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HomeMy WebLinkAbout4880 RESOLUTION NO. 4880 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 THE FIRST AMEND- MENT TO THAT CERTAIN DISPOSITION AND DEVELOPMENT AGREEMENT BY THE ARCADIA REDEVELOPMENT AGENCY WITH REPUBLIC DEVELOPMENT COMPANY APPROVED BY RESOLUTION NO, 4861. 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 con- struction obligations pursuant to the terms and provisions set forth in the D~sposition and Development Agreement (the "Agreement"); and WHEREAS, Republic Development Company (the "Developer") sub- mitted to the Agency a proposal to purchase the Site as amended; and WHEREAS, a First Amendment is being proposed to the Agreement approved by Resolution No, 4861 which contains all the provisions, terms, conditions and obligations required by State and local law; and WHEREAS, Developer possesses the qualifications and financial resources necessary to acquire and ensure development of the Site as amended in accordance with the purposes and objectives-of the Redevelop- ment Plan; and WHEREAS, the Agency has prepared, and the City Council has revieweq and considered, a summary setting forth the cost of the Agreement to the Agency, the estimated value of the interest to be conveyed determine~ at the highest uses permitted under the Redevelop- ment Pl~n, and the purchase prices and made said summary available for - I - 4880 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 First Amendment to the Agreement, the changes thereto, sale and development of the Site as amended, and found and determined that the First Amendment to the Agreement and changes thereto will not have a significant effect on the environment, or result in a substantial or pot~ntially 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 as amended and the proposed First Amendment to the 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 as amended pur- suant to the proposed First Amendment to the Agreement and changes thereto, and finds they are in the best interests of the City and the health, ~afety, 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 tha the con- sideration for sale of that certain Site as amended pursuant to the proposed First Amendment to the Disposition and Development Agreement approve~ by Resolution No, 4861 and changes therto, between the Agency and Republic Development Company is not less than fair market value in accordance with covenants and conditions governing such sale, Z. The sale of that certain amended Site by the Agency to Republic Development Company and the proposed First Amendment to the Disposition and Development Agreement and changes thereto, which - 2 - 4880 , " establishes the terms and conditions for the sale and development of such amended Site on file in the Office of the Secretary of the Agency, are hereby approved. .t ~ 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 2nd ~ay of January, 1980, by the affirmative vote of at least three Councilmen, to wit: AYES: Members Gilb, Parry, Pellegrino, Saelid, Margett NOES: None AB SENT: None SIGNED AND APPROVED this 2nd gj~.~~ City Clerk of the City of Arcadia day of January, 1980 ~bt.lL 0' ~~ t!1;:~JL~ City Clerk - 3 - 4880