HomeMy WebLinkAboutResolution No. 5430 0
RESOLUTION NO. 543
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF THE CITY OF AZUSA
APPROVING THE DISPOSITION AND DEVELOPMENT
AGREEMENT BETWEEN THE AGENCY AND DEROSA
PROPERTIES, A CALIFORNIA GENERAL PARTNERSHIP
THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY
OF THE CITY OF AZUSA DOES RESOLVE AS FOLLOWS:
SECTION 1. The Board of Directors of the
Redevelopment Agency of the City of Azusa does hereby find,
determine and declare that:
A. On February 6, 1989, the Board of Directors of the
Redevelopment Agency of the City of Azusa and the
City Council of the City of Azusa held a duly -
noticed joint public hearing pursuant to Health &
Safety Code Section 33433 on the approval of a
Disposition and Development Agreement by and
between the Redevelopment Agency of the City of
Azusa and DeRosa Properties, a California general
partnership.
B. Prior to said hearing and within the time limits
required by law, a report was prepared and made
available to the public pursuant to the provisions
of Health & Safety Code Section 33433 describing
the project and its provisions. Said report is
incorporated herein by this reference.
Additionally, the staff also prepared a detailed
report on the project and its benefits to the
Agency and the community.
C. The sale price of the property to be conveyed to
the Developer is less than the fair market value of
the property to be conveyed determined at the
highest and best use consistent with the
Redevelopment Plan. The Agency finds as described
in the report required by Health & Safety Code
Section 33433, that the sale of the property for
less than the fair reuse value is justified by the
higher risk associated with the project and the
historical difficulty in redeveloping the Site.
Moreover, the Site layout is also unique and
creates additional risk exposure for the
Developer. Without the write-down in fair reuse
value, the Agency would not be able to redevelop
this property and bring the benefits of the project
to the Agency and the community.
D. The Agency and the City shall recoup said
difference over the time period set forth in the
report by substantial increases in tax increment
and sales tax which will be directly attributable
to this Project.
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E. The Agency Board has afforded owners on the Site
the opportunity to participate in redevelopment and
determined that the project proposed by DeRosa
Properties was within the best interests of the
Agency and the community pursuant to the Owner
Participation rules.
F. The construction and contribution to construction
of offsite improvements as set forth in the
Agreement is necessary for the project and is of
benefit to the Project Area and the community. No
other reasonable means of funding are available to
the community.
G. The development of this Site as set forth in the
Disposition and Development Agreement will be of
great benefit to the community and to the Agency
and is necessary for the effective and proper
implementation of the Central Business District and
West End Redevelopment Plans as merged by Ordinance
No. 2382 adopted on November 7, 1988.
SECTION 2. Based upon the findings set forth
above, the Board of Directors of the Redevelopment Agency of
the City of Azusa hereby approves that certain agreement
entitled "Disposition and Development Agreement between the
Redevelopment Agency of the City of Azusa and DeRosa
Properties, a California General Partnership," dated as of
February 6, 1989, and authorizes the Chairman to execute
said Agreement on behalf of the Agency in substantially the
form as is attached hereto as Exhibit "A."
PASSED, APPROVED AND ADOPTED this 6th day of
February 1989•
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 February , 1989.
AYES: BOARD MEMBERS:
NOES: BOARD MEMBERS
ABSENT: BOARD MEMBERS:
SECRETARY
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pmt/RES8876
AVILA, STEMRICH, LATTA, MOSES
NONE
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