Resolution - 8404•
RESOLUTION NO. 8404
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST
COVINA APPROVING A THIRD IMPLEMENTATION AGREEMENT TO
THE RESTATED DISPOSITION AND DEVELOPMENT AGREEMENT
BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF WEST
COVINA AND WATT INVESTMENT PROPERTIES, INC; MAKING
CERTAIN FINDINGS AND DETERMINATIONS REGARDING THE
INITIAL STUDY OF SAID PROPOSED DEVELOPMENT; AND
AUTHORIZING THE EXECUTION AND IMPLEMENTATION OF SAID
THIRD IMPLEMENTATION AGREEMENT
WHEREAS, the 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 has agreed 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 Restated Disposition and
Development Agreement (the "Restated Agreement") entered into with Watt
Investment Properties, Inc. (the "Developer") on June 26, 1987; and
WHEREAS, in implementation of the Restated Agreement, the Agency
entered into a First Implementation Agreement with Watt Investment
Properties, Inc. on December 22, 1987 outlining a basic financial
assistance program with the recognition and anticipation that sub-
sequent agreements defining and finalizing the essential terms between
the parties will be necessary; and
WHEREAS, the Agency entered into a Second Implementation Agreement
with Watt Investment Properties, Inc. on June 22, 1988 to accomplish
the above described financial assistance in the development of
Developer Parcels 1 and 2; and
WHEREAS, the Developer has submitted to the Agency a written Third
Implementation Agreement to the Restated Agreement to extend the time
during which Developer may exercise its option to purchase Phase II,
III and IV and to enhance the purchase price on Phase IV; and
WHEREAS, pursuant to the California Community Redevelopment Law,
the Agency and the City Council held a joint public hearing on the
proposed Third Implementation Agreement; and
WHEREAS, the City Council has duly considered all terms and condi-
tions of the proposed extension of time to Developer's option and nego-
tiation period and the enhancement of the purchase price as contained
in the Third Implementation Agreement and finds that they are in the
best interest 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; and
WHEREAS, pursuant to an Initial Study prepared by the Agency, the
City Council has determined that the proposed Third Implementation
Agreement will have no effect on the environment other than that
identified in the environmental assessment for the Restated Agreement.
•
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
West Covina as follows:
1. The extension of the option period and negotiation period, and
the enhancement of the purchase price as contained in the Third Imple-
mentation Agreement are hereby approved.
2. The Chairman of the Agency is hereby authorized to execute the
Third Implementation Agreement, and to take all steps and to sign all
documents necessary to implement and carry out the Third Implementation
Agreement.
3. The City Clerk shall certify to the adoption of this Reso-
lution.
APPROVED AND ADOPTED this 18th day of September, , 1989.
Mayor
ATTEST:
- . - (/W*, (/ &
City Clerk
I HEREBY CERTIFY that the foregoing Resolution No. 8404 was duly
adopted by the City Council of the City of West Covina at a regular
meeting thereof held on the 18th day of September 1989, by
the following vote:
AYES: Councilmembers:
NOES: Councilmembers:
ABSENT: Councilmembers:
ABSTAIN: Councilmembers:
APPROVED AS TO FORM:
City Attorney
LAK334RF
Tarozzi,
None
Lewis
None
McFadden, Manners, Bacon
6A
City Clef),