HomeMy WebLinkAboutResolution No. 95-R5RESOLUTION NO. 95-R5
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF THE CITY OF AZUSA RESCINDING
THAT CERTAIN AGREEMENT ENTITLED "OWNER PARTICIPATION
AGREEMENT BY AND BETWEEN THE REDEVELOPMENT AGENCY OF
THE CITY OF AZUSA AND ARTHUR AND BERNADINE ANDREWS"
WHEREAS, the Redevelopment Agency of the City of Azusa (the "Agency") is a duly
constituted public body, corporate and politic, established pursuant to the Community Redevelopment
Law of the State of California (Section 33000 et. sea. of the State Health and Safety Code); and
WHEREAS, the Agency approved the Owner Participation Agreement ("OPA") by and
between the Redevelopment Agency of the City of Azusa and Arthur and Bernadine Andrews
("Participant") on December 16, 1991; and
WHEREAS, pursuant to Section 5.7 B. 4. of the OPA, the Agency did not open escrow to
convey the Acquisition Parcel pursuant to Section 2.5 of the OPA, and Participant did not take title
to the Acquisition Parcel, allowing the Agency to terminate the OPA; and
WHEREAS, pursuant to Section 5.7 of the OPA, in the event of termination of the OPA,
neither party shall have any rights or recourse against the other and neither party is entitled to any
damages or other relief in law or equity;
NOW, THEREFORE, BE 1T RESOLVED that the Board of Directors of the
Redevelopment Agency of the City of Azusa take the following actions:
SECTION 1. Terminate and rescind the Owner Participation Agreement by and between the
Redevelopment Agency of the City of Azusa and Arthur and Bernadine Andrews dated December
16, 1991.
SECTION 2. Authorize return of Participant's liquidated damages deposit of 510,000.
SECTION 3. Authorize the Agency Secretary to certify the adoption of this resolution.
PASSED AND APPROVED this 6th day of February , 1995.
Chairman
I HEREBY CERTIFY that the foregoing Resolution was duly passed, approved, and
adopted by the Board of Directors of the Redevelopment Agency of the City of Azusa, at a regular
meeting of said Board held on the 6th day of February 1995 by the following vote
of the Board:
AYES: BOARDMEMBERS: MADRID, NARANJO, BEEBE, ALEXANDER
NOES: BOARDMEMBERS: NONE
ABSTAIN: BOARDMEMBERS: NONE
BOARDMEMBERS:
SAC:RIYA
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