HomeMy WebLinkAboutResolution No. 92-R60 0
RESOLUTION NO. 92-R6
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF THE CITY OF AZUSA
APPROVING THAT CERTAIN AGREEMENT ENTITLED
"DISPOSITION AND DEVELOPMENT AGREEMENT BY
AND BETWEEN THE REDEVELOPMENT AGENCY OF
THE CITY OF AZUSA AND THE AZUSA CHAMBER OF
COMMERCE, A NON-PROFIT CORPORATION.
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. On February 3, 1992, the Board of Directors of the Redevelopment Agency
of the City of Azusa and the City Council of the City of Azusa held a duly -
noticed joint public hearing pursuant to Health & Safety Code Section
33433 on the approval of a Disposition and Development Agreement by
and between the Redevelopment Agency of the City of Azusa and The
Azusa Chamber of Commerce, a California non-profit corporation.
B. Prior to said hearing and within the time limits required by law, a report
was prepared and made available to the public pursuant to the provisions
of Health & Safety Code Section 33433 describing the project and its
provisions. Said report is incorporated herein by this reference.
Additionally, the staff also prepared a detailed report on the project and
its benefits to the Agency and the community.
C. The sale price of the property to be conveyed to the Developer is less than
the fair market value of the property to be conveyed determined at the
highest and best use consistent with the Redevelopment Plan. The Agency
finds as described in the report required by Health & Safety Code Section
33433, that the sale of the property for less than the fair reuse value is
justified by the community benefits provided by a central Chamber of
Commerce Office. Without the land write-down, the Agency would not
be able to redevelop this property and bring the benefits of the project to
the Agency and the Community.
D. The Agency and the City shall recoup said difference over the time period
set forth in the report by increases in tax increment which will be directly
attributable to this Project.
E. The construction and contribution to construction of offsite improvements
as set forth in the Agreement is necessary for the project and is of benefit
to the Project Area and the community. No other reasonable means of
funding are available to the community.
F. The development of this Site as set forth in the Disposition and
Development Agreement will be of great benefit to the community and to
the Agency and is necessary for the effective and proper implementation
of the Central Business District and West End Redevelopment Plans as
merged by Ordinance No. 2382 adopted on November 7, 1988.
SECTION 2. The Board of Directors of the Redevelopment Agency of the
City of Azusa hereby approves that certain agreement entitled "Disposition and
Development Agreement" By and Between the Redevelopment Agency of the City of
Azusa and Azusa Chamber of Commerce, a California Non -Profit Corporation", dated
as of February 3, 1992 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 3rd day of
February _'1992.
Chairman
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 3rd day of February 1992 by the following vote of the
Board:
AYES: BOARDMEMBERS: DANGLEIS,
NOES: BOARDMEMBERS: NONE
ABSENT: BOARDMEMBERS: NONE
STEMRICH, NARANJO, ALEXANDER, MOSES