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RESOLUTION NO. 5396
A RESOLUTION OF THE ARCADIA CITY COUNCIL APPROVING
A CERTAIN DISPOSITION AND DEVELOPMENt AGREEMENT BY
AND BETWEEN THE ARCADIA REDEVELOPMENT AGENCY AND EMKAY
DEVELOPMENT COMPANY
WHEREAS, the Arcadia Redevelopment Agency (the "Agency) and
the City Council of the City of Arcadia (the "city")have by duly
adopted ordinance approved the Redevelopment plan (the
"Redevelopment Plan") for the Central Project Area (the
"Project"); and
WHEREAS, in order to implement the Redevelopment Plan, the
Agency proposes to sell pursuant to the terms and conditions set
forth in that certain Disposition and Development Agreement (the
"DDA") by and between the Agency and Emkay Development
Company (the "Developer"), attached hereto as Exhibit "A",
certain real property as described in the DDA in the Project Area
(the "Site"); and
WHEREAS, the 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 caused the preparation of, and the
City Council has reviewed and considered a summary (the
"Summary"), at"tached hereto as Exhibit "B", setting forth the
cost of the DDA to the Agency, the estimated value of the
interest to be conveyed, and proposed purchase price and has made
the Summary available for public inspection, all in accordance
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with the Health and Safety Code Section 33433; and
WHEREAS, pursuant to the provisions of the Health and Safety
Code 33431 and 33433, the Agency and the City Council of the City
have held a duly noticed Joint Public Hearing on the proposed
sale of the Site and the proposed DDA; and
WHEREAS, the City Council has considered all terms of the
proposed DDA and has determined that the proposed Sale and
development of the Site are in the best interests of the
City and its residents and are in accord with the purposes and
provisions of applicable State and local law and the
Redevelopment Plan.
NOW, THEREFORE, THE ARCADIA CITY COUNCIL OF THE CITY OF
ARCADIA, CALIFORNIA, DOES HERE~Y RESOLVE AS FOLLOWS:
SECTION 1. That the Summary attached hereto as Exhibit "B",
is hereby approved and accepted.
SECTION 2. That the consideration for the ~ale of the Site
pursuant to the DDA is determined to be fair market value for the
Property, but to the extent that the consideration may be less
than fair market: value, the following findings are being made:
a) that such sale is necessary to implement the
Redevelopment Plan; and~
b) it is anticipated the difference in the estimated land
value and sale price for the Site will be made up by the
Agency through the receipt by the Agency of property tax
increment generated by the proposed development of the
Site as set forth in the DDA; and
c) it is anticipated the difference in the estimated land
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value and sale price for the Site will be further made
up by the City through the receipt by the city of
transient occupancy, business license fees, utility
user's taxes and sales tax revenue generated by
the proposed development of the Site as set forth in the
DDA; and
d) that the Site development is necessary to further the
public health, safety and welfare in accordance with the
Redevelopment Plan.
SECTION 3. That the sale and proposed development of the
Site are consistent with the Redevelopment Plan.
SECTION 4. That the DDA attached hereto as Exhibit "A", is
hereby approved.
SECTION 5. The City Clerk of the City of Arcadia is hereby
authorized and directed.to certify to the adoption of this
Resolution.
SECTION 6. This Resolution shall take effect upon adoption.
Passed, approved and adopted this 5th da~ of January,
1988.
~~
(Mayor of the City of Arcadia
ATTEST:
~c
icv~$
City Clerk of he C1ty
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES SS:
CITY OF ARCADIA
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5396
I, CHRISTINE VAN MAANEN, City Clerk of the City of
Arcadia hereby certify that the foregoing Resolution No. 5396
was passed and adopted by the City Council of the City of
Arcadia, signed by the Mayor and attested t9 by the City Clerk at
a regular meeting of the City Council on the 5th day of
January, 1988, and that said Resolution was adopted by the
following vote, to wit:
AYES: Gouncilm~mb~rs Chandl~r, Harbicht, Loj~ski, Young and Dilb
NOES : Non~
ABSENT: Non~
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5396