Resolution - 7089RESOLUTION NO. 7089
•
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,
AND FIVE STAR ENTERPRISES; 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 West Covina Central Business 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 "Site") located on South Garvey
Avenue between Azusa Avenue and Hollenbeck Street in the Project area, pursuant to
the terms and provisions of a proposed Disposition and Development Agreement (the
"Agreement") to be entered into with Five Star Enterprises (the "Developer"), which
Agreement contains a description of said Site; and
WHEREAS, the Developer has executed and submitted the proposed Agreement
to the Agency; 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 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, 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
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.
is the
The City Council hereby finds and determines that the consideration for
the sale of the Site pursuant to said Agreement is not less than the estimated value
determined at the highest use permitted under 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 9th day of September, 1985.
6tg44w-"'-P. 0-
MAYOR
City Council of the City of West Covina
ATTEST:
I HEREBY CERTIFY that the foregoing Resolution No. -.b was duly
adopted by the City Council of the City of West Covina at a regular meeting thereof
held on the 9th day of Setember, 1985 by the following vote of the Council:
AYES: Manners, Chappell, Bacon, Shearer, Tennant
NOES: None
ABSENT: None
APPROVED AS TO FORM:
City Attorney
• 120/12-14
CiVClerk
City Council of the City of West Covina
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