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HomeMy WebLinkAbout4701 RESOLUTION NO. 4701 A RESqLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA MAKING CERTAIN FINDINGS WITH RESPECT TO THE CONSIDERA- TION To BE RECEIVED BY THE ARCADIA REDEVELOPMENT AGENCY PURSUANT TO A DISPOSITION AND DEVELOPMENT AGREEMENT BY THE ARCADIA REDEVELOPMENT AGENCY WITH ENGINEERING- SCIENCE, INC. FOR THE SALE AND DEVELOPMENT OF 11l-125 WEST HUNTINGTON DRIVE AND 135 COLORADO PLACE IN THE CENTRAL REDEVELOPMENT 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 Rede- velopment 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 certain Dis- position and Development Agreement (the "Agreement") and which property is described in said Agreement; and WHEREAS, Engineering-Science, Inc, (the "Developer") has sub- mitted to the Agency a written offer in the form of said Agreement 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, Developer possesses the qualifications and financial resources necessary to acquire and insure 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- viewed and considered, a summary setting forth the cost of the Agree- ment to the Agency, the estimated value of the interest to be con- veyed, determined at the highest uses permitted under the Redevelop- ment Plan, and the purchase price and made said summary availahle 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, and found and determined that the Agreement, sale and development of site will not have a significant effect on the environment or result in a substantial or potentially substantial adverse change in the environment; and -1- 4701 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 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 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, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ARCADIA AS FOLLOWS: l, The City Council hereby finds and determines that the con- sideration for sale of the Site pursuant to the Disposition and Development Agreement is not less than fair market value in accordance with covenants and conditions governing such sale and that the sale of the Site at less than its estimated value determined at the highest use permitted under the Redevelopment Plan for the Project is neces- sary to effectuate the purposes of the Redevelopment Plan, 2, The sale of the Site by the Agency to Engineering-Science, Inc. and the Disposition and Development Agreement which establishes the terms and conditions for the sale and development of the 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 20th day of December, 1977, by the affirmative vote of at least three Council Members, to wit: AYES; Council Members Gilb, Lauber, Margett NOES: Council Members Parry and Saelid ABSENT: None ~~,~tk SIGNED AND APPROVED this 20th day of December, 1977, ~~LA\ Ci ty Clerk ...... -l- (SEAL) 4701