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Colton and is consistent with the goals set forth in the <br />Redevelopment Plan for the Project Area; 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 <br />ORDERED BY THE CITY COUNCIL OF THE CITY OF COLTON AS <br />FOLLOWS: <br />Section 1. The City Council hereby finds that <br />although the consideration to the Agency from the sale of <br />certain real property in accordance with the Agreement is <br />less than the fair market value of the property interest <br />being conveyed, the City Council is of the opinion that the <br />development of such real property in accordance with the <br />Agreement is necessary to effectuate the purposes of the <br />Redevelopment Plan for the Project Area. <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 and K -Mart <br />Corporation, which Agreement shall be in substantially the <br />same form as that attached to this Resolution and <br />incorporated herein by reference, with such non -material <br />changes and revisions, if any, as shall be recommended by <br />Agency Counsel and approved by the Executive Director of the <br />Agency. <br />-2- <br />