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ARA-2008-003RESOLUTION NO. ARA-2008-003 RESOLUTION OF THE GOVERNING BOARD OF THE ANAHEIM REDEVELOPMENT AGENCY APPROVING AN AMENDED AND RESTATED DISPOSITION AND DEVELOPMENT AGREEMENT WITH TRUCOR, INC., AND MAHING CERTAIN FINDINGS IN CONNECTION THEREWITH WHEREAS, the Anaheim Redevelopment Agency (the "Agency") is engaged in implementation of the Redevelopment Plan for the Anaheim Merged Redevelopment Project (the "Redevelopment Plan"); and WHEREAS, the Agency acquired certain parcels or real property for a housing project (the "Agency Parcels"); and WHEREAS, in order to implement the Redevelopment Plan, the Agency desires to enter into that certain Amended and Restated Disposition and Development Agreement dated as of August 1, 2008 (the "Amended and Restated DDA") by and between the Agency and Trucor, Inc. (the "Developer") pursuant to which (i) the Agency would sell the Agency Parcels as well as the residential structures located thereon to the Developer, and (ii) the Developer would rehabilitate the structures to Secretary of Interior standards for historic preservation, construct other improvements and, thereafter, sell the residences (the "Housing Project"); and WHEREAS, the Amended and Restated DDA provides for the third phase of a residential historic preservation project in which phases I and II were completed in 2002 and 2003; and WHEREAS, pursuant to Section 33433 of the California Redevelopment Law ("CRL"), the Agency is authorized, with the approval of the City Council of the City of Anaheim (the "City") after conducting a public hearing, to sell or lease the Agency Parcels for development pursuant to the Redevelopment Plan upon a determination by the City Council that the consideration for such sale or lease is not less than fair reuse value at the use and with the covenants and conditions and development costs authorized by the sale or lease; and WHEREAS, in connection with the Amended and Restated DDA, Agency staff has had prepared, and the Agency has reviewed and considered, a "33433 Summary Report" setting forth: (i) the cost of the Amended and Restated DDA to the Agency, (ii) the estimated value of the interests to be sold to the Developer, determined at the highest and best uses permitted under the Redevelopment Plan, (iii) the estimated value of the interests to be sold, determined at the uses and with the conditions, covenants and development costs required by the sale, and (iv) the purchase price for the Developer's acquisition cif the Agency Parcels; and WHEREAS, the 33433 Summary Report concludes that the purchase price for the Agency Parcels under the Amended and Restated DDA is not less than the fair reuse value based on fact that the Amended and Restated DDA imposes various extraordinary restrictions on the Housing Project (including the requirement that the residential structures be rehabilitated through payment of prevailing wages to satisfy Secretary of Interior historic preservation standards) resulting in certain extraordinary development costs; and WHEREAS, the Amended and Restated DDA contains all of the terms, covenants, conditions, restrictions, obligations and provisions required by state and local law; and WHEREAS, the Housing Project will assist with the removal of blight and is consistent with the implementation plan adopted by the Agency for the Redevelopment Plan pursuant to Section 33490 of the CRL (the "Implementation Plan"); and WHEREAS, pursuant to the California Environmental Quality Act (Public Resources Code Section 21000 et seq.) ("CEQA"), and the CEQA Implementing Guidelines (14 California Code of Regulations Section 15000 et seq.) (the "Guidelines"), the City of Anaheim (the "City") adopted and certified Anaheim General Plan and Zoning Code Update Environmental Impact Report No. 330 (the "General Plan Update EIR") in connection with the City's General Plan update in 2004 (as updated, the "General Plan"); and WHEREAS, the General Plan Update EIR is a Program EIR under CEQA and the Guidelines, addressing the environmental impacts from the City's ultimate build-out, considering maximum densities and the effects thereof, and establishing a mitigation monitoring program which requires, among other things, subsequent focused studies and the implementation of mitigation measures where required; and WHEREAS, the Agency has reviewed and determined that the Housing Project falls within the scope of the activities addressed in the General Plan Update EIR and the General Plan Update EIR adequately describes the Housing Project for purposes of CEQA because (i) the General Plan Update EIR is a Program EIR, (ii) the Housing Project is consistent with the General Plan, (iii) the Housing Project presents no new environmental effects which could occur that were not examined in the General Plan Update EIR, and (iv) there is no new information to suggest that new mitigation measures would be required of the Housing Project; and WHEREAS, pursuant to the CRL, the Agency Governing Board and the City Council of the City have conducted a duly noticed joint public hearing on the Amended and Restated DDA, at which public hearing all persons were given an opportunity to be heard; and WHEREAS, the Governing Board of the Agency has duly considered all of the terms and conditions of the Amended and Restated DDA and believes that the Housing Project is in the best interests of the City of Anaheim and the health, safety, morals and welfare of its residents, and is in accord with the public purposes and provisions of applicable state and local law and requirements. 2 NOW, THEREFORE, THE GOVERNING BOARD OF THE ANAHEIM REDEVELOPMENT AGENCY DOES HEREBY RESOLVE AS FOLLOWS: Section 1. Environmental Assessment. The Agency hereby certifies that it has reviewed the Housing Project and finds that impacts associated with the development of the Housing Project have been previously covered in the General Plan Update EIR. Section 2. Section 33433 Findings. The Agency hereby finds and determines that, based on substantial evidence in the record before it: (i) the consideration for the Agency's disposition of the Agency Parcels pursuant to the Amended and Restated DDA is not less than the fair reuse value at the use and with the covenants, conditions and development costs required by the Amended and Restated DDA, and (ii) the development of the Housing Project will assist in the elimination of blight and is consistent with the Implementation Plan adopted by the Agency for the Redevelopment Plan. Section 3. Approval of Amended and Restated DDA. The Amended and Restated DDA, a copy of which is on file with the Secretary of the Agency, is hereby approved and the Executive Director of the Agency is hereby authorized and directed to execute and administer the Amended and Restated DDA on behalf of the Agency. THE FOREGOING RESOLUTION IS PASSED, APPROVED AND ADOPTED BY THE GOVERNING BOARD OF THE ANAHEIM REDEVELOPMENT AGENCY THIS TWELFTH (12TH) DAY OF AUGUST, 2008, BY THE FOLLOWING ROLL CALL VOTE: AYES: Chairperson Pringle, Agency Members Hernandez, Sidhu, Galloway, Kring NOES: NONE ABSTAIN: NONE ABSENT: NONE ATTEST: AGENCY SECRETARY 69986.1 3