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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />WHEREAS, the Agency deems that the lease and subsequent sale <br />of the Property and the construction thereon of a sitdown <br />restaurant will be of benefit to the Agency and the City by <br />improving job opportunities and promoting redevelopment within the <br />Project Area consistent with the Redevelopment Plan; and <br />WHEREAS, the City Council at this time deems it desirable to <br />approve the lease and subsequent sale of the Property pursuant to <br />that certain Disposition and Development Agreement by and between <br />the Agency and the Developer, a copy of which is attached hereto as <br />Exhibit "B" and incorporated herein by this reference which sets <br />forth the terms of the Agency's disposition of the Property. <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON DOES <br />HEREBY RESOLVE AS FOLLOWS: <br />Section 1. The foregoing recitals are true and correct and <br />are incorporated herein by this reference. <br />Section 2. The City Council, having held a duly noticed <br />public hearing thereon, hereby finds and determines that the lease <br />and subsequent sale of the Property to the Developer will promote <br />redevelopment within the Project Area. <br />Section 3. The City Council finds and determines that the <br />lease, sale and development of the Property is consistent with the <br />Redevelopment Plan and the Agency's Implementation Plan. <br />Section 4. The City Council finds and determines that the <br />consideration to be paid by the Developer for the acquisition of <br />the Property is not less than the fair market value of the <br />Property. <br />Section 5. The City Council hereby approves the lease and <br />subsequent sale of the Property to the Developer and further <br />-2- <br />