Resolution - 6882• RESOLUTION NO. 6882
A RESOLUTION OF THE CITY'COUNCIL OF THE CITY
OF WEST COVINA APPROVING THE PROPOSED SALE OF
REAL PROPERTY WITHIN THE WEST COVINA CENTRAL
BUSINESS DISTRICT REDEVELOPMENT PROJECT AREA;
AND APPROVING THE PROPOSED DISPOSITION AND
DEVELOPMENT AGREEMENT BETWEEN THE REDEVELOPMENT
AGENCY AND VAL J. FEJTEK 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 Parcels 2 and 3 of 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 Val J. Fejtek (the "Developer") as the purchaser
and developer of the Property; and
WHEREAS, Developer has submitted to the Agency a written offer in the form
of said Agreement to purchase the Property; and
is WHEREAS, the proposed Disposition and Development Agreement contains all
the provisions, terms and conditions, and obligations required by 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 Val J. Fejtek is less than the fair market value in
accordance with the covenants and conditions governing such sale, as set
forth in the reuse analysis dated March 6, 1984 prepared in connection with
the summary report.
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 conveyed
determined at the highest use permitted under the Redevelopment Plan,
and that such use is necessary to effectuate the purposes of the
Redevelopment Plan, as set forth in the analysis of the proposed
Disposition and Development Agreement dated May 14, 1984 prepared in
connection with the above -mentioned summary report.
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.
APPROVED AND ADOPTED this 25th day of June , 1984.
ATTE T•
A969�G .
City Clerk
HEREBY CERTIFY that the foregoing
adopted by the City Council of the City of West
held on the 25th day of June
Council:
MAYOR
City Council of the City
of West Covina
Resolution No. 6882 was duly
Covina at a regular meeting thereof
by the following vote of the
AYES: tianners , Chappell, Tennant
NOES: Shearer, Bacon
ABSENT: done Alevw
Z2
City Clerk
City Council of the Cit
of West Covina
AP ROV AS TO FORM:
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Cit Atto ne�
y
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