HomeMy WebLinkAboutResolution No. 95-R59RESOLUTION NO. 95-R59
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF THE CITY OF AZUSA
APPROVING AN ASSIGNMENT AND ASSUMPTION
AGREEMENT WITH ORITEX, INC. AND GOLDEN STATE
PLASTICS, INC.
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
does hereby find, determines and declares that:
A. The Redevelopment Agency of the City of Azusa (the "Agency") is engaged in
activities necessary to execute and implement the Redevelopment Plan for the West End Project
Area ("Redevelopment Plan"); and
B. In order to implement the Redevelopment Plan, the Agency entered into an Owner
Participation Agreement (the "OPA") with the Oritex, Inc. ("Oritex") on December 19, 1993; and
C. On September 1, 1995, Mr. Arthur Davis, President of Oritex, notified the Agency
that due to decreased sales and extreme business hardships he intended to sell his property at 780
North Loren Avenue, in the City of Azusa and requested that the Agency approve an assignment
of the OPA to Golden State Plastics, Inc. ("Golden State"); and
D. Agency's staff has investigated Golden State's business operations, finances and
its potential to generate increased sales taxes in the City and has found that Golden State is
qualified to assume the obligations and responsibilities of Oritex under the OPA; and
E. The OPA permits Oritex to assign its rights, interests and obligations thereunder
and Oritex desires to assign the OPA to Golden State. Golden State desires to accept the
assignment of such rights and interests and assume Oritex's obligations under the OPA; and
F. Agency Counsel has prepared an Assignment and Assumption Agreement
("Agreement") which contains all of the provisions, terms, conditions and obligations required by
state and local law.
SECTION 2. The Agency hereby approves the Agreement in substantially the form
presented to the Board of Directors, a copy of which is attached hereto as Exhibit "A," together
with such minor changes as may be approved by the Executive Director of the Agency and
Agency Counsel.
SECTION 3. The Chairman of the Agency is hereby authorized to execute the Agreement
on behalf of the Agency and to take all action necessary to carry out the Agreement.
SECTION 4. The Secretary shall certify the passage and adoption of this Resolution and
the same shall thereupon take effect and be in force.
PASSED, APPROVED AND ADOPTED this 18th day of September, 1995.
Chairman
SRC49613
I HEREBY CERTIFY that the foregoing Resolution No.95-R59 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 18th day of September, 1995, by the following vote of the Council.
AYES: BOARD MEMBERS: Hardison, Madrid, Naranjo, Beebe
NOES: BOARD MEMBERS: Alexander
ABSENT: BOARD MEMBERS?None
J
APPROVED AS TO FORM:
By:`
Cit, & e
Agency Counsel
SRC49613 -2-