HomeMy WebLinkAboutResolution No. 96-R180 0
RESOLUTION NO. 96—R18
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
REDEVELOPMENT AGENCY OF THE CITY OF AZUSA
APPROVING AN ASSIGNMENT AND ASSUMPTION
AGREEMENT AND FIRST AMENDMENT TO THE OPA WITH
ORITEX, INC. AND TOM VANTOAN TA OF QUALITY
FURNITURE
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 March 4, 1996, 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 Tom Vantoan Ta of Quality Furniture ("Quality Furniture'), and
D. Agency's staff has investigated Quality Furniture's business operations, finances and
its potential to generate increased sales taxes in the City and has found that Quality Furniture 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 Quality Furniture. Quality Furniture 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.
G. The Agency hereby approves reducing the term of the grant from ten years to seven
years.
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 6th day of May, 1996.
1NI,u�/ ,A
i Chairman
resos\ortex_as.96
0 0
I HEREBY CERTIFY that the foregoing Resolution No. 96-R18 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 6th day of May, 1996, by the following vote of the Council.
AYES: BOARD MEMBERS: Hardison, Madrid, Naranjo, Beebe, Alexander
NOES: BOARD MEMBERS: None
ABSENT: BOARD MEMBERS: None
Secretary
APPROVED AS TO FORM:
By:
Agency Counsel
resos\ortex as.96 -2-