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SUMMARY REPORT PURSUANT TO SECTION 33433 OF THE CALIFORNIA HEALTH AND SAFETY CODE ON THE PURCHASE AND SALE AGREEMENT BY AND BETWEEN THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA AND OUR LADY OF GUADALUPE CHURCH (DELHI) I. INTRODUCTION EXHIBIT On or about June 28, 2011, the Governor of the State of California signed into law ABX1 26, as subsequently amended by AB 1484, which provided for the dissolution and winding down of redevelopment agencies throughout the State of California ("Dissolution Legislation"). The Dissolution Legislation did not repeal those provisions of the California Health and Safety Code which apply to redevelopment, including those provisions related to affordable housing. Pursuant to the Dissolution Legislation, the Housing Authority of the City of Santa Ana ("Authority") elected to retain the housing assets and affordable housing functions of the Redevelopment Agency of the City of Santa Ana ("Agency"). Upon dissolution of the Agency, the affordable housing functions of the Agency ("Affordable Housing Program") were transferred to the City pursuant to Health and Safety Code Section 34176. The Authority now administrators the Affordable Housing Program. California Health and Safety Code Section 33433, requires that before any property of a former redevelopment agency acquired with tax increment monies is sold or leased for development, the sale or lease must first be approved by the legislative body after a public hearing. A copy of the proposed sale or lease agreement and a summary report that describes and contains specific financing elements of the proposed transaction shall be available for public inspection prior to the public hearing. The following information shall be included in the summary report: 1. The cost of the agreement to the Authority, including land acquisition costs, clearance costs, relocation costs, the costs of any improvements to be provided by the Authority, plus the expected interested on any loans or bonds to finance the agreement; 2. The estimated value of the interest to be conveyed or leased, determined at the highest and best use permitted under the redevelopment plan; The estimated value of the interest to be conveyed in accordance with the use, covenants, and development costs required under the proposed agreement with the Authority, i.e., the reuse value of the site; 4. An explanation of how the sale or lease of the property will assist in the elimination of blight and provide housing for Very Low-, Low-, or Moderate -Income persons; and 5. The purchase price or sum of lease payments that the lessee will be required to make during the term of the lease. If the sale price or total rental amount is less than the fair market value of the interest to be conveyed or leased, determined at the highest and best use consistent with the 4-37