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RESOLUTION NO. 5267
A RESOLUTION OF THE ARCADIA CITY COUNCIL APPROVING A
CERTAIN DISPOSITION AND DEVELOPMENT AGREEMENT BY AND
BETWEEN THE ARCADIA REDEVELOPMENT AGENCY AND WLA
ARCON (NORTHWEST CORNER OF EAST HUNTINGTON DRIVE AND
NORTH FIRST AVENUE)
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 Redevelopment
Project (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 by and between the Agency and WLA Arcon (the
"Developer")(the "DDA"), 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, 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 the provisions of Health and Safety Code Sections
3343l 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 sale and
the proposed development of the Site pursuant to the proposed DDA and has determined
that the sale and development of the Site are in the best interests of the City and
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Attachment 5
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 l. That the Summ~ry, attached hereto as Exhibit "B", is hereby
approved and accepted.
SECTION 2. That the consideration for the sale of the Site pursuant to the
DDA is less than fair market value and that such sale is being made subject to the
following findi~gs:
a) that such sale is necessary to implement the Redevelopment Plan; and
b) it is anticipated that the difference in estimated land value and sale
price for the Site will be'made up by the Agency through receipt by the
Agency of property tax increment generated by the proposed development
of the Site as set forth in the DDA; and
c) that the proposed 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 l7th day of December, 1985.
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5267
ATTEST:
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES
) SS:
,
CITY OF ARCADIA
)
I, CHRISTINE VAN MAANEN, City Clerk of the City of Arcadia hereby certify
that the foregoing Resolution No. 5267 "as 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 the City Council on the l7th day of December, 1985, and that said
Resolution was adopted by the following vote, to wit:
AYES: Councilmen Gilb, Hannah, Young and Pellegrino
NOES: None
ABSENT: Councilman Lojeski
~~-J:~
City Clerk of the City 0 Arcadia
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