HomeMy WebLinkAboutResolution No. 8474RESOLUTION NO. 8474
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF AZUSA APPROVING THAT CERTAIN
AGREEMENT ENTITLED "OWNER PARTICIPATION
AGREEMENT BY AND BETWEEN THE
REDEVELOPMENT AGENCY OF THE CITY OF AZUSA
AND THE PRICE COMPANY, A CALIFORNIA
CORPORATION"
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 The Price Company
have negotiated a proposed Owner Participation
Agreement ("Agreement") for the acquisition and
sale of certain property in the West End
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
duly -noticed joint public
approval of the Agreement
requirements of Health &
and other applicable law.
the City Council held a
hearing on
pursuant to
Safety Code
said sale and
the
Section 33433
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 West End Redevelopment Plan in
that said difference in cost is necessary to
revitalize the Project 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.
F. The public improvements to be installed
and constructed pursuant to the Agreement are of
benefit to the Project Area and the immediate
E
neighborhood in which the
no other reasonable means
improvements are available
0
property is located and
of financing such
to the community.
SECTION 2 The City Council of the City of Azusa
hereby approves that certain agreement entitled "Owner
Participation Agreement By and Between the Redevelopment
Agency of the City of Azusa and The Price Company, a
California Corporation" dated as of July 18, 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 18th day of
1988.
MAYO1'0" ,
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 18th day of
July 1988, by the following vote of the
Council:
AYES: COUNCILMEMBERS AVILA, STEMRICH, NARANJO, LATTA, MOSES
NOES: COUNCILMEMBERS NONE
ABSENT: C UNCILMEMBERS NE
CIT -Y CL K
-2-
fjn/RES7589
(07/13/88)