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HomeMy WebLinkAboutAPRIL 6,1976 ROLL CALL 1 MINUTE APPROVAL MAJESTIC REALTY COMPANY RESOLUTION NO. 24 RESOLUTION NO. 25 1 M I NUT E S ARCADIA REDEVELOPMENT AGENCY REGULAR MEETING APRIL 6, 1976 The Arcadia Redevelopment Agency met in regular session on April 6, 1976 at 7:45 p.m. in the Arcadia City Hall Council Chamber. PRESENT: ABSENT: Members Lauber, Saelid, Helms, Scott, Gilb None On MOTION by Member Scott, seconded by Member Lauber and mously the minutes of the regular meeting of February 17 Member Helms did not vote as he was absent on said date. carr ied unani- were APPROVED. The City Manager advised that the Majestic Realty Company had requested permission from the Agency to move forward with the execution of the Disposition and Development Agreement which was approved in concept by the Agency in September of 1975. This relates to property at Huntington Drive and Second Avenue legally described as Lots 1, 2, 3, 4, 5 and 38 of Tract 6860. The proposal provides for the Developer to acquire Parcels 1 and 2 and the Agency's acquisition of Parcels 3 and 4. According to the Agreement the Agency would then sell Parcel 3 to the developer in exchange for Parcel 2. The Agency would retain Parcels 2 and 4 which comprise the Huntington Drive frontage and the corner. Price and terms are set forth in the report dated April 6. The developer proposes to construct an industrial building at the rear. Resolut~ons had been prepared and the City Attorney read the titles as follows: "RESOLUTION FINDING AND DETERMINING THAT A SUBSEQUENT ENVIRONMENTAL IMPACT REPORT NEED NOT BE PREPARED FOR THE PROPOSED SALE AND DEVELOP- MENT OF CERTAIN REAL PROPERTY IN THE CENTRAL REDEVELOPMENT PROJECT." "RESOLUTION APPROVING THE PROPOSED SALE OF REAL PROPERTY IN THE CENTRAL REDEVELOPMENT PROJECT; APPROVING THE PROPOSED DISPOSITION AND DEVELOPMlNT AGREEMENT PERTAINING THERETO; AND AUTHORIZING THE EXECUTION AND IMPLEMENTATION OF SAID DISPOSITION AND DEVELOPMENT AGREEMENT. " It was MOVED by Member Helms, seconded by Member Scott that the reading of the full body of said resolutions be waived and that same be adopted. Discussion ensued on Member Saelid's concern about the appraisal method and the CityManager explained in detail how the price range came about. Member Saelid suggested that in the future professional appraisals be depended upon rather than put the burden and re- sponsibility on staff to make such judgments. Roll call was then made on the motion. AYES: NOES: Members Lauber, Helms, Scott, Gilb Member Saelid (on the basis that Resolution No. 24 states that an additional environmental impact report need not be prepared; that the original EIR is sufficient.) None ABSENT: 4-6-76 ARA - 1 - REQUEST FOR LOAN ADJOURNMENT in order to proceed with this project it was MOVED by Member Scott, seconded by Member Lauber and carried on roll call vote as follows that the Agency request the City Council to appropriate $65,000 from budgeted funds for loan to the Agency at 7 percent. AYES: NOES: ABSENT: Members Lauber, Helms, Scott, Gilb Member Saelid None At 9:50 p.m. it was MOVED by Member Helms, seconded by Member Lauber and carried that the meeting be and i is hereby adjourned. 1 / ,/Chairman, ABA ATTEST: @~~~./ 1 4-6-76 ABA - 2 -