HomeMy WebLinkAboutResolution No. 5540 0
RESOLUTION NO. 554
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF AZUSA APPROVING THAT CERTAIN
AGREEMENT ENTITLED "AGREEMENT FOR PURCHASE AND
SALE OF REAL PROPERTY AND ESCROW INSTRUCTIONS"
BY AND BETWEEN THE REDEVELOPMENT AGENCY OF THE
CITY OF AZUSA AND PACIFIC UNION ASSET
MANAGEMENT, INC., FOR REAL PROPERTY LOCATED AT
91 22, 25, 30, 32, 39, 40, 45, AND 54 LAKEVIEW
TERRACE DRIVE, AZUSA, CALIFORNIA 91702
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 subject property consists of nine condominium units
located at 9, 22, 25, 30, 32, 39, 40, 45, and 54 Lakeview
Terrace Drive, Azusa, California 91702. The Agency
acquired the subject property as the result of a foreclosure
sale after the owners defaulted on loans made pursuant to
the 1979 Residential Mortgage Revenue Housing Bonds issued
by the Agency.
B. In accordance with the requirements of said bond issue
and applicable law, the Agency staff had negotiated an
agreement between the Agency and Pacific Union Asset
Management, Inc., for the sale of such properties. The
Agency also caused an appraisal to be made of the subject
property defining the property's fair market value, as well
as the cost necessary to bring the subject property into a
habitable condition and to make it available for sale.
Following said appraisal the Agency placed the subject
property for sale within the open real estate market and
failed to obtain any offers on the property during the sale
period.
C. The Agency Board and 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.
D. Concurrently with the first publication of the notice
of said joint public hearing, the Agency and 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 that said joint public hearing was continued on two
occasions in order to provide sufficient notice of revisions
to the Agreement.
E. The sale of the subject property will be at fair market
value taking into account the fair market value of the
subject property in good condition and the costs required to
bring said property up to its fair market value.
SECTION 2. The Board of Directors of the Redevelopment
Agency of the City of Azusa hereby approves that certain
agreement entitled "Agreement for Purchase and Sale of Real
Property and Escrow Instructions" by and between the
Redevelopment Agency of the City of Azusa and Pacific Union
Assets Management, Inc., a California corporation, dated as of
1989 and authorizes the Chairman to execute said
Agreement on behalf of the Agency in substantially the form
attached hereto as Exhibit "A."
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SECTION 3. The Secretary shall certify the adoption of this
Resolution.
PASSED, APPROVED AND ADOPTED this 6th day of March ,
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 March , 1989.
AYES: BOARD MEMBERS: AVILA, STEMRICH, NARANJO, LATTA, MOSES
NOES: BOARD MEMBERS: NONE
ABSENT: BOARD MEMB S: NONE
Secretar,
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