Resolution - 7996RESOLUTION NO. 7996
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST
COVINA, APPROVING THE DISPOSITION OF REAL PROPERTY
BETWEEN THE REDEVELOPMENT AGENCY AND WALGROUP
• INSURANCE AGENCY (BUYER); MAKING CERTAIN FINDINGS
WITH RESPECT TO THE CONSIDERATION TO BE RECEIVED BY
THE AGENCY PURSUANT TO SAID SALE OF REAL PROPERTY,
COMMONLY REFERRED TO AS MAXSON MEDICAL PARKING
PARCEL, LOCATED AT 911 SOUTH SUNSET AVENUE
WHEREAS, the Buyer has offered to pay fair market value for
the subject property; and
WHEREAS, the fair market value has been determined by an
independent appraisal company; and
WHEREAS, the proposed sale contains all the provisions and
obligations required by the State and local law; and
WHEREAS, the Agency has prepared, and the City Council has
reviewed and considered, a summary report setting forth the estimated
value of the interest to be conveyed, and the purchase price, and made
said summary available for public inspection in accordance with the
California Community Redevelopment Law; and
WHEREAS, the disposition of the subject property will not
change the existing use; whereby an environmental impact analysis is
not necessary.
WHEREAS, the subject property is presently being encumbered by
an existing long-term lease which limits the use to parking in favor of
the Maxson Medical facility; and
WHEREAS, pursuant to the California Community Redevelopment
Law, the Agency and City Council held a joint public hearing on the
proposed sale of the site.
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 between the Agency and Buyer 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 is not less than the estimated
value determined at the highest use permitted under the existing lease
agreement and the Redevelopment Plan.
3. The sale of the Site by the Agency to the Buyer which
establishes the terms for the sale of the Site are hereby approved.
-2-
•
4. The City Clerk shall certify to the adoption of this
resolution.
APPROVED AND ADOPTED THIS 9th day of February, 1987.
Mayor
ATTEST:
Asst. City Clerk
I HEREBY CERTIFY that the foregoing Resolution No. 7996 was
duly adopted by the City Council of the City of West Covina at a
regular meeting thereof held on the 9th day of February, 1987 by the
following vote:
AYES: Tennant, Bacon, Manners, Chappell, Shearer
NOES: None
ABSENT: None
ABSTAIN: None
Asst. City Clerk
APPROVED AS TO FORM:
City Attorney
MMP102RF