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RESOLUTION NO. 5552
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ARCADIA APPROVING A CERTAIN DISPOSITION AND
DEVELOPMENT AGREEMENT BY AND BETWEEN THE
ARCADIA REDEVELOPMENT AGENCY AND ROBERT K. AND
DENISE A. BROWN (KBC PROJECT)
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 Robert K. and Denise A. Brown
(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") ,
attached hereto as Exhibit "B", setting forth the cost of the DDA
to the Agency, the estimated value of the interest to be conveyed,
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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.
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
value, the following findings are being made:
a) that such sale in 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
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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
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 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 subject to minor modifications by the City
Attorney.
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 16th day of October, 1990.
l?2a:Vta~f1I:;:a
ATTEST:
ci
f Arcadia
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STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
CITY OF ARCADIA
)
) SS:
)
I, JUNE D. ALFORD, City Clerk of the city of Arcadia, hereby
certify that the foregoing Resolution No. 5552 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 16th day of October, 1990, and that said
Resolution was adopted by the following vote, to wit:
AYES: Counci I and Agency MerrtJers l1:iraulo, Fasching, Gi Ib,
Harbicht and Young
NOES: None
ABSENT: None
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COUNCIL RESOLUTION NO. 5552
EXHIBIT "A" - Disposition and Development Agreement by and
between the Arcadia Redevelopment Agency and Robert
K. and Denise A. Brown.
A complete copy of the DDA is Attachment No. 2 to
the October 16, 1990 staff report.
EXHIBIT "B" - Summary (Disposition Report)
A complete copy of the Summary is Attachment No. 3
to the October 16, 1990 staff report.
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