HomeMy WebLinkAboutResolution No. 94-R66R
RESOLUTION NO. 94-x66
A JOINT RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF AZUSA AND THE BOARD MEMBERS OF THE
REDEVELOPMENT AGENCY OF THE CITY OF AZUSA
APPROVING THE DEVELOPMENT OF REAL PROPERTY
AND THE MAKING OF A COMMERCIAL
REHABILITATION LOAN PURSUANT TO THAT CERTAIN
OWNER PARTICIPATION AGREEMENT BY AND
BETWEEN THE REDEVELOPMENT AGENCY OF THE
CITY OF AZUSA AND HENRY AND BIK LAU
THE CITY COUNCIL OF THE CITY OF AZUSA AND THE BOARD MEMBERS
OF THE REDEVELOPMENT AGENCY OF THE CITY OF AZUSA DO HEREBY
RESOLVE AS FOLLOWS:
SECTION 1. The City Council of the City of Azusa and the Bc•ard Members of the
Redevelopment Agency of the City of Azusa hereby jointly find, determine and declare that:
A. The Redevelopment Agency of the City of Azusa ("Agency") is engaged in activities
necessary to execute and implement the Redevelopment Plan for the Central Business District
Redevelopment Project ("Project"); and
B. In order to implement the Redevelopment Plan, the Agency proposes to allow the
development of the Property and to make a commercial rehabilitation loan, all pursuant to an
Owner Participation Agreement ("Agreement") between the Agency and Henry and Bik Lau
(collectively, the "Participant"); and
C. The Agency and Participant have negotiated the terms of the Agreement; z A
D. The proposed Agreement contains all the provisions, terms, conditions, and
obligations required by state and local law; and
E. The Participant has agreed to develop the Property as described in the Agreement,
in accordance with the purposes and objectives of the Redevelopment Plan; and
F. The Agency and City have found the Agreement to be exempt pursuant to Section
15303 of Title 14 of the California Code of Regulations; and
G, Pursuant to provisions of the California Community Redevelopment Law, the City
and Agency held a duly noticed joint public hearing on the proposed Agreement; and
H. The redevelopment of the Property pursuant to the proposed Agreement is in the best
interests of the City and the Agency and in accord with the public purposes and provisions of
applicable State and local laws.
SECTION 2. The City and Agency hereby find and determine that the proposed
Agreement satisfies the categorical exemption found in Section 15303 of Title 14 of the Code
of California Regulations, adopted pursuant to the California Environmental Quality Act.
SECTION 3. The development of the Property by the Participant, the making of a
commercial rehabilitation loan of One Hundred Fifty Thousand Dollars ($150,000) from the
Agency to the Participant, and the Agreement which establishes the terms and conditions for the
development and the loan, are hereby approved in substantially the form presented to the Board
and City Council, together with such minor changes as may be approved by the City
Administrator/Executive Director and the City Attorney.
SECTION 4. The City Administor/Executive Director is hereb,! authorized to execute
said Agreement on behalf of the Agency and to take all action necessary to carry out said
NTF�2471.R
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Agreement.
SECTION S. The City Clerk/Secretary shall certify to the passage and adoption of this
Resolution and the same shall thereupon take effect and be in force.
PASSED, APPROVED AND ADOPTED this 21stday of Nov., 1994.
Mayor/Chairman
I HEREBY CERTIFY that the foregoing Resolution was duly adopted at a regular joint
meeting of the City Council of the City of Azusa and the Redevelopment Agency of the City of
Azusa, held on the 2lstday of Nnv" , 1994, by the following vote of the City Council and
Agency Board:
HARDISON, MADRID, NARANJO,
AYES: COUNCILMEMBERS/BOARDMEMBERS: BEEBE, ALEXANDER
NOES: COUNCILMEMBERS/BOARDMEMBERS: NONE
ABSENT: COUNCILMEMBERS/BOARDMEMBERS: NONE
City
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