Resolution - 8156RESOLUTION NO. 8156
• RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST
COVINA, CALIFORNIA APPROVING A CERTAIN DISPOSITION
AND DEVELOPMENT AGREEMENT BETWEEN THE REDEVELOPMENT
AGENCY OF THE CITY OF WEST COVINA AND INTERSTATE
HOTELS DEVELOPMENT CORPORATION; MAKING CERTAIN
FINDINGS WITH RESPECT TO THE CONSIDERATION TO BE
RECEIVED BY THE AGENCY PURSUANT TO SAID AGREEMENT;
APPROVING THE PROPOSED LEASE OF REAL PROPERTY;
CONSENTING TO THE PROVISION FOR CERTAIN PUBLIC
IMPROVEMENTS
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 lease certain real property known as the Hotel
Development Site (the "Site") in the Project Area, pursuant to the
terms and provisions of a proposed Disposition and Development Agree-
ment (the "Agreement") to be entered into with Interstate Hotels
Development Corporation (the "Developer"), which Agreement contains a
description of said Site; and
WHEREAS, the Developer has submitted to the Agency a written offer
in the form of said Agreement to lease and develop the Site; and
WHEREAS, the proposed Disposition and Development Agreement con-
tains all the provisions, terms and conditions, and obligations re-
quired 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 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 lease prices, and made said summary available for public inspec-
tion 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 lease of the
Site and the 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 lease of the
Site and on the proposed Disposition and Develop-
ment Agreement; and
WHEREAS, the City
Council has duly considered all terms and condi-
tions of the proposed
lease and believes that the lease and development
of the Site pursuant to the proposed Disposition and Development Agree-
ment is in the best
interests of the City and the health, safety,
morals, and welfare of
poses and provisions
its residents, and in accord with the public pur-
of applicable State and local law and require-
ments.
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 consider-
ation for the lease of the Site pursuant to the Disposition and Develop-
ment 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 lease.
2. The City Council hereby finds and determines that the consider-
ation for the lease of the Site pursuant to said Agreement is necessary
to effectuate the purpose of the Redevelopment Plan.
3. The City Council hereby finds and determines that the provi-
sion by the Agency of certain public improvements for the Site pursuant
to the Agreement, which improvements would otherwise be the responsi-
bility 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 lease of the Site by the Agency to the Developer and the
Disposition and Development Agreement, which establishes the terms and
conditions for the lease and development of the Site, are hereby
approved.
6. The City Clerk shall certify to the adoption of this reso-
lution.
APPROVED AND ADOPTED this 22nd day of February , 1988.
C Mayo
ATTEST:
k. ?-, ZP
City Clerk
I HEREBY CERTIFY that the foregoing Resolution No. 8156 was
duly adopted by the City Council of the City of West Covina at regular
meeting thereof held on the 22nd day of February 1988 by the
following vote:
AYES: Councilmember: Tennant, Bacon, Manners, Chappell
. NOES: Councilmember: None
ABSENT: Councilmember: Shearer
ABSTAIN: Councilmember: None
City Clerk
APPRO kDAS O F M:
• City Attorney
LAK179KJ-2/88 -2-