Resolution - 8015•
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CITY COUNCIL OF THE CITY OF WEST COVINA
RESOLUTION NO. 8015
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
WEST COVINA APPROVING THE OWNER PARTICIPATION
AGREEMENT BETWEEN THE REDEVELOPMENT AGENCY OF
THE CITY OF WEST COVINA, AND IRVEN G. REYNOLDS, JR.
AND CAROLINE E. REYNOLDS; MAKING CERTAIN
FINDINGS WITH RESPECT TO THE CONSIDERATION TO BE
RECEIVED BY THE AGENCY PURSUANT TO SAID
AGREEMENT; AND APPROVING THE PROPOSED SALE OF
REAL PROPERTY
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 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 315 and 321 North
Citrus Avenue, pursuant to the terms and provisions of a proposed Owner Participation
Agreement (the "Agreement") to be entered into with Irven G. Reynolds, Jr. and
Caroline E. Reynolds (the "Participant"), which Agreement contains a description of
said Site; and
WHEREAS, the Participant 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 State and local law; and
WHEREAS, the Participant 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 is less than the fair market value for
the Site 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, as set forth in the summary report.
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2. The sale of the Site by the Agency to the Participant and the Agreement
which establishes the terms and conditions for the sale and development of the Site
are hereby approved.
• 3. The City Clerk shall certify to the adoption of this resolution.
APPROVED AND ADOPTED this 13 day of Aril 1987.
MAYOR'
• _ City Council of the City of West Covina
ATTEST:
r k9eda. �4�
City Clerk
I HEREBY CERTIFY that the foregoing Resolution No. 8015 was duly
adopted by the City Council of the City of West Covina at a regular meeting thereof
held on the 13th day of B0bffJU$, 1987 by the following vote of the Council:
April
AYES: Manners, Chappell, Shearer
NOES: None
ABSENT: Bacon, Tennant
City Clerk
City Council of the City of W st Covina
APPROVED AS TO FORM: ED
(..��' &' JLI�—� 1, �
City Attorney
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