Resolution - 6360RESOLUTION NO. 6360
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
WEST COVINA APPROVING THE PROPOSED SALE OF REAL
PROPERTY IN THE WEST COVINA CENTRAL BUSINESS
DISTRICT REDEVELOPMENT PROJECT AREA; AND
APPROVING THE PROPOSED DISPOSITION AND
DEVELOPMENT AGREEMENT PERTAINING THERETO
WHEREAS, the Redevelopment Agency of the City of West Covina (the
"Agency") is engaged in activities necessary to execute and implement the
Redevelopment Plan (the "Redevelopment Plan") for the West Covina Central District
Redevelopment Project (the "Project"); and
WHEREAS, in order to execute and implement the Redevelopment Plan, the
Agency proposes to sell certain real property (the "Property") in the Project generally
described as Parcel 114" of Tentative Parcel Map No. 14380 in the City of West Covina,
pursuant to the terms and provisions of a proposed Disposition and Development
Agreement to be entered into with Jack J. Zukerman (the "Developer") as the
purchaser and developer of the Property; and
WHEREAS, Jack J. Zukerman has submitted to the Agency a written offer in the
form of said Agreement to purchase the Property; and
WHEREAS, the proposed Disposition and Development Agreement contains all
the provisions, terms and conditions, and obligations required by the State and local
law; and
WHEREAS, the Developer possesses the qualifications and financial resources
necessary to acquire and insure the development of the Property in accordance with
the purposes and objectives of the Redevelopment Plan; and
WHEREAS, the Agency has prepared, and this City Council has reviewed and
considered a summary setting forth the cost of the Agreement to the Agency, the
estimated value of the interests to be conveyed determined at the highest uses
permitted under the Redevelopment Plan, and the purchase price, and made said
summary available for public inspection in accordance with the California Community
Redevelopment Law; and
WHEREAS,. pursuant to the California Community Redevelopment Law (Health
and Safety Code; Section 33000 et seq.), the Agency and the City Council held a joint
public hearing on the proposed sale of the Property and on the proposed Disposition
and Development Agreement; and
WHEREAS, the City Council has found on the basis of an Initial Study and
previous environmental documents prepared in connection with the Project that the
proposed Agreement will not have a significant effect on the environment; and
WHEREAS, the City Council has duly considered all terms and conditions of the
proposed sale and believes that the development of the Property pursuant. to the
proposed Disposition and Development Agreement is in the best interests of the City
and the health, safety, morals, and welfare of its residents, and in accord with the
public purposes and provisions of applicable State and local law and requirements.
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NOW THEREFORE, the City Council of the City of West Covina does resolve as
follows:
1. The City hereby finds and determines that the consideration for the sale of
the Site pursuant to the Disposition and Development Agreement between
the Agency and Jack J. Zukerman is not less than the fair market value in
accordance with the covenants and conditions governing such sale.
2. The City hereby finds and determines that the consideration for the sale of
the Site is less than the fair market value of the interest conveved
.10 determined at the highest use permitted under the Redevelopment Plan,
and that such use is necessary to effectuate the purposes of the
Redevelopment Plan.
3.. The sale of the Property by the Agency to the Developer and the
Disposition and Development Agreement, which establishes the terms and
conditions for the sale and development of ' the Property, are hereby
approved.
4. The City Council hereby finds and determines that the provision by the
Agency of certain public improvements to the Site, which improvements
would otherwise be the responsibility of the Developer, is necessary to
effectuate the purposes of the Redevelopment Plan.
APPROVED AND ADOPTED this
ATT T:
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City Clerk
8th day of June , 1981.
MA OR
City Council of the City
of West Covina
I HEREBY CERTIFY that the foregoing Resolution No. r,3tin was duly
adopted by the City Council of the City of West Covina at a regular meeting thereof
held on the Rth day of Jimp by the following vote of the
Council:
AYES: Bacon, Tennant, Chappell, Tice, Shearer
NOES: Nbne
ABSENT: None
City Clerk
City Council of the Ci
of West Covina
APPRO ED AS TO RM:
�;L
City Attorney
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