HomeMy WebLinkAboutResolution No. 5040 0
RESOLUTION NO. 504
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 WEST VENTURE
DEVELOPMENT COMPANY, A CALIFORNIA JOINT
VENTURE"
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 West Venture
Development Company have negotiated a proposed
Owner Participation Agreement ("Agreement") for the
acquisition and sale of certain property in a
Designated Survey Area adjacent to the Central
Business District Redevelopment Project Area which
Agreement conditions the sale of 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 and 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 and
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 subparagrah C, the
Board of Directors of the Agency and the City
Council specifically find in accordance with the
authority of Health and Safety Code section 33433
that said difference in cost is necessary to assist
in effectuating the provisions of the Central
Business District Redevelopment Plan and to provide
for redevelopment of the Survey Area, which is
proposed for inclusion in a 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 property tax
and sales tax 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 Survey 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 West Venture Development Company, a
California Joint Venture" dated as of September 19, 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 19th day of
September , 1988.
CHAS MAN O -TEMPORE
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 19th day of September 1988, by the
following vote of the Board:
AYES: BOARDMEMBERS
NOES: BOARDMEMBERS
ABSENT: BOARDMEMBERS
SECRETAR
fjn/RES4922
AVILA, STEMRICH, NARANJO, LATTA
NONE
MOSES
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