Resolution - 7198CITY COUNCIL OF THE CITY OF WEST COVINA
RESOLUTION NO. 7198
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,
DEVELOPMENT RESEARCH CORPORATION, AND THE
PARKING AUTHORITY OF THE CITY OF WEST COVINA;
APPROVING THE PROPOSED SALE OF REAL PROPERTY
PURSUANT TO SAID AGREEMENT; AND AUTHORIZING THE
• EXECUTION AND IMPLEMENTATION OF SAID 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 (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 in the Project area,
pursuant to the terms and provisions of a proposed Disposition and Development
Agreement (the "DDA") to be entered into with Development Research Corporation
(the "Developer") and the Parking Authority of the City of West Covina, which DDA
contains a description of the Site; and
WHEREAS, the Developer has submitted to the Agency a written offer in the
form of the DDA to purchase the Site; and
WHEREAS, the proposed DDA contains all the provisions, terms and conditions,
and obligations required by the State of California 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 DDA 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 prepared
by the Agency and reviewed by this City Council that the proposed DDA will create no
new environmental impacts not covered in the previously prepared Environmental
Impact Report No. 1979-6; 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 DDA; 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
• DDA is in the best interests of the City of West Covina 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 DDA 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.
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2. The City Council hereby finds and determines that the consideration for
the sale of the Site pursuant to the DDA is necessary to effectuate the purpose of the
Redevelopment Plan.
3. The sale of the Site by the Agency to the Developer and the DDA which
establishes the terms and conditions for the sale and development of the Site are
hereby approved.
• 4. The Secretary shall certify the adoption of this Resolution.
APPROVED AND ADOPTED this 9th day of June , 1986.
• M YO
ATTEST:
City Clerk
I HEREBY CERTIFY that the foregoing Resolution No. 7 198 was duly
adopted by the City Council of the City of West Covina at a regular meeting thereof
held on the 9th day of June, 1986 by the following vote:
AYES: Bacon, Planners, Chappell, Shearer
NOES: None
ABSENT: None
ABSTAIN: Tennant
City Clerk
APPROVED AS TO FORM:
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