HomeMy WebLinkAboutResolution No. 94-R15E
RESOLUTION NO. 94-R15
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A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE REDEVELOPMENT AGENCY OF THE CITY OF
AZUSA APPROVING THE REDEVELOPMENT LOAN BY
THE REDEVELOPMENT AGENCY OF THE CITY OF
AZUSA PURSUANT TO THAT CERTAIN OWNER
PARTICIPATION AGREEMENT BY AND BETWEEN THE
REDEVELOPMENT AGENCY OF THE CITY OF AZUSA
AND WEST VENTURE DEVELOPMENT COMPANY
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 Redevelopment Agency of the City of Azusa ("Agency") is engaged in
activities necessary to execute and implement the Redevelopment Plan for the Ranch Center
Project ('Project"); and
B. In order to implement the Redevelopment Plan, the Agency proposes to provide
a redevelopment loan in the Project Area for purposes of commercial rehabilitation, pursuant
to the terms and provisions of a certain Owner Participation Agreement ("Agreement"); and
C. The Agency and West Venture Development Company ("Developer") have
negotiated the terms of the Agreement; and
D. The proposed Agreement contains all the provisions, terms, conditions and
obligations required by state and local law; and
E. The Developer has agreed to the provisions of the redevelopment loan and
develop the Property as described in the Agreement, in accordance with the purposes and
objectives of the Redevelopment Plan; and
F. The Agency has prepared, and the City Council has reviewed and considered,
a summary setting forth an explanation of why the redevelopment loan will assist in the
elimination of blight, with reference to all supporting facts and materials relied upon in
making this explanation; and
G. The Agency considered and approved a Negative Declaration which considered
the rehabilitation of the Property; and
H. Pursuant to provisions of the California Community Redevelopment Law, the
Agency and the City Council held a duly noticed joint public hearing on the proposed
redevelopment loan and on the proposed Agreement; and
I. The Agency has considered all terms and conditions of the proposed
redevelopment loan and the redevelopment of the Property pursuant to the proposed
Agreement has and determine to be in the best interests of the City and Agency, in accord
with the public purposes and provisions of applicable State and local laws.
SECTION 2. The Agency hereby finds and determines that the proposed Agreement
and redevelopment loan and development of the Property will not have a significant effect on
the environment or result in a substantial or potentially substantial adverse change in the
environment.
SECTION 3. The Agency hereby finds and determines that the redevelopment loan
will assist in the elimination of blight.
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SECTION 4. The Agency hereby finds and determines that the consideration for the
redevelopment loan described as the Property, pursuant to the Owner Participation Agreement
between the Agency and the Developer is in accordance with the redevelopment plan.
SECTION 5. The provisions of the redevelopment loan by the Agency to the
Developer and the Owner Participation Agreement which establishes the terms and conditions
for the redevelopment loan and development of such property, are hereby approved in
substantially the form presented to the Board of Directors, together which such minor changes
as may be approved by the Executive Director and Agency Counsel.
SECTION 6. The Executive Director is hereby authorized to execute an Agreement
substantially in the form of the Agreement presented, with such minor changes as the City
Administrator deems appropriate, on behalf of the City and to take all action necessary to
carry out said Agreement.
SECTION 7. The 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 21st DAY OF March, 1994.
Chairman
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the City
Council of the City of Azusa, at a regular meeting thereof, held on the 21st day of March,
1994 by the following vote of the Council:
AYES: BOARDMEMBERS: DANGLEIS, MADRID, NARANJO, MOSES
NOES: BOARDMEMBERS: ALEXANDER
ABSENT: BOARDMEMBERS: NONE
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