HomeMy WebLinkAbout4850
~
,'"'
~- --....
.~ -~I ..
v.,. _' ---__ ^--;~
~ "'-~..... ...
,r ,.
""U'/
RESOLUTION NO. 4850
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ARCADIA MAKING CERTAIN FINDINGS WITH RESPECT TO
THE CONSIDERATION TO BE RECEIVED BY THE ARCADIA
REDEVELOPMENT AGENCY PURSUANT TO CERTAIN DISPO-
SITION AND DEVELOPMENT AGREEMENT BY THE ARCADIA
REDEVELOPMENT AGENCY WITH AMERICAN SAVINGS AND
LOAN ASSOCIATION FOR THE SALE AND DEVELOPMENT OF
55-65 EAST HUNTINGTON DRIVE IN THE CENTRAL RE-
DEVELOPMENT PROJECT; APPROVING THE PROPOSED SALE
OF SAID REAL PROPERTY; AND APPROVING THE DISPOSI-
TION AND DEVELOPMENT AGREEMENT PERTAINING THERETO.
WHEREAS, the Arcadia Redevelopment Agency (the "Agency") is
engaged in activities necessary to execute and implement the
Redevelopment Plan for the Central Redevelopment Project ("Project");
and
WHEREAS, in order to implement the Redevelopment Plan, the
Agency proposes to sell certain real property located at 55-65
East Huntington Drive, Arcadia, California (the "Site"), in the
Project area, pursuant to the terms and provisions of certain
Disposition and Development Agreement (the "Agreement") and which
property is described in said Agreement; and
WHEREAS, American Savings and Loan Association (the "Developer")
submitted to the Agency a proposal to purchase the Site; and
WHEREAS, changes have been1made to the proposed Agreement and
it contains all the provisions, terms, conditions and obligations
required by State and local law; arid
WHEREAS, Developers possess the qualifications and financial
resources necessary to acquire and ensure development of the Site,
in accordance with the purposes and objectives of the Redevelopment
Plan; and
WHEREAS, the Agency has prepared, and the City Council has
reviewed and considered, a summary setting forth the cost of the
Agreement to the Agency, the estimated value of the interest to
be conveyed determined at the highest uses permitted under the
-1-
4850
,~
..., -~ ...'
''''-;t~ -'
.
. .r
, ... ~
. ~ '"
Redevelopment Plan, and the purchase price and made said summary
available for public inspection in accordance with the California
Community Redevelopment Law; and
WHEREAS, the City Council has approved and adopted the Negative
Declaration pertaining to said Agreement, the changes thereto, sale
and development of Site and found and determined that the Agreement
and changes thereto will not have a significant effect on the environ-
ment, or result in a substantial or potentially substantial adverse
change in the environment; and
WHEREAS, pursuant to provisions of the California Community
Redevelopment Law, the Agency and the City Council held a duly noticed
joint public hearing on the proposed sale of the Site and the proposed
Agreement and changes thereto; and
WHEREAS, the City Council has considered all terms and condi-
tions of the proposed sale, and the redevelopment of the Site pur-
suant to the proposed Agreement and changes'thereto and in the best
interests of the City and the health, safety, morals and welfare of
its residents, and in accord with the public purposes and provisions
of applicable State and local laws.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF ARCADIA AS FOLLOWS:
1. The City Council hereby finds and determines that the con-
sideration for sale of that certain Site pursuant to the proposed
Disposition and Development Agreement and changes thereto, between
the Agency and American Savings and Loan Association, is not less
than fair market value in accordance with covenants and conditions
governing such sale.
2. The sale of that certain Site by the Agency to American
Savings and Loan Association and the Disposition and proposed
Deve1opmen~ Agreement and changes thereto, Which establish the
terms and conditions fo~ the sale and development of such site
on file in the Office of the Secretary of the Agency, are hereby
approved.
-2-
4850
~
~ _..~~
.. 'I--'- .,J - <.
".."" ,,,.~ 1I,.J.-.I[" ~#-~
BE IT FURTHER RESOLVED that the City Clerk shall certify to
the adoption of this resolution.
I HEREBY CERTIFY that the foregoing resolution was adopted at
a regular meeting of the City Council of the City of ARcadia held
on the 18th day of December, 1979 , by the affirmative vote of
at,least three Councilmen, to wit:
AYES: Courici1men Gilb, Parry, Pellegrino, Sae1id and Margett
NOES: None
ABSENT: None
~.~.~
Ci Y :(~erk~ he C~ty of Arcad~a
SIGNED AND APPROVED this 18th day of December, 1979.
- ~ '/I.~ '-
. 'MaYO~"Y of Ar"4i~
~. ~
o' .c~
~ty C~ '
-3-
4850
I