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the real property in accordance with the Agreement is in the best <br />interests of the citizens of Colton and is consistent with the <br />goals set forth in the Redevelopment Plans for the Project Areas; <br />and <br />WHEREAS, the City Council has received and duly <br />considered testimony presented at public hearing. <br />NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED <br />BY THE CITY COUNCIL OF THE CITY OF COLTON AS FOLLOWS: <br />Section 1. The City Council hereby finds that although <br />the consideration to the Agency from the sale of certain real <br />property in accordance with the Agreement is less than the fair <br />market value of the property interest being conveyed, the City <br />Council is of the opinion that the development of such real <br />property in accordance with the Agreement is necessary to <br />effectuate the purposes of the Redevelopment Plans for the Project <br />Areas. <br />Section 2. The City Council hereby approves the <br />Disposition and Development Agreement by and between the <br />Redevelopment Agency for the City of Colton, Colton Nonprofit <br />Senior Housing, Inc., and Cooperative Services, Inc., which <br />Agreement shall be in substantially the same form as that <br />attached to this Resolution and incorporated herein by reference, <br />with such non -material changes and revisions, if any, as shall be <br />recommended by Agency Counsel and approved by the Executive <br />Director of the Agency. <br />- 2 - <br />