HomeMy WebLinkAboutResolution No. 481RESOLUTION NO. 481
A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE REDEVELOPMENT AGENCY OF THE CITY OF
AZUSA APPROVING THAT CERTAIN AGREEMENT
ENTITLED "OWNER PARTICIPATION AGREEMENT
BY AND BETWEEN THE REDEVELOPMENT AGENCY
OF THE CITY OF AZUSA AND THE PRICE
COMPANY, A CALIFORNIA CORPORATION"
THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF THE CITY OF AZUSA DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1 The Board of Directors of the
Redevelopment Agency of the City of Azusa hereby finds,
determines and declares that:
A. The Agency staff and The Price Company
negotiated a proposed Owner Participation Agreement
("Agreement") for the acquisition and sale of
certain property in the West End Redevelopment
Project Area which Agreement conditions the sale of
said property upon its redevelopment and such other
matters as are required by the Community
Redevelopment Law.
B. The Agency and the City Council held a
duly -noticed joint public hearing on said sale and
approval of the Agreement pursuant to the
requirements of Health & Safety Code Section 33433
and other applicable law.
C. Concurrently with the first publication
of the notice of said joint public hearing, the
Agency and the City made available to the public a
report on the proposed sale of the property and the
terms of the Agreement, which report was duly
prepared and made available to the public in
accordance with the requirements of Health & Safety
Code Section 33433 and other applicable law.
D. Although the sale price of the property
may be less than the Agency expenditures in
acquiring and improving it as more particularly set
forth in the report described in subparagraph C,
the Board of Directors of the Agency and the City
Council specifically find in accordance with the
authority of Health & Safety Code Section 33433
that said difference is necessary to effectuate the
provisions of the West End Redevelopment Plan in
that said difference in cost is necessary to
revitalize the Project Area.
E. The Agency and the City shall recoup said
differences over the time period set forth in the
Agreement by substantial increases in tax increment
revenues which will be directly attributable to
this Agreement.
F. The public improvements to be installed
and constructed pursuant to the Agreement are of
0 0
benefit to the Project Area and the immediate
neighborhood in which the property is located and
no other reasonable means of financing such
improvements are available to the community.
SECTION 2 The Board of Directors of the
Redevelopment Agency of the City of Azusa hereby approves
that certain agreement entitled "Owner Participation
Agreement By and Between the Redevelopment Agency of the
City of Azusa and The Price Company, a California
Corporation" dated as of July 18, 1988, in substantially the
form attached hereto as Exhibit "A".
SECTION 3 The Secretary shall certify the
adoption of this Resolution.
PASSED, APPROVED AND ADOPTED this 18th day of
July , 1988.
i, A - .',I .
I HEREBY CERTIFY that the foregoing Resolution was
duly adopted by the Board of Directors of the Redevelopment
Agency of the City of Azusa at a regular meeting thereof,
held on the 18th day of July 1988, by the
following vote of the Board:
AYES: BOARDMEMBERS AVILA, STEMRICH, NARANJO, LATTA, MOSES
NOES: BOARDMEMBERS NONE
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fjn/RES7588
(07/13/88)