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HomeMy WebLinkAbout5351 ~ ~ RESOLUTION NO. 5351 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA APPROVING THE SALE OF PROPERTY LOCATED AT 8 SOUTH THIRD AVENUE AND 35 SOUTH FIFTH AVENUE (FORMER CITY YARD) FOR $3,258,775 TO THE ARCADIA REDEVELOPMENT AGENCY FOR PURPOSES OF REDEVELOPMENT AND AUTHORIZING EXECUTION OF REQUIRED DOCUMENTS WHEREAS, on May 6, 1986, the City Council and the Arcadia Redevelopment Agency authorized the sale of land to Stanley W. Gribble and Associates pursuant to a Disposition and Development Agreement (DDA); and WHEREAS, that DDA obligates the Redevelopment Agency to secure a 272,250 ~ square foot site located at 8 South Third Avenue and 35 South Fifth Avenue as generally depicted in Exhibit One and to transfer said property to Stanley W. Gribble and Associates; and WHEREAS, the City of Arcadia holds title to the above refer- enced land; and WHEREAS, the City of Arcadia has determined said land to be surplus property in that a new City Yard has been constructed at 11800 Goldring Road and is now operational there; and WHEREAS, the Redevelopment Agency has had said land appraised to determine its fair market value; and WHEREAS, The City has reviewed the appraisals and has found that they do reflect the fair market value of this land; and WHEREAS, The City desires to have the South Side (Gribble) project developed in a timely manner as per the DDA between the Redevelopment Agency and Stanley W. Gribble and Associates. -1- 5351 - NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, DOES HEREBY RESOLVE AS FOLLOWS: SECTION I. That the City agrees to sell to the Arcadia Rede- velopment Agency the City-owned property at 8 South Third Avenue and 35 South Fifth Avenue in exchange for $3,258,750 in cash. SECTION 2. That the City Manager or his authorized designee are directed to execute all of the necessary documents to finalize the above transactions, subject to the approval of same as to form by the City Attorney. SECTION 3. That the City Clerk shall certify to the adoption of this Resoltion. Passed, approved and adopted this 2lst day of April, 1987. Arcadia ATTEST: L~ ~ 7);, . '4PL/ City Clerk of the City of Arcadia -2- 5351 STATE OF CALIFORNIA COUNTY OF LOS ANGELES CITY OF ARCADIA I, CHRISTINE VAN MAANEN, City Clerk of the City of Arcadia, hereby certify that the foregoing Resolution No. 5351 was passed and adopted by the City Council of the City of Arcadia, signed by the Mayor and attested to by the City Clerk at a regular meeting of said Council held on the 2lst day of April 1987, and that said Resolution was adopted by the following vote, to wit: AYES: Councilmembers Chandler, Gilb, Harbicht, Lojeski and Young NOES: None ABSENT: None ~ City Clerk of the City of Arcadia -3- 5351 i.tI ~ IL r.l Z o E< ~ III ~ lI: >< r.l 1! . HUNTINGTON ~ DRIVE , P '...';!"~. 'I I I .. <l> :. oq; Southland Bank " <l> " ~ oq; .c: ... .. (not: a part) (f"";/.,,, ~ ';.. .<: ,;-~ :',- ""'__<_"~<"" ,_ },.'U~,kf:i>,'\V:~<""7".,,, __,<c'''',, 4' ,,:>:...: '<-~<'" ,,~' )'; .. ~ .. ... ~ "l . "l " *purchase of this property includes any SrTE MAP underlying fee on South Third Avenue and South Fifth Avenue (adjacent to the Project site).