Resolution - 8123• RESOLUTION NO. 812-1
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
ROBERT BOZZANI AND BARBARA BOZZANI;
MAK-
•
ING CERTAIN
FINDINGS WITH RESPECT
TO THE CONSIDE-
RATION 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 Central Busi-
ness District 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 1820 E. Garvey Avenue, pursuant to the terms and provisions of a
proposed Owner Participation Agreement (the "Agreement") to be entered
into with Robert Bozzani and Barbara Bozzani (The "Participants"),
which Agreement contains a description of said site: and
WHEREAS, the Participants have 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 participants possess 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 Agree-
ment 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 in-
spection 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 Agree-
ment; and
WHEREAS, the City Council has duly considered all terms and condi-
tions 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 conside-
ration 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 permit-
ted under the Redevelopment Plan, and that such lesser consideration is
necessary to effectuate the purposes of the Redevelopment Plan, as set
40 forth in the summary report.
0
2. The sale of the Site by the Agency to the Participants 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 resolu-
tion.
APPROVED AND ADOPTED this 23rday of Novpmbpr , 1987.
ATTEST:
City Clerk
I HEREBY CERTIFY that the foregoing Resolution No. 8123 was duly
adopted by the City Council of the City of West Covina at a regular
meeting thereof held on the 23rd day of November 1987 by
the following vote of the Council:
AYES: Councilmembers: Tennant, Bacon, Manners, Chappell
NOES: Councilmembers: None
ABSENT: Councilmembers: Shearer
ABSTAIN: Councilmembers: None
APPROVED AS TO FORM:
City Attorney
BOZ148GK-11/87 -2-
City Clerk