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HomeMy WebLinkAbout5396 '4f-.B ~ ~ ~ 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 -1- 5396 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 - 2- 5396 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 -3- 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~ -4- 5396