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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.
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5351
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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:
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City Clerk of the City of Arcadia
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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
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City Clerk of the City of Arcadia
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5351
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*purchase of this property includes any SrTE MAP
underlying fee on South Third Avenue and
South Fifth Avenue (adjacent to the Project site).