HomeMy WebLinkAboutResolution No. 91-R40RESOLUTION NO. 91-R40
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 CASDEN PROPERTIES
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. Casden Properties, formerly Coastfed Properties
and the Agency previously entered into that certain
disposition and development agreement, dated June 20,
1988 ("DDA") pursuant to which Casden purchased from
the Agency certain real property located in the City of
Azusa generally located at the northeast corner of
Foothill Boulevard and San Gabriel Avenue.
B. Certain claims and disputes have arisen between
Casden and the Agency relating to the removal and
remediation of toxic and hazardous waste materials from
the property and the Board of Directors has determined
to repurchase the property for other uses.
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 other uses,
Agency has agreed to repurchase the property from
Casden and to rescind the DDA 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 July 1, 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 the said agreement.
SECTION 3. The Secretary shall certify to the
adoption of this Resolution.
PASSED, APPROVED, AND ADOPTED
, 1991 ,
this 1st day of
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
1st day of July 1991 by the following
vote of the Board:
AYES: BOARDMEMBERS: DANGLEIS, STEMRICH, NARMJO, ALEXANDER, MOSES
NOES: BOARDMEMBERS: NONE
ABSENT: BOARDMEMBERS: NONE
SEC ETARY�