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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
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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
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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
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4880