Resolution - 8930•
RESOLUTION NO. 8930
I
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF WEST COVINA CONSENTING TO THE APPROVAL BY
THE REDEVELOPMENT AGENCY OF THE LEASE/
DISPOSITION AND DEVELOPMENT AGREEMENT BY AND
BETWEEN THE WEST COVINA REDEVELOPMENT AGENCY
OF THE CITY OF WEST COVINA AND HOFFMAN
ENTERPRISES, LTD., AND MAKING CERTAIN
FINDINGS IN CONNECTION THEREWITH
WHEREAS, the Redevelopment Agency of the City of West
Covina (the "Agency") is engaged in activities necessary to
carry out and implement the Redevelopment Plan for the Central
Business District Redevelopment Project (the "Project"); and
WHEREAS, in order to carry out and implement such
Redevelopment Plan the Agency proposes to enter into that
certain Lease/Disposition and Development Agreement (the
"Agreement") with Hoffman Enterprises, Ltd. (the "Developer")
for the development of certain properties in the Project Area
(the "Site"), all as described in the Agreement; and
WHEREAS, the Developer has submitted to the Agency and
the City Council of the City of West Covina (the "City
Council") copies of said proposed Agreement in a form executed
by the Developer; and
WHEREAS, pursuant to Section 33433 of the Community
Redevelopment Law, the Agency is authorized, with the approval
of the City Council after public hearing, to sell or lease the
Site for development pursuant to the Redevelopment Plan upon a
determination by the City Council that the consideration for
such sale or lease is not less than fair market value in
accordance with covenants and conditions governing the sale or
lease or with respect to any sale or lease at less than
estimated value, determined at the highest use permitted under
the Redevelopment Plan, that the lesser consideration is
necessary to effectuate the purposes of the Redevelopment Plan;
and
WHEREAS, the City Council has reviewed the summary
required pursuant to Section 33433 of the Community
Redevelopment Law and evaluated other information provided to
it pertaining to the finding required pursuant to Section 33433
of the Community Redevelopment Law; and
WHEREAS, the City Council has duly considered all
terms and conditions of the proposed Agreement and believes
that the redevelopment of the Site pursuant thereto is in the
best interests of the City of West Covina and the health,
safety, and welfare of its residents, and in accord with the
public purposes and provisions of applicable state and local
laws and requirements.
NOW, THEREFORE, BE IT RESOLVED by the West Covina City
Council, as follows:
Section 1. The City Council finds and determines that, based
upon substantial evidence provided in the record before it,
the consideration for the Agency's disposition of the Site
pursuant to the terms and conditions of the Agreement is not
less than fair market value in accordance with covenants and
conditions governing the sale or lease or with respect to any
sale or lease at less than estimated value, determined at the
highest use permitted under the Redevelopment Plan, that the
lesser consideration is necessary to effectuate the purposes of
the Redevelopment Plan.
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Section 2. The City Council consents to and approves the
execution of the Agreement by the Agency and a copy of the
Agreement when executed by the Agency shall be placed on file
in the office of the City Clerk.
Section 3. The City Clerk shall certify to the adoption of
this Resolution.
The foregoing Resolution is hereby approved this 2nd
day of March , 1993.
Mayor, C' of West Covina
ATTEST:.
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City Clerk
I HEREBY CERTIFY that the foregoing Resolution was
duly adopted by the West Covina City Council at a regular
meeting hereof, held on the 2nd day of March 1993
by the following vote, to wit:
AYES: Council Members Manners ,lanningc Herfart McFadden, Wong
NOES Council Members None
ABSENT: Council Members None
ABSTAIN: Council Members None
APPROVED AS TO FORM:
cy- t rvr4-1
City Attorney
02/24/93
4629Q/2740/11
CITY OF WEST COVINA
By
City Clerk
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