HomeMy WebLinkAboutResolution No. 91-R730 0
RESOLUTION NO. 91-P73
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF THE CITY OF AZUSA
APPROVING CERTAIN DOCUMENTS IN CONNECTION
WITH THE REPURCHASE OF CERTAIN PROPERTY
WITHIN THE CENTRAL BUSINESS DISTRICT PROJECT
AREA FROM DeROSA CENTENNIAL ASSOCIATES.
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 ("Agency") hereby find, determine and
declare that:
A. DeRosa Centennial Associates ("DeRosa") and the
Agency previously entered into certain disposition and
development agreement, dated February 6, 1989 and six
operating agreements amending the original agreement
and dated August 6, 1990, December 10, 1990, December
17, 1990, January 21, 1991, April 15, 1991, and August
19, 1991 (hereinafter collectively "Agreement"),
pursuant to which the Agency acquired certain real
property located in the City of Azusa generally located
at the northwest corner of Azusa Avenue and Foothill
Boulevard by negotiation and eminent domain and DeRosa
purchased from the Agency at a discount in order to
build a shopping center.
B. Because DeRosa is unable to obtain appropriate
financing to complete the project, as is required by
the Agreement, the Board of Directors declares DeRosa
in default of the Agreement but has determined to
repurchase the property and to resolve disputes with
DeRosa.
C. In order to resolve any and all claims and
disputes which now exist between them, and in order to
allow the Agency to put the property to viable uses as
required by the Redevelopment Plan, Agency has agreed
to repurchase the property from DeRosa and to rescind
the Agreement and execute certain releases.
SECTION 2. The Board of Directors of the Redevelopment
Agency of the City of Azusa hereby approves that certain
agreement entitled "Purchase and Sale Agreement and Escrow
Instructions" dated December 2, 1991 and hereby authorizes and
directs the Chairperson to execute said agreement and the
exhibits attached thereto, in substantially the form as said
agreement is presented in Exhibit A, attached to this Resolution.
The Chairperson is further authorized and directed to execute
such other escrow and related documents as are necessary to
accomplish the purchase and sale of the property within the terms
set forth in said agreement.
SECTION 3. The Secretary shall certify to the adoption of
this Resolution.
606.1
PASSED, APPROVED AND ADOPTED this 2nd_ 'day of
Dacamhar , 19 Q1 .
ATTEST:
i
)CRETARY
/
HAIRPERSON
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 2nd
day of December , 1991, by the following vote of the Board.
AYES: BOARDMEMBERS DANGLEIS, STFMPICH, NP.RANJO, P.LFUNDER, MOSES
NOES: BOARDMEMBERS NONE
ABSENT: BOARDMEMBERS NONE.
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