HomeMy WebLinkAboutResolution No. 608RESOLUTION NO. 608
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF THE CITY OF AZUSA
APPROVING AN AGREEMENT ENTITLED "OWNER -
PARTICIPATION AGREEMENT BY AND BETWEEN THE
AZUSA REDEVELOPMENT AGENCY AND DARLYNE
AND VICTOR GAROFALO FOR 621-625 NORTH AZUSA
AVENUE"
The Board of Directors of the Redevelopment Agency of the
City of Azusa resolves as follows:
SECTION 1. The Board of Directors of the Redevelopment
Agency of the City of Azusa hereby approves the certain agreement
entitled "Owner -Participation Agreement by and between the Azusa
Redevelopment Agency and Darlyne and Victor Garofalo for 621-625
North Azusa Avenue" and authorizes the Chairman of the Board of
Directors 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 and shall cause the Agreement to be recorded
promptly upon its execution by all parties thereto.
PASSED, APPROVED AND ADOPTED this 7TH day of AUGUST, 1989.
Euga F. Moses, Charman
VO
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 7th day of A,,g,,, 1989.
AYES: BOARD MEMBERS:
NOES: BOARD MEMBERS:
ABSENT: BOARD MEMBERS:
olis',
AVILA, STEMRICH, NARANJO, LATTA, MOSES
E
AGENDA ITEM
MEMORANDUM
'�)To: Honorable Chairman and Board of Directors
From: Robb R. Steel, Redevelopment Director Iv l
Date: July 17, 1989
Subject: Owner Participation Agreement With Darlyne and
Victor Garofalo For 621-625 North Azusa Avenue
BACKGROUND
On June 19, 1989 the Agency Board approved a program for
rehabilitation of the four two-story structures on the west side
of Azusa Avenue. The program contemplated entering into owner
participation agreements with each of the affected property
owners.
Attached is the proposed owner participation agreement which
outlines the program for the building at 621-625 North Azusa
Avenue owned by Darlyne and Victor Garofalo. The OPA offers the
following:
Facade Grant (estimate) $12,500
Seismic Deferred Loan $32,056
Total $44,556
RECOMMENDATION
Adopt Resolution approving Owner Participation Agreement in
substantially the form attached hereto.
RRS/tmb
Attachment