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038' <br /> <br /> WHEREAS, Developer has proposed to acquire the Parcels and <br />construct Replacement Housing units on the Parcels, to be rented or <br />sold to Lower Income households, at an affordable housing cost, and <br />has requested the assistance of the Agency in financing the <br />acquisition and development costs; and <br /> <br /> WHEREAS, the Agency has prepared a proposed Implementation <br />Agreement (the "Agreement"), providing for a loan to Developer in <br />the amount of not to exceed $910,000, subject to terms and <br />conditions set forth in the Agreement; and <br /> <br /> WHEREAS, the Replacement Housing to be developed pursuant to <br />the Agreement will comply with the applicable HUD Requirements; and <br /> <br /> WHEREAS, copies of the proposed Agreement in substantially <br />final form have been presented to the Agency and this City Council; <br />and <br /> <br /> WHEREAS, pursuant to the proposed Agreement, the five units to <br />be constructed on the Parcels will be occupied by and restricted to <br />lower income households, at affordable housing cost; and <br /> <br /> WHEREAS, the development of the Parcels pursuant to the <br />Agreement is an activity that is categorically exempt from the <br />California Environmental Quality Act (Class 3, CEQA Guidelines $ <br />15303); and <br /> <br /> WHEREAS, the Parcels are located in the City of Santa Ana, but <br />outside any Redevelopment Project area, and, pursuant to the <br />Redevelopment Law, in order to use Housing Funds to assist <br />affordable housing outside a Redevelopment Project, the Agency and <br />the City Council must find that the use of the Housing Funds will <br />be of benefit the Redevelopment Projects; and <br /> <br /> WHEREAS, the City Council has duly considered all of the terms <br />and conditions of the proposed Agreement, and believes that the <br />proposed Agreement is in the best interests of the City and the <br />health, safety, morals and welfare of its residents, and in accord <br />with the public purposes and provisions of applicable State and <br />local laws and requirements; and <br /> <br /> WHEREAS, the Agency and this City Council have held a joint <br />public hearing on the proposed Project and the Agreement, after <br />having duly provided notice of such public hearing in accordance <br />with State law. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of <br />Santa Ana as follows: <br /> <br />-2- <br /> <br /> <br />