Loading...
HomeMy WebLinkAboutResolution No. 84580 RESOLUTION NO. 8458 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA APPROVING THAT CERTAIN AGREEMENT ENTITLED "DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF AZUSA AND COASTFED PROPERTIES, A CALIFORNIA GENERAL PARTNERSHIP" THE CITY COUNCIL OF THE CITY OF AZUSA DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1 The City Council of the City of Azusa hereby finds, determines and declares that: A. The Agency staff and Coastfed Properties have negotiated a proposed Disposition and Development Agreement ("Agreement") for the acquisition and sale of certain property in the Central Business District Redevelopment Project Area which agreement conditions the sale of said property upon its redevelopment and such other matters as are required by the Community Redevelopment Law. B. The Agency and the City Council held a duly -noticed joint public hearing on said sale and approval of the Agreement pursuant to the requirements of Health & Safety Code Section 33433 and other applicable law. C. Concurrently with the first publication of the notice of said joint public hearing, the Agency and the City made available to the public a report on the proposed sale of the property and the terms of the Agreement, which report was duly prepared and made available to the public in accordance with the requirements of Health & Safety Code Section 33433 and other applicable law. D. Although the sale price of the property may be less than the Agency expenditures in acquiring and improving it as more particularly set forth in the report described in subparagraph C, the Board of Directors of the Agency and the City Council specifically find in accordance with the authority of Health & Safety Code Section 33433 that said difference is necessary to effectuate the provisions of the Central Business District Redevelopment Plan in that said difference in cost is necessary to revitalize the Project Area and the community and the actual purchase price of the property is within the range of values of comparable residential properties in the area. E. The Agency and the City shall recoup said difference over the time period set forth in the Agreement by substantial increases in tax increment revenues which will be directly attributable to this Agreement. 0 0 F. The public improvements to be installed and constructed pursuant to the Agreement are of benefit to the Project Area and the immediate neighborhood in which the property is located and no other reasonable means of financing such improvements are available to the community. G. Because the Agreement will result in the destruction or removal of some dwelling units from the low -and moderate -income housing market, the Agency prepared and adopted a Replacement Housing Plan for the property pursuant to Health and Safety Code Section 33413.5 and is presently implementing said plan. SECTION 2 The City Council of the City of Azusa hereby approves that certain agreement entitled "Disposition and Development Agreement By and Between the Redevelopment Agency of the City of Azusa and Coastfed Property, a California General Partnership" dated as of June 20, 1988, in substantially the form attached hereto as Exhibit "A". SECTION 3 The City Clerk shall certify the adoption of this resolution. PASSED, APPROVED AND ADOPTED this 5th day of Julv , 1988. 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 5th day of Julv 1988, by the following vote of the Council: AYES: COUNCILMEMBERS AVILA, NARANJO, LATTA NOES: COUNCILMEMBERS MOSES ABSECOUNCLMEMBERS ONE AB N N LME RS STEMRICH TY CUON -2- fjn/RES6889 (Final: 6/26/88)