HomeMy WebLinkAboutResolution No. 93-R550 0
RESOLUTION NO. 93-R55
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 BOWDEN DEVELOPMENT CORPORATION, A
CALIFORNIA 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. The Agency staff and Bowden Development Corporation have negotiated
a proposed Disposition and Development Agreement ("Agreement") for the acquisition
and sale of certain property located at the northeast corner of Azusa Avenue and Ninth
Street which is located outside and adjacent to the Central Business District
Redevelopment Project Area which agreement conditions the sale of said property upon
its redevelopment and such other matters as are required by the Community
Redevelopment Law.
B. The Agency and the City Council held a duly -noticed joint public hearing
on said sale and approval of the Agreement pursuant to the requirements of Health &
Safety Code Section 33433 and other applicable law.
C. Concurrently with the first publication of the notice of said joint public
hearing, the Agency and the City made available to the public a report on the proposed
sale of the property and the terms of the Agreement, which report was duly prepared
and made available to the public in accordance with the requirements of Health & Safety
Code Section 33433 and other applicable law.
D. Although the sale price of the property will be less than the Agency
expenditures in acquiring and improving it as more particularly set forth in the report
described in subparagraph C, the Board of Directors of the Agency and the City Council
specifically find in accordance with the authority of Health & Safety Code Section 33433
that (1) said difference is necessary to effectuate low and moderate income housing to
revitalize the Project Area and the community and produce quality affordable housing,
and (2) the actual purchase price of the property is reasonable given the restrictions
imposed by the Agreement.
E. The Agency and the City shall recoup some or all of the difference over the
time period set forth in the Agreement by increases in tax increment revenues and other
municipal revenues which will be directly attributable to this Agreement.
F. The housing improvements to be constructed pursuant to the Agreement
are of benefit to the adjacent Project Area and the immediate neighborhood in which the
property is located and no other reasonable means of financing such improvements are
available to the community.
G. Health & Safety Code Section 3334.2 Ca. authorizes redevelopment agencies
to use their low-income housing set-aside funds outside of a project area upon a
resolution of the agency and the legislated body that such use will be of benefit to the
project.
H. Though the Agreement will not result in the destruction or removal of
dwelling units from the low and moderate income housing market, the Agency
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RESOLUTION NO. 93-R55
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previously prepared and adopted a Replacement Housing Plan for the property pursuant
to Health and Safety Code Section 33413.5 and is presently implementing said plan.
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
Bowden Development Corporation, a California Corporation", in substantially the form
attached hereto as Exhibit "A".
SECTION 3. The Secretary shall certify the adoption of this Resolution.
PASSED, APPROVED AND ADOPTED this 1st day of November 1993.
I- e l// -e'
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 November, 1993 by the following vote of the Board:
AYES: DIRECTORS: DANGLEIS, MADRID, NARANJO, MOSES
NOES: DIRECTORS: NONE
ABSENT: DIRECTORS: NONE
ABSTAIN: DIRECTORS: ALEXANDER
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