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HomeMy WebLinkAboutResolution No. 95-R58RESOLUTION NO. 95—R58 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF THE CITY OF AZUSA APPROVING AN OWNER PARTICIPATION AGREEMENT WITH THE ANDREWS FAMILY TRUST 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 Central Business District Project Area ("Redevelopment Plan"); and B. In order to implement the Redevelopment Plan, the Agency proposes to enter into an Owner Participation Agreement (the "Agreement") with the Andrews Family Trust which is administered by Arthur Andrews and Bernadine Andrews, the Trustees (the "Andrews"); and C. The Agency and the Andrews have negotiated the terms of the Agreement; and D. The proposed Agreement 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 I HEREBY CERTIFY that the foregoing Resolution No. 95—R58 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: BOARDMEMBERS:Hardison, Madrid, Narnajo,Beebe,Alexander NOES: BOARDMEMBERS: None ABSENT: BOARDMEMBERS:None Se tary/Dep ty Secret APPROVED AS TO FORM: By: J``}fes C Ag ncy Counsel 5RC49579