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RESOLUTION NO. 5121
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 DISPOSITION
AND DEVELOPMENT AGREEMENT BY THE ARCADIA REDEVEL-
OPMENT AGENCY WITH LARMOR DEVELOPMENT COMPANY FOR
THE SALE AND DEVELOPMENT OF A 97,265 SQUARE FOOT
PARCEL AT THE SOUTHWEST CORNER OF EAST HUNTINGTON
AND SOUTH FIFTH IN THE CENTRAL REDEVELOPMENT PRO-
JECT; APPROVING THE PROPOSED SALE OF SAID REAL PROP- .
ERTY; AND APPROVING THE DISPOSITION 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, (the "Site"), in
the Project area, pursuant to the terms and provisions of a certain
Disposition and Development Agreement (the "Agreement") and which
property is described in said Agreement; and
WHEREAS, l.arllior Development Company (the "Developer") has
submitted to the Agency a proposal to purchase the Site; and
WHEREAS, the proposed Agreement contains all the provisions,
terms, conditions and obligations required by state and local law;
and
WHEREAS, Developers possess the qualifications and financial
resources necessary to acquire and insure development of the respec-
tive Site, in accordance with the purposes and objectives of the
Redevelopment Plan and the Agreement, 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 interests to
be conveyed determined at the highest uses permitted under the
Redevelopment Plan, and the purchase prices and made said summary
available for public inspection in accordance with the California
Community Redevelopment Law; and
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5121
Attachment 9
WHEREAS, The City Council has approved and adopted the
Negative Declaration pertaining to said Agreement, sale and
development of the Site and found and determined that the Agree-
ment 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 Com-
munity 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
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 is 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 and the Redevelopment Plan.
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 Dis-
position and Development Agreement between the Agency and Larmor
Development Company is not less than fair market value in accor~
dance with covenants and conditions governing such sale.
2. The sale of that certain Site by the Agency to Larmor
Development Company and the Disposition and Development Agreement
which establishes the terms and conditions for the sale and devel-
opment of such Site, 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 a regular meeting of the City Council of the City of Arcadia
held on the 16th day of August, 1983, by the affirmative vote of
at least three Council Members, to wit:
AYES:
Council Members Dring, Haltom, Pellegrino, Lojeski
NOES:
None
ABSENT: Counc il man Hannah
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5121
tlL~ ~.~" b~
City Clerk of the City of Arcadia
SIGNED AND APPROVED this 16th day of August, 1983.
ATTEST:
~~
,
Arcadia
City Clerk
(SEAL)
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5121