HomeMy WebLinkAboutResolution No. 93-R17i
RESOLUTION NO. 93-R17
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 HLC CORP., 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 HLC Corp. have negotiated a proposed Disposition
and Development Agreement ("Agreement") for the acquisition and sale of certain
property in 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 may 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 said difference is necessary to effectuate the provisions of the Central Business
District Redevelopment Plan in that said difference in cost is necessary to revitalize the
Project Area and the community, produce quality affordable housing, and 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 substantial increases in tax increment revenues
and other municipal revenues which will be directly attributable to this Agreement.
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F. The public improvements to be installed and constructed pursuant to the
Agreement are of benefit to the 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. Though the Agreement will not result in the destruction or removal of
dwelling units from the low and moderate income housing market, the Agency
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 HLC
Corp., a California Corporation" dated as of March 15, 1993, in substantially the form
attached hereto as Exhibit "A".
SECTION 6. The Secretary shall certify the adoption of this Resolution.
PASSED, APPROVED AND ADOPTED this 19th day of April 1993.
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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 19thday of April 1993 by the following vote of the Board:
AYES: DIRECTORS: DANGLEIS, MADRID, NARANJO
NOES: DIRECTORS: ALEXANDER, MOSES
ABSENT: DIRECTORS: NONE
Secretary/ Deputy Secretary
2 RESO/HLC-Boyd/DDA 3/15/93