Resolution - 7107CITY COUNCIL OF THE CITY OF WEST COVINA
• RESOLUTION NO. 7107
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 HARRY HILL VOLKSWAGEN, INC.; 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 Harry Hill Volkswagen, Inc. (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, the purchase price, and an explanation of
the reasons for the difference between the estimated values and the purchase price;
and has 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:
I. 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
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is less than the fair market value as set forth in a reuse analysis dated
August 19th, 1985.
2. The City Council hereby finds and determines that the consideration for
the sale of the Site in accordance with the covenants and conditions governing such
sale, set forth in the summary report prepared by the Agency is less than the
estimated value determined at the highest use permitted under the Redevelopment
Plan; and that such lesser consideration is necessary to effectuate the purposes 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.
APPROVED AND ADOPTED THIS 12th day of November, 1985.
ATTEST:
All
City WeAk
I . O"�
MAYOR
City Council of the City of West Covina
I HEREBY CERTIFY that the foregoing Resolution No. 7107 was duly
adopted by the City Council of the City of West Covina at a regular meeting thereof
held on the _12�A day of November, 1985 by the following vote of the Council:
AYES: Bacon, Manners, Chappell, Tennant
NOES: None
ABSENT: Shearer
City' Clerk
City Council of the City of Wes Covina
APPROVED AS TO FORM:
120/12-4
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City Attorney
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