HomeMy WebLinkAboutResolution No. 4730 6
RESOLUTION NO. 473
A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE REDEVELOPMENT AGENCY OF THE CITY OF
AZUSA APPROVING THAT CERTAIN AGREEMENT
ENTITLED "DISPOSITION AND DEVELOPMENT
AGREEMENT BY AND BETWEEN THE
REDEVELOPMENT AGENCY OF THE CITY OF AZUSA
AND COASTFED PROPERTIES, A CALIFORNIA
GENERAL PARTNERSHIP"
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 Coastfed Properties
have negotiated a proposed Disposition and
Development Agreement ("Agreement") for the
acquisition and sale of certain property in the
Central Business District 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 Central Business District
Redevelopment Plan in that said difference in cost
is necessary to revitalize the Project Area and the
community and the actual purchase price of the
property is within the range of values of
comparable residential properties in the 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
0 0
revenues which will be directly attributable to
this Agreement.
F. The public improvements to be installed
and constructed pursuant to the Agreement are of
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.
G. Because the Agreement will result in the
destruction or removal of some dwelling units from
the low -and moderate -income housing market, the
Agency duly prepared and adopted a Replacement
Housing Plan for the property pursuant to the
requirements of Health & Safety Code Section
33413.5 and is presently implementing that plan.
SECTION 2 The Board of Directors of the
Redevelopment Agency of the City of Azusa hereby approves
that certain agreement entitled "Disposition and Development
Agreement By and Between the Redevelopment Agency of the
City of Azusa and Coastfed Property, a California General
Partnership" dated as of June 20, 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 5th day of
Julv , 1988.
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 5th day of July , 1988, by the
following vote of the Board:
AYES: BOARDMEMBERS AVILA, NARANJO,.LATTA.
NOES: BOARDMEMBERS MOSES
ABSENT: OARDMEMBERS ONE
ABS A E. S MRICH
r
SECRETARY
-2-
fjn/RES6888
(Final: 6/27/88)