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98-050RESOLUTION NO. 98R-50 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM, (i) CONSENTING TO AND AUTHORIZING THE EXECUTION OF THE DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN THE ANAHEIM REDEVELOPMENT AGENCY, THE CITY OF ANAHEIM, AND LA PALMA/YORBA LINDA LTD.; (ii)FINDING AND DETERMINING THAT TRANSFER OF THE SHORB WELLS PROPERTY TO THE ANAHEIM REDEVELOPMENT AGENCY TO BE IN THE BEST INTEREST OF THE CITY OF ANAHEIM; (iii) AUTHORIZING CONVEYANCE OF THE PROPERTY TO THE ANAHEIM REDEVELOPMENT AGENCY, AND (iv) AUTHORIZING THE EXECUTION OF OTHER DOCUMENTS RELATED THERETO WHEREAS, the City of Anaheim (the "City") owns certain real property comprising 12.71 gross acres, more or less, located on the northwest corner of the intersection of La Palma Avenue and Weir Canyon Road in the City of Anaheim, California, which is commonly referred to as the Shorb Wells Property (the "Property," or the "Site"); and WHEREAS, the Property is an asset of the City of Anaheim Water Utility (the "Utilitf') and lies within the boundaries of the River Valley Redevelopment Project (the "Project Area") established by City Ordinance No. 4463 on November 29, 1983~ and WHEREAS, at the request of the City, the Anaheim Redevelopment Agency (the "Agency") solicited proposals for the sale and commercial development of the Site and has negotiated terms of a Disposition and Development Agreement (the "Agreement,"or the "DDA") with La Palma/Yorba Linda Ltd. (the "Developer"), the purpose of which is to sell the Site to the Developer for construction of a high quality, mixed-use, commercial center; and WHEREAS, the proposed Agreement was made available for public inspection consistent with the requirements of Health and Safety Code Section 33433; and WHEREAS, the Agency and the City Council have conducted a duly noticed joint public hearing on the DDA and have evaluated all information and testimony presented at the hearing; and WItEREAS, the Property is located within the Project Area which was found by the Anaheim City Council, in its adoption of the Redevelopment Plan for the Project Area in 1983, to be blighted as a result of potential flooding, poor drainage, site access problems, and the need for roadway and traffic signal improvements, as well as other indicia of blight; and F:/DOC S\PR©PSVC S\I~SOLLrFN~CDR8305A DOC