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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
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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
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SIGNED AND APPROVED this 20th day of December, 1977,
~~LA\
Ci ty Clerk ......
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(SEAL)
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