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12/5/84
RESOLUTION NO. 84- 161
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
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 COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA
AND LOWY DEVELOPMENT CORPORATION FOR THE SALE
OF CERTAIN REAL PROPERTY IN THE SANTA ANA
REDEVELOPMENT PROJECT AND APPROVING THE
SALE OF SAID REAL PROPERTY UPON THE TERMS AND
CONDITIONS CONTAINED IN THAT AGREEMENT
WHEREAS, the Community Redevelopment Agency of the
City of Santa Ana is engaged in activities necessary to ex-
ecute and implement the Redevelopment Plan for the Santa Ana
Redevelopment Project; and
WHEREAS, in order to implement the Redevelopment
Plan, the Agency has agreed, subject to the approval of this
Council, to sell certain real property in the Project Area,
pursuant to the terms and provisions of that certain Dis-
position and Development Agreement between the Agency and
Lowy Development Corporation, which is on file in the office
of the Executive Director of the Agency, in which said real
property (hereinafter referred to as the "Site") is described;
and
terms,
local
WHEREAS, the Agreement contains all the provisions,
conditions and obligations required by state and
laws; and
WHEREAS, Lowy Development Corporation possesses
the qualifications and financial resources necessary to
acquire and insure development of the Site, in accordance
with the purposes and objectives of the Redevelopment Plan;
and
WHEREAS, the Agency has prepared, and the City
Council has reviewed and considered a Summary Report setting
forth the cost of the Agreement to the Agency, the estimated
~lue of the interests to be conveyed determined at the
ighest uses permitted under the Redevelopment Plan and the
purchase price, and has made said Summary Report available for
public inspection in accordance with the California Community
Redevelopment Law; and
RESOLUTION NO. 84-
PAGE TWO
WHEREAS, the Agency has found and determined that
the Environmental Impact Report prepared for the Santa Ana
Redevelopment Project is adequate for approval of the Disposi-
tion and Development Agreement, and that no additional Environ-
mental Impact Report is necessary, and this Council likewise
believes said Environmental Impact Report to be adequate for
its use in approving the terms and conditions of sale of the
Site; and
WHEREAS, pursuant to the provisions of the California
Redevelopment Law, the Agency and the City Council have held a
duly noticed joint public hearing on the proposed sale of the
site and the proposed Agreement;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF SANTA ANA, AS FOLLOWS:
1. The City Council has considered all terms and con-
ditions of the proposed sale and hereby finds and determines
that the sale and the redevelopment of the Site pursuant to
the Disposition and Development Agreement is in the best in-
terests of the City and the health, safety and welfare of its
residents, and is in accord with the public purposes and pro-
visions of the applicable state and local laws.
2. The City Council hereby finds and determines that
the consideration for the sale of the Site pursuant to the
Disposition and Development Agreement is not less than the
fair market value of the Site in accordance with covenants
and conditions governing such sale.
3. The sale of the Site by the Agency to Lowy Develop-
ment Corporation upon the terms and conditions contained in
the Disposition and Development Agreement is hereby approved.
ADOPTED this 7th day of January
ATTEST .. ~
~anice C. Guy/Cle~/of the Council
COUNCILMEMBERS:
, 198~ .
Daniel E. Griset
Mayor
Griset Aye
Luxembourger Aye
Acosta Aye
Hart Aye
Johnson Aye
McQuigan Aye
Young Aye
APPROVED AS TO FORM: