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88-117RESOLUTION NO. 88R- 117 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANAHEIM APPROVING THE THIRD AMENDMENT TO THE DISPOSIIiON AND DEVELOPMEN~ AGREEMENT BETWEEN THE ANAHEIM REDEVELOPMENT AGENCY AND MEYER iNVEStMENT PROPERTIES, INC., WHICH PROVIDES FOR REVISION OF THE PURCHASE PRICE FOR THE SALE OF REAL PROPERTY PURSUANT THERETO, AND MAKING CERTAIN FINDINGS WITH RESPECI TO SUCH THIRD AMENDMENT. WHEREAS, the Anaheim Redevelopment Agency (the "Agency") is engaged in activities necessary to execute and implement the Redevelopment Plan (the "Redevelopment Plan") for Redevelopment Project Alpha (the "Project"); and WHEREAS, in order to implement the Redevelopment Plan, the Agency entered into that certain Disposition and Development Agreement with Meyer Investment Properties, Inc. ("Meyer") dated November 8, 1983, (the "DDA"), for the sale of certain real property (the "Site") located at the northeast corner of Broadway and Harbor Boulevard; and WHEREAS, the DDA was amended by that certain First Amendment dated December 11, 1984, and that certain Second Amendment dated September 9, 1986; and WHEREAS, the Site is to be developed in phases and has generally been subdivided for such purposes; and WHEREAS, three (5) of the parcels of the Site are: (1) Parcel A, at the intersection of Broadway and Harbor Boulevard, on which a ten (10) story office building has been constructed, (2) Parcel PA (an air rights parcel), immediately east of Parcel A along Broadway, on which a parking structure has been constructed by Agency to provide appurtenant parking for the Parcel A office building, and (c) Parcel D, located at the northeast corner of Broadway and Clementine Street, currently vacant but on which the DDA provided for housing to be built; and WHEREAS, Meyer has executed and submitted to Agency copies of a proposed Third Amendment to the DDA (the "Third Amendment") which would, inter alia: (1) revise the adjusted purchase price that Meyer would pay to Agency for sale of Parcel A, (2) revise Parcel PA, including the parking structure thereon, (3) delete Parcel D from the DDA by Meyer quitclaiming all right, title and interest therein, and (4) revise the Schedule of Performance by which Meyer will be obligated to develop the remainder of the Site; and WHEREAS, Agency has prepared a summary setting forth the cost to Agency of the DDA, as amended by the Third Amendment, the estimated value of interest to be conveyed at the highest uses permitted under the Plan, and the purchase price, and has made same summary available for public inspection in accordance with the California Community Redevelopment Law; and WHEREAS, the Third Amendment does not change the development of the Site or the environmental impact considered the Final Subsequent Environmental impact Report previously prepared for the DDA; and WHEREAS, the Community Redevelopment Commission of the City of Anaheim has reviewed the proposed Third Amendment and has recommended its approval by the Agency and the City Council of the City of Anaheim (the "City Council"); and WHEREAS, pursuant to the California Community Redevelopment Law, Agency and the City Council held a joint public hearing on the Third Amendment, including, without limitation, the revised terms of sale of Parcels A and PA; and WHEREAS, the City Council has duly considered all terms and conditions of the Third Amendment, and finds that the changes contained in the Third Amendment are in the best interests of the City of Anaheim and the health, safety, morals and welfare of its residents, are in accord with the public purposes and provisions of applicable State and local law and requirements, and are necessary to effectuate the Redevelopment Plan. NOW, THEREFORE, BE IT RESOLVED BY CITY COUNCIL OF THE CITY OF ANAHEIM AS FOLLOWS: 1. The City Council hereby finds and determines that the certifications, findings, and determinations with respect to eavironmental impacts of the proposed development of the Site, as set forth in Resolution No. 85R-455 of the City Council are not changed by the Third Amendment, and such certifications, findings and determinations are hereby ratified in their entirety. 2. The City Council hereby finds and determines that the consideration for the sale of Parcels A and PA is not less than their fair market values in accordance with covenants and conditions governing their sale. 3. The sale of the Site, including Parcels A and PA, and the Third Amendment, which revises the terms and conditions for the sale of Parcels A and PA, are hereby approved. -2- THE FOREGOING RESOLUTION is approved and adopted by the City Council of the City of Anaheim this 15th day of 14arch, 1988. MAYOR OF THE CITY IOF ANAHEIM ATTEST CITY CLERK OF MES/jd 2354L 031588 ThE CITY OF ANAHEIM -3- CLERK STATE OF CALIFORNIA ) COUNTY OF ORANGE ) ss. CITY OF ANAHEIM ) I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that the foregoing Resolution No. 88R-117 was introduced and adopted at a regular meeting provided by law, of the City Council of the City of Anaheim held on the 15th day of March, 1988, by the following vote of the members thereof: AYES: COUNCIL MEMBERS: Ehrle, Hunter, Kaywood, Pickler and Bay NOES: COUNCIL MEMBERS: None ABSE[~T: COUNCIL MEMBERS: None AND I FURTHER certify that the Mayor of the City of Anaheim signed said Resolution No. 88R-117 on the 16th day of March, 1988. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the City of Anaheim this 16th day of March, 1988. CITY CLERK OF THE CITY OF ANAHEIM (SEAL) I, LEONORA N. SOHL, City Clerk of the City of Anaheim, do hereby certify that the foregoing is the original of Resolution No. 88R-117 duly passed and adopted by the Anaheim City Council on March 15, 1988. CITY CLERK OF THE CITY OF ANAHEIM