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RESOLUTION NO. 5553
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ARCADIA AGREEING TO SELL THE PROPERTY
LOCATED AT 124 NO. FIRST AVENUE (FORMER
INDIANA STREET) FOR $165,000 TO THE ARCADIA
REDEVELOPMENT AGENCY. FOR REDEVELOPMENT
PURPOSES
WHEREAS, on October 16, 1990, the Arcadia City council
("City") and the Arcadia Redevelopment Agency ("Agency") authorized
the sale of land to Robert K. and Denise A. Brown pursuant to a
Disposition and Development Agreement (DDA); and
WHEREAS, that DDA obligates the Agency to secure a 10,044
square foot site located at 124 No. 'First Avenue as generally
represented in Exhibits "A" and "B" (Location Map and Legal
Description respectively) and to transfer said property to Robert
K. and Denise A. Brown; and
WHEREAS, the City currently holds title to the above
referenced land; and
WHEREAS, the city has determined said land to be surplus
property; and
WHEREAS, the City has reviewed the appraisal of the land and
has found that it does reflect the fair market value of the land;
and
WHEREAS, the City has reviewed the Agency's purchase offer for
the land and has found that it reflects the fair market value of,
the land; and
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WHEREAS, the City desires to have the project proposed in the
DDA completed.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ARCADIA,
CALIFORNIA, DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. . That the city agrees to sell to the Agency the
City-owned property located at 124 No. First Avenue in exchange for
$165,000 in cash.
SECTION 2. That the City Manager or his authorized designee
is authorized and directed to execute all necessary documents to
finalize the above transaction 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 Resolution.
Passed, approved and adopted this 16th day of October, 1990.
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Mayor of e it of Arc ia
ATTEST:
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5553
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. 5553 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 Meni::>ers Ciraulo, Fasching, Gi Ib,
Harbicht and Young
NOES: None
ABSENT: None
of Arcadia
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LOCATION MAP
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WHEELER
. SU3JECT PROPERTY
124 No. First Avenue, Arcadia
North
Exhibit "A"
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Exhibit B
Legal Description
Parcell: Lot 32 in Block 77 of "A" part of Arcadia
Santa Anita Tract," in the City of Arcadia, County of
Los Angeles, State of California, as per Map recorded in
Book 15, Pages 89 and 90, Miscellaneous Records of said
County.
Except the westerly lO feet thereof.
Parcel 2: That portion of Indiana Street, 40 feet
wide adjoining said Lot 32 as shown on said Map, which
would pass with the legal conveyance of said lot under
Section lll2 of the California Civil Code; and vacated
in that certain Resolution #4485 Recorded March 24, 1975
as Instrument No. 2787.
Exhibit -"B" 5553