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RESOLUTION NO. 4861
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 A CERTAIN DISPO-
SITION AND DEVELOPMENT AGREEMENT BY THE ARCADIA
REDEVELOPMENT AGENCY WITH REPUBLIC DEVELOPMENT
FOR THE SALE AND DEVELOPMENT OF CERTAIN REAL
PROPERTIES GENERALLY LOCATED IN THE AREA BOUNDED
BY FOOTHILL FREEWAY TO THE NORTH, A.T. & S.F.
RAILROAD RIGHT-OF-WAY TO THE SOUTH, FIFTH AVENUE
TO THE EAST AND SECOND AVENUE TO THE WEST, AND
THAT PORTION OF THE PROJECT AREA 325 FEET WEST OF
SECOND AVENUE BETWEEN SANTA CLARA STREET AND
WHEELER AVENUE IN THE CENTRAL REDEVELOPMENT PROJECT;
APPROVING THE PROPOSED SALE OF SAID REAL PROPERTY
AND APPROVING THE DISPOSITION AND DEVELOPMENT AGREE-
MENT 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 acquire certain real property (the "Site") in
the Project Area for land assembly if the Developer is unable to
negotiate the acquisition or participation of the Site Area to
meet their construction obligations pursuant to the terms and
provisions set forth in the Disposition and Development Agreement
(the "Agreement"); and
WHEREAS, RepUblic Development Company (the "Developer") sub-
mitted to the Agency a proposal to purchase the Site. and
WHEREAS, changes have been made to the proposed Agreement and
it contains all the provisions, terms, conditions and obligations
required by State and local law; and
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WHEREAS, Developer possesses 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 re-
vie~kd 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 Redevel-
opment Plan, and the purchase prices 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 the Site and found and determined that the Agree-
ment and changes thereto will not have a significant effect on the
environment, 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 pro-
posed Agreement and changes thereto; and
WHEREAS, the City Council has considered all terms and conditions
of the proposed sale, and the redevelopment of the Site pursuant to
the proposed Agreement and changes thereto. and finds they are 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.
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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
consideration for sale of that certain Site pursuant to the proposed
Disposition and Development Agreement and changes thereto, between
the Agency and Republic Development Company 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 Republic
Development Company and the proposed Disposition and Development
Agreement and changes thereto, which establishes the terms and con-
ditions for the sale and development of such Site on file in the
Office of the Secretary of the Agency, are hereby approved.
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
an adjourned regular meeting of the City Council of the City of
Arcadia held on the 20th day of November, 1979,1 by the.affirmative
vote of at least three Council Members, to wit:
AYES: Councilmen Gi1b, Pellegrino, Sae1id, and Margett
NOES: Councilman Parry
ABSENT: None
SIGNED AND APPROVED this 20thday of November, 1979.
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