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HomeMy WebLinkAbout5647 RESOLUTION NO. 5647 /0 /(1 fJ) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA APPROVING A CERTAIN DISPOSITION AN DEVELOPMENT AGREEMENT BY AND BETWEEN T ARCADIA REDEVELOPMENT AGENCY AND WLA ARCON ARCADIA EQUITY MANAGEMENT, INC. (SOUT CORNER PROJECT) WHEREAS, the Arcadia Redevelopment "Agency" and the City Council of the City of Arcadia "City") have by duly adopted ordinance approved Plan (the "Redevelopment Plan") "Project"); and WHEREAS, in nt the Redevelopment Plan, the Agency proposes to s to the terms and conditions set forth in that 'on and Development Agreement (the "DDA") by and Arcadia Equity attached hereto as Exhibit "A", as described in the DDA in the Project Area Developer possesses the qualifications and necessary to acquire and insure development of n accordance with the purposes and objectives of the Plan; and the Agency has caused the preparation of, and the Council has reviewed and considered a summary (the "Summary"), attached 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 with Health and Safety Code section 33433; and WHEREAS, pursuant to provisions of the Health and Safety Code 33431 and 33433, the Agency and the City Council of the city of Arcadia 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 pursuant to the proposed DDA 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; and WHEREAS, the Agency has prepared and approved on November 20, 1973 a program environmental impact report (ARA-12) for the Central Redevelopment Project Area; and WHEREAS, the Agency has prepared and approved on May 5, 1981 a program environmental impact report (ARA-63) for the East Huntington Drive Redevelopment Area; and WHEREAS, the development proposed in the DDA is consistent with the recommendations contained in the August, 1989 Barton- Aschman Comprehensive Traffic Analysis for the Central Redevelopment Project Area; and WHEREAS, the proposal in the DDA is consistent with the recommendations contained in the October, 1990 Barton-Aschman Traffic Study prepared for the Southwest Corner Project; and 2 WHEREAS, the development proposed in the DDA is generally consistent with the recommendations contained in the March 5, 1991 Barton-Aschman Impact Analysis for the Proposed Mass Transit station; and WHEREAS, Barton-Aschman has advised the Agency in their July 16, 1991 letter report titled "Review and Opinion of Preliminary Design - June 3, 1991" that the north/south ramp to the alley is less preferred than the east/west ramp, but is acceptable if set back from the alley; and WHEREAS, Agency staff has prepared an Initial Study of the project proposed in the DDA in accordance with the provisions of the California Environmental Quality Act of 1970, as amended ("CEQA"), and based upon said Initial Study, has caused to be prepared a Mitigated Negative Declaration (which includes a Mitigation Monitoring Plan) regarding the Project in accordance with CEQA, all attached hereto and incorporated herein as Exhibit "C"; and WHEREAS, the City Council has duly considered all of the foregoing environmental documents. NOW, THEREFORE, THE ARCADIA CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. That the Summary attached hereto as Exhibit "B" is hereby accepted and approved. SECTION 2. That the consideration for the sale of the site pursuant to the DDA is determined to be fair market value, but to the extent that the consideration may be less than fair market 3 value, the following findings are hereby made: a) that such sale is necessary to implement the Redevelopment Plan because its sale and development will contribute to the elimination of blight, increase revenue to the Agency and city and increase employment opportunitiesi 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 DDAi and c) it is anticipated the difference in the estimated land value and sale price for the site will be further made up by the City through the receipt by the City of business license and utility user's tax revenue generated by the proposed development of the site as set forth in the DDAi and d) that the site development is necessary to further the public health, safety and welfare in accordance with the Redevelopment Plan because its sale and development will contribute to the elimination of blight, increase revenue to the Agency and City and increase employment opportunities. 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 4 hereby approved subject such minor modifications as may hereafter be approved by the. Executive Director of the Agency and the Agency General Counsel. SECTION 5. That 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 17th day of March, 1992. Mayor of the City of Arcadia ATTEST: City Clerk of the City of Arcadia 5 STATE OF CALIFORNIA COUNTY OF LOS ANGELES SS: CITY OF ARCADIA I, JUNE D. ALFORD, City Clerk of the City of Arcadia, hereby certify that the foregoing Resolution No. 5647 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 17th day of March, 1992, and that said Resolution was adopted by the following vote, to wit: AYES: NOES: ABSENT: City Clerk of the City of Arcadia swc1.res 6 COUNCIL RESOLUTION NO. 5647 EXHIBIT "A" - Disposition and Development Agreement by and between the Arcadia Redevelopment Agency and WLA Arcon and Arcadia Equity Management, Inc. A complete copy of the DDA is contained in the City Clerk's records. EXHIBIT "B" - Summary (Disposition Report) A complete copy of the Summary is contained in the City Clerk's records EXHIBIT "C" - Mitigated Negative Declaration ,p. complete copy of the Mitigated Negative is contained in the city Clerk's records. 7