Resolution - 6685RESOLUTION NO. 6685
A RESOLUTION.OF THE CITY COUNCIL OF THE CITY OF WEST
COVI:NA APPROVING THE PARTICIPATION AGREEMENT BETWEEN
THE REDEVELOPMENT AGENCY AND DIGHTON INCORPORATED,
N.V.; MAKING CERTAIN. FINDINGS WITH RESPECT TO THE CON-
SIDERATION TO BE RECEIVED BY THE AGENCY PURSUANT TO
• SAID AGREEMENT; AND APPROVING THE PROPOSED SALE OF
REAL PROPERTY.
WHEREAS, the Redevelopment Agency of the City of West Covina (the "Agency")
is engaged in activities.necessary to execute and implement the Redevelopment
Plan for the Central Business District Redevelopment Amended Project (the Pro-
ject"); and
WHEREAS; in order to execute and implement the Redevelopment Plan, the
Agency proposes to sell certain real property ("Property") within the West Covina
Village Site (the "Site") in the Project area, pursuant to the terms and provis-
ions of a proposed Participation Agreement (the "Agreement") to be entered into
with Dighton Incorporated N.V. (the "Participant"), which Agreement contains a
description of said Site; and
WHEREAS, the Participant has submitted to the Agency a written offer in
the form of said Agreement to purchase the Property; and
WHEREAS, the proposed Participation Agreement contains all the provisions,
terms and conditions, and obligations required by the State and local law; and
WHEREAS, the Participant possesses the qualifications and financial re-
sources necessary to acquire and insure the development of the Site in accordance
with the purposes and objectives of the Redevelopment Plan; and
• WHEREAS, the Agency has prepared, and the City Council has reviewed and con-
sidered, a summary report 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, the Agency prepared and certified an Environmental Impact Report
for the development of the Site as proposed by the Participation Agreement and
this City Council by Resolution certified that it has reviewed and considered
the Environmental'Impact Report with respect to such development; and
WHEREAS, pursuant to the California Community Redevelopment Law, the Agency
and the City Council held a joint public hearing on the proposed sale of the
Property and development of the Site and on the proposed Participation Agreement;
and
WHEREAS, the City Council has duly considered all terms and conditions of
the proposed sale and believes that the development of the Site pursuant to the
proposed Participation 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.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of West
Covina as follows:
• 1. The City Council hereby finds and determines that the consideration
for the sale of the Property pursuant to the Participation Agreement between the
Agency and the Participant is not less than the fair market value for the Prop-
erty in accordance with the covenants and conditions governing such sale.
Res. No. 6685
Page 2
2. The City Council hereby finds and determines that the consideration
for the sale of the Property pursuant to said Agreement .is necessary to effec-
tuate the purpose of the Redevelopment Plan.
3. The sale of the Property by the Agency to the Participant and the
Participation Agreement, which establishes the terms and conditions for the
sale of the Property and development of the Site, are hereby approved.
• APPROVED AND ADOPTED.this 25th day of April 1983.
ATTEST:
hy
City Clerk
Mayor
I HEREBY CERTIFY that the foregoing Resolution No.6685 was duly adopted
by the Redevelopment Agency of the City of West Covina at a regular meeting
thereof held on the 25th.day of April 1983 by the following vote of the Board:
AYES: Councilmen: Bacon; ShParer,-Chappel'l, Tice
• NOES: Councilmen; None
ABSENT: Councilmen: None
ABSTAIN: Councilmen:: Tennant
r y C lierk
APPROVED AS TO FORM:
RCiy Attorney
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