Resolution - 8355•
I
RESOLUTION NO. 8355
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST
COVINA APPROVING THAT CERTAIN AGREEMENT ENTITLED
"OWNER PARTICIPATION AGREEMENT BY AND BETWEEN THE
REDEVELOPMENT AGENCY OF THE CITY OF WEST COVINA AND
SYLVAN S. SHULMAN CO./WEST COVINA ASSOCIATES, A
DELAWARE LIMITED PARTNERSHIP"
THE CITY COUNCIL OF THE CITY OF WEST COVINA DOES HEREBY RESOLVE AS
FOLLOWS:
SECTION 1: The City Council of the City of West Covina hereby
finds, determines and declares that:
A. The Agency staff and Sylvan S. Shulman Co./West Covina
Associates ("Developer") have negotiated a proposed Owner Participation
Agreement ("Agreement") for the acquisition and sale of certain pro-
perty in the Central Business District Redevelopment Project Area which
Agreement conditions sale of said property upon its redevelopment and
such other matters as are required by the Community Redevelopment Law.
Developer qualifies as an owner participant under the Community
Redevelopment Law and the Redevelopment Plan for the Central Business
District Redevelopment Project.
B. The Agency and the City Council held a duly noticed joint
public hearing on said sale and approval of the Agreement pursuant to
the requirements of Health and Safety Code Section 33433 and other
applicable law.
C. Concurrently with the first publication of the notice of
said joint public hearing, the Agency and the City madoivailable to the
public, a report on the proposed sale of the property and the terms of
the Agreement, which report was duly prepared and made available to the
public in accordance with the requirements of Health and Safety Code
Section 33433 and other applicable law.
D. Although the sale price of the property may be less than
the Agency expenditures in acquiring and improving it as more particu-
larly set forth in the report described in subparagraph C, the Agency
and the City Council specifically find in accordance with the Authority
of Health and Safety Code Section 33433 that said difference is neces-
sary to. effectuate the provisions of the Central Business -District
Redevelopment Plan in that said difference in cost is necessary to
revitalize the Project Area and the community, and the actual purchase
price of the property is within the range of values of comparable
commercial properties in the area.
E. The Agency and the City shall recoup said differences over
the time period set forth in the Agreement by substantial increases in
tax increment revenues which will be directly attributable to this
Agreement.
F. The public improvements to be installed and constructed
pursuant to the Agreement are of benefit to the Project Area and the
immediate neighborhood in which the property is located and no other
reasonable means of financing such improvements are available to the
community.
G. The approval of the Agreement is conditioned upon the
Developer complying with and implementing the mitigation measures
described in the Final Environmental Impact Report approved by
Resolution No. 8346 .
H. Pursuant to Resolution No. 8346 , it appears that sub-
stantially all environmental impacts of Developer's project are miti-
gated to the extent required by the California Environmental Quality
Act and other applicable law. Nonetheless, certain significant environ-
mental impacts of the Project are unavoidable even after incorporation
of all feasible mitigation requirements. These unavoidable environ-
mental impacts include effects on air quality, energy, and public
services and utilities. With respect to these effects, the Agency has
balanced the benefits of the Project against the unavoidable environ-
mental risks of the Project, and finds that the unavoidable environ-
mental risks remaining after implementation of all feasible mitigation
measures are acceptable due to the following specific economic, social
and other considerations which are based on the Final Environmental
Impact Report and other information in the public record:
1. Implementation of the Project will result in revitali-
zation of the area within the City's Central Business.
2. Implementation of the Project will provide increased
employment in business opportunities as envisioned by the
City's economic development element of the City's General
Plan.
3. Implementation of the Project will transform an under-
utilized commercial site into an expanded major economic
center for the City and provide needed recurring tax revenues
to the City.
4. Implementation of the Project will improve the aesthetic
quality of the Project Area upon completion of the Project.
The Agency has balanced these project benefits against the
unavoidable environmental risks and finds that these risks are
acceptable because the Project benefits outweigh the unavoid-
able environmental risks relating to air quality, energy, and
public services and utilities.
SECTION 2. The City Council of the City of West Covina hereby
approves that certain Agreement entitled "Owner Participation Agreement
by and between the Redevelopment Agency of the City of West Covina and
Sylvan S. Shulman Co./West Covina Associates, a Delaware Limited
Partnership" dated as of June 26, 1989
SECTION 3. The City Clerk shall certify to the adoption of this
Resolution.
APPROVED AND ADOPTED this 26th
ATTEST:
City Clerk
-2-
day of June
Mayor
5�
I
I HEREBY CERTIFY
adopted by the City
meeting thereof held
the following vote:
that the foregoing Resolution No. 8355 was duly
Council of the City of West Covina at a regular
on the 26th day of June , 1989, by
AYES: Councilmembers
NOES: Councilmembers
ABSENT: Councilmembers
ABSTAIN:Councilmembers
APPROVED AS TO FORM:
FPE260KJ
McFadden,
Tarozzi
None
None
Manners, Lewis, Bacon
-3-
City Clerl