Resolution - 80636
RESOLUTION NO. 8063
• A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF WEST COVINA APPROVING THE PROPOSED SALE OF
CERTAIN REAL PROPERTY PURSUANT TO A RESTATED
DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN
THE REDEVELOPMENT AGENCY OF THE CITY OF WEST
COVINA AND WATT INVESTMENT PROPERTIES, INC.;
MAKING CERTAIN FINDINGS WITH RESPECT TO THE
CONSIDERATION TO BE RECEIVED BY THE AGENCY
• PURSUANT TO SAID AGREEMENT; CONSENTING TO THE
PROVISION FOR CERTAIN PUBLIC IMPROVEMENTS;
AND APPROVING THE RESTATED DISPOSITION AND
DEVELOPMENT AGREEMENT
WHEREAS, Redevelopment Agency of the City of West Covina
(the "Agency") is engaged in activities necessary to execute and
implement the Redevelopment Plan for the 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 known as
The Lakes at West Covina Development Site (the "Site") in the
Project area, pursuant to the terms and provisions of a proposed
Restated Disposition and Development Agreement (the "Restated
Agreement") to be entered into with Watt Investment Properties,
Inc. (the "Developer"), which Restated Agreement amends,
supersedes and replaces a prior agreement entered into by the
Agency and the Developer on April 28, 1986, in order to
accommodate a reconfiguration of the Site, a redesign of the
improvements to be developed thereon, and a change in
conveyancing; and
WHEREAS, the Developer has submitted to the Agency a written
offer in the form of said Restated Agreement to purchase the
Site; and
WHEREAS, the proposed Restated 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 and lease prices,
and made said summary available for public inspection in
accordance with the California Community Redevelopment Law; and
• WHEREAS, the summary report has been considered by Agency
staff and consultants, and the staff and consultants have
satisfied this Council that the sale and Agreement are feasible;
and
WHEREAS, pursuant to the California Community Redevelopment
Law, the Agency and the City Council held a joint public hearing
on the proposed sale of the Site and on the proposed Restated
Disposition and Development 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 Restated Disposition and
Development 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 Restated
Disposition and Development 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.
2. The City Council hereby finds and determines that the
consideration for the sale of the Site pursuant to said Restated
Agreement is necessary to effectuate the purpose of the
Redevelopment Plan.
3. The City Council hereby finds and determines that the
provision by the Agency of certain public improvements for the
Site pursuant to the Restated Agreement which improvements would
otherwise be the responsibility of the Developer, is necessary to
effectuate the purposes of the Redevelopment Plan.
4. The City Council hereby consents to the providing of
said public improvements by the Agency.
5. The sale of the Site by the Agency to the Developer and
the Restated Disposition and Development Agreement which
establishes the terms and conditions for the sale and development
of the Site, are hereby approved.
6. The City Clerk shall certify to the adoption of this
Resolution.
APPROVED AND ADOPTED this 22nd day of
1987.
ATTEST:
� City Clerk
0,
466n�Mayor
June
I HEREBY CERTIFY that the foregoing Resolution No. 8063
was duly adopted by the City Council of the City of West Covina
at a regular meeting thereof held on the 22nd nd day of June
, 1987 by the following vote:
AYES: Councilmember: Bacon, Shearer, Manners, Chappell
NOES: Councilmember: Tennant
• ABSENT: Councilmember: None
ABSTAIN: Councilmember: None
APPROVED AS TO FORM:
j� / -ce- �
City Attorney
WC-WDDA.Res
City Clerk
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