HomeMy WebLinkAboutResolution No. 5630
RESOLUTION 5E
RESOLUTION OF THE AZUSA REDEVELOPMENT AGENCY
BOARD OF DIRECTORS APPROVING AN EXCLUSIVE
NEGOTIATING AGREEMENT BETWEEN THE AGENCY AND
ALEVY AND ASSOCIATES FOR CERTAIN PROPERTY
LOCATED WITHIN THE CENTRAL BUSINESS DISTRICT
REDEVELOPMENT PROJECT AREA
WHEREAS, the Agency is authorized by the Community
Redevelopment Law and other applicable law to undertake
redevelopment projects in order to best accomplish the purposes
and goals of the redevelopment plans for various project areas;
WHEREAS, the Agency desires to redevelop the property set
forth in the agreement as attached hereto in order to best
accomplish the goals and purposes of the Redevelopment Plan and,
the Developer, Alevy and Associates desires to redevelop said
property;
NOW, THEREFORE, BE IT RESOLVED, by the Board of Directors of
the Redevelopment Agency of the City of Azusa as follows:
SECTION 1. That certain Exclusive Negotiating Agreement
by and between the Redevelopment Agency of the City of Azusa and
Alevy and Associates, dated as of April 17, 1989, is hereby
approved and the Chairman of the Agency is hereby authorized to
sign and execute said Agreement on behalf of the Agency in
substantially the form as attached hereto and incorporated herein
by reference.
SECTION 2. The Secretary shall certify the adoption of
this Resolution.
APPROVED AND ADOPTED the 17th day of April , 1989
Eugen F. Moses
Chai an
I HEREBY CERTIFY that the forgoing resolution was duly adopted by
the Redevelopment Agency of the City of Azusa at a regular
meeting thereof, held on the 17th day of April , 1989.
AYES: DIRECTORS: AVILA,
NOES: DIRECTORS: NONE
ABSENT: DIRECTORS: NONE
sec retar
STEMRICH, NARANJO, LATTA, MOSES
0
AGENDA ITEM
174
MEMORANDUM
\ o: Honorable Mayor and City Councilmember'^sA'
v From: Robb R. Steel, Redevelopment Director {r'�
Date: April 17, 1989 1
Subject: Exclusive Negotiating Agreement Between
Redevelopment Agency and Alevy and Associates
Background
the
In July, 1988 the Redevelopment Agency issued a Request for
Proposal (RFP) for the development of a site situated within the
City's Central Business District. The site lies on the southeast
corner of Fifth Street and Azusa Avenue, and consists of 24,500
square feet under two (2) separate ownerships. The Redevelopment
Agency owns four of the seven lots. The other three lots are
owned by a private party.
The Redevelopment Agency received only one response to the RFP.
The developer, Alevy and Associates proposes a 8500± square foot
single story office building. The developer's qualifications and
development concept merit additional consideration. For these
reasons, it is recommended that an Exclusive Negotiating
Agreement be formalized to begin negotiations.
Analysis
The attached Exclusive Negotiating Agreement outlines the
responsibilities of the Agency and the Developer in formalizing
the proposal over the next one hundred twenty (120) days. The
key issue will be whether the Developer can attract tenants for
the Site. The Agency will not initiate acquisition or relocation
until and unless the Developer is obligated to purchase the Site.
For this to occur, the Developer will require substantial pre-
L
Page 2
AGENDA ITEM
From: Robb R. Steel, Redevelopment Director
Date: April 17, 1989
Subject: Exclusive Negotiating Agreement Between the
Redevelopment Agency and Alevy and Associates
leasing of the building. Thus, the developer will market the
site for the first 90 days of the Exclusive period to establish
whether tenants are interested.
If the Developer's efforts are successful, a Disposition and
Development Agreement will be prepared for the Board's
consideration within approximately four (4) months.
Recommended Action
Adopt Resolution _ approving the Exclusive Negotiating Agreement
in substantially the form as attached, between the Redevelopment
Agency and Alevy and Associates, and direct the Chairman to
execute all necessary documents.
RRS/tmb