HomeMy WebLinkAboutResolution No. 4640
RESOLUTION NO. 464
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A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF AZUSA APPROVING THAT CERTAIN
OPTION AGREEMENT BETWEEN THE AGENCY AND CALMAT
PROPERTIES, A CALIFORNIA CORPORATION, FOR
CERTAIN PROPERTY LOCATED AT THE SOUTHWEST
CORNER OF FOOTHILL BOULEVARD AND TODD AVENUE
WITHIN THE WEST END REDEVELOPMENT PROJECT AREA
THE BOARD OF DIRECTOR 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 does hereby find,
determine and declare as follows:
A. The property of Calmat Properties, Inc.,
located at the southwest corner of Todd Avenue
and Foothill Boulevard and as more
particularly described in the Option
Agreement, is within the Agency's West End
Redevelopment Project Area. The plan calls
for commercial, manufacturing or industrial
development at this location and the Agency
has a potential developer for the site.
Approval of the Option Agreement will allow
the Agency to finalize its project with the
developer, conduct an investigation of the
site and, if acceptable, purchase the site.
B. The proposed consideration for the option and
purchase of the site and the acquisition of
the property owner's rights under the Owner
Participation Agreement are within the fair
market value for such acquisitions considering
the current sales of comparable property
within the surrounding areas.
C. The Option Agreement and, if exercised, the
Purchase Agreement, are necessary for the
implementation of the West End Redevelopment
Plan and are within the best interests of the
health, safety and welfare of the community.
SECTION 2. The Board of Directors of the
Redevelopment Agency of the City of Azusa hereby approves
that certain Option Agreement and, if exercised pursuant to
its terms, the Purchase Agreement, in substantially the form
attached hereto as Exhibit "A" and authorizes the Chairman
and Secretary to execute said Agreement in substantially the
form as set forth in Exhibit "A."
SECTION 3. The Secretary shall certify to the
adoption of this Resolution.
PASSED, APPROVED AND ADOPTED this 6th day of
June , 1988.
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I HEREBY CERTIFY that the foregoing Resolution was
duly adopted by the Board of Directors of the Azusa
Redevelopment Agency of the City of Azusa, at a regular
meeting thereof held on the 6th day of June , 1988.
AYES: BOARD MEMBERS: AVILA, NARANJO, STEMRICH, LATTA, MOSES
NOES: BOARD MEMBERS: NONE
ABSENT: BOARD MEMBERS: NONE
/SECRETARY