Resolution - 6940r
CITY COUNCIL OF THE CITY OF WEST COVINA
• RESOLUTION NO. 6940
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
WEST COVINA, APPROVING THE DISPOSITION AND
DEVELOPMENT AGREEMENT BETWEEN THE
REDEVELOPMENT AGENCY OF THE CITY OF WEST COVINA,
DIGHTON INCORPORATED N.V., AND THE PARKING
AUTHORITY OF THE CITY OF WEST COVINA; MAKING
CERTAIN FINDINGS WITH RESPECT TO THE
CONSIDERATION TO BE RECEIVED BY THE AGENCY
PURSUANT TO SAID AGREEMENT; APPROVING THE
PROPOSED SALE OF REAL PROPERTY;. AND APPROVING
THE AGREEMENT
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 Eastland Redevelopment Project (the "Project"); and
WHEREAS, in order to execute and implement the Redevelopment Plan, the
Agency proposes to sell certain real property (the "Site") located at Barranca Street
and Garvey Avenue North in the Project area, pursuant to the terms and provisions of
. a proposed Disposition and Development Agreement (the "Agreement") to be entered
into with Dighton Incorporated N.V. (the "Developer"), which Agreement contains a
description of said Site; and
WHEREAS, the Developer has submitted to the Agency a written offer in the
form of said Agreement to purchase the Site; and
WHEREAS, the proposed 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 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
considered, 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 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 and
development of the Site and on the proposed Agreement; and
-1-
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
• 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 Site pursuant to the Agreement between the Agency and the Developer
is not less than the fair market value for the Site in accordance with the covenants
and conditions governing such sale.
2. The City Council hereby finds and determines that the consideration for
the sale of the Site pursuant to said Agreement is necessary to effectuate the purpose
of the Redevelopment Plan.
3. The sale of the Site by the Agency to the Developer and the Agreement
which establishes the terms and conditions for the sale and development of the Site
are hereby approved.
4. The City Clerk shall certify to the adoption of this resolution.
APPROVED and ADOPTED this 8th day of October 1984.
ATTEST:
C i tryvT—e �r k�
7AM
I HEREBY CERTIFY that the foregoing Resolution No. 6940 was duly
adopted by the City Council of the City of West Covina at a regular meeting
thereof held on the 8th day of October.1984, by the following vote:
AYES: Manners, Chappell, Shearer, Tennant, Bacon
NOES: None
ABSENT: None
ABSTAIN: None
City C er.
APPROVED AS TO FORM:
torfhey a i
Agency Special Counsel