />Mercury Savings and Loan Association, which is on file in the <br />office of the Executive Director of the Agency, in which said real <br />property (hereinafter referred to as the ("Site") is described; and <br /> <br /> WHEREAS, the Agreement contains all the provisions, terms, <br />conditions and obligations required by state and local laws; and <br /> <br /> WHEREAS, the Agency has prepared, and the City Council has <br />reviewed and considered a Summary Report setting forth the cost of <br />the Agreement to the Agency, the estimated value of the interests <br />to be conveyed, and the purchase price, and has made said Summary <br />Report available for public inspection in accordance with the <br />California Community Redevelopment Law; and <br /> <br /> WHEREAS, pursuant to the provisions of the California <br />Redevelopment Law, the Agency and the City Council have held a duly <br />noticed joint public hearing on the proposed sale of the Site and <br />the proposed Agreement; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br />CITY OF SANTA ANA, AS FOLLOWS: <br /> <br /> 1. The City Council has considered all terms and conditions <br />of the proposed sale and hereby finds and determines that the sale <br />and the redevelopment of the Site pursuant to the Owner <br />Participation Agreement is in the best interests of the City and <br />the health, safety and welfare of its residents, and is in accord <br />with the public purposes and provisions of the applicable state and <br />local laws. <br /> <br /> 2. The City Council hereby finds and determines that the <br />consideration for the sale of the Site pursuant to the Owner <br />Participation Agreement is not less that than the fair market value <br />of the Site in accordance with covenants and conditions governing <br />such sale. <br /> <br /> <br />