HomeMy WebLinkAboutResolution No. 6280 0
RESOLUTION NO. 628
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF THE CITY OF AZUSA
APPROVING AN AGREEMENT BETWEEN THE AGENCY AND
COASTFED PROPERTIES FOR ARCHITECTURAL AND
ENGINEERING EXPENSES RELATED TO THE COASTFED
PROJECT
WHEREAS, on July 5, 1988 the Redevelopment Agency approved a
Disposition and Development Agreement ("DDA") with CoastFed
Properties to develop a 141 unit luxury apartment project at the
northwest corner of Foothill Boulevard and San Gabriel Avenue;
and
WHEREAS, the DDA does not require the Developer to initiate
construction drawings until the Agency has effectively assembled
the Site; and
WHEREAS, effective site assembly is not expected for several
months; and
WHEREAS, in order to expedite the Project plans and initiate
construction within the shortest possible timeframe, thereby
enhancing the Central Business District, the Agency desires to
reimburse the Developer for architectural and engineering costs
if the Agency subsequently does not deliver the Site as required
by the DDA.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE REDEVELOPMENT AGENCY OF THE CITY OF AZUSA AS FOLLOWS:
SECTION 1. The Board of Directors of the Redevelopment
Agency of the City of Azusa hereby approves that certain
agreement entitled "Agreement Between the Redevelopment Agency of
the City of Azusa and CoastFed Properties for Reimbursing
Architectural and Engineering Expenses Related to the CoastFed
Project", dated , 1989, and authorizes the Chairman
to execute said Agreement on behalf of the Agency in
substantially the form as attached hereto as Exhibit "A".
SECTION 2. The Secretary shall certify the adoption of
this Resolution.
PASSED APPROVED AND ADOPTED this 2nd day of Ontaher ,
1989.
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 2i
day of October , 1989 by the following vote of the Directors.
AYES: DIRECTORS: AVILA, STEMRICH, LATTA
NOES: DIRECTORS: MOSES
ABSENT: DIRECTORS: NARANJO
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