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ARA1977-053RESOLUTION ARA77- 53 A RESOLUTION OF THE ANAHEIM REDEVELOPMENT AGENCY FINDING THAT THE CONSIDERATION FOR THE SALE OF CERTAIN REAL PROPERTY IN REDEVELOPMENT PROJECT ALPHA IS NOT LESS THAN FAIR MARKET VALUE IN ACCORDANCE WITH COVENANTS AND CONDITIONS GOVERN- ING SUCH SALE; APPROVING THE SALE OF SAID PROPERTY TO PACIFIC SOUTHWEST REALTY COMPANY; APPROVING THE PARTICIPATION AGREEMENT PERTAINING THERETO; AND AUTHORIZING THE EXECUTION OF SAID PARTICIPATION AGREEMENT. WHEREAS, the Anaheim Redevelopment Agency (the "Agency ") is engaged in activities necessary to execute and implement the Redevelopment Plan for Redevelopment Project Alpha (the "Project ") ; and WHEREAS, in order to implement the Redevelopment Plan, the Agency proposes to sell certain real property (the "Property ") in the Project area, pursuant to the terms and provisions of a Participation Agreement and which property is described in the attached Exhibit " A " and incorporated herein by reference; and WHEREAS, Pacific Southwest Realty Company (the "Developer ") has submitted to the Agency a written offer in the form of said Participation Agreement to purchase the Property for not less than fair market value for uses in accordance with the Redevelopment Plan, and the covenants and conditions of said Participation Agreement; and WHEREAS, the proposed Participation Agreement contains all the provisions, terms and conditions and obligations required by State and local law; and WHEREAS, Developer possesses the qualifications and financial resources necessary to acquire and insure development of the Property in accordance with the purposes and objectives of the Redevelopment Plan; and WHEREAS, the Agency has prepared a summary setting forth the cost of the Participation Agreement to the Agency, the estimated value of the interest to be conveyed determined at the „.., highest uses permitted under the Redevelopment Plan, and the purchase price and has made said summary available for public inspection in accordance with the California Community Redevelop- ment Law; and -1- WHEREAS, the Community Redevelopment Commission of the City of Anaheim has reviewed said proposed Participation Agreement and has recommended its approval by the City Council -- and the Agency; and WHEREAS, the Agency has heretofore approved and adopted a Negative Declaration with respect to the Participation Agreement, and found and determined that the implementation of the Agreement will not have a significant effect on the environ- ment, or result in a substantially, or potentially substantial, adverse change in the environment; and WHEREAS, pursuant to the provisions of the California Community Redevelopment Law, the Agency and the City Council of the City of Anaheim ( "City Council ") held a joint public hearing on the proposed sale of the Property and the proposed Participa- tion Agreement after publication of notice as required by State law; and WHEREAS, pursuant to California Community Redevelop- ment Law and following such joint public hearing, the City Council found and determined that the consideration for sale of the Property is not less than fair market value in accordance with the covenants and conditions governing such sale and the City Council approved said sale and the Participation Agreement; and WHEREAS, the Agency has duly considered all terms and conditions of the proposed sale and believes that the redevelop- ment of the Property pursuant to the proposed Participation Agreement is in the best interests 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. NOW, THEREFORE, BE IT RESOLVED by the Anaheim Redevelopment Agency as follows 1. The Agency hereby finds and determines that the consideration for sale of the Property pursuant to the Participation Agreement is not less than fair market value in accordance with covenants and conditions governing such sale. 2. The sale of the Property by the Agency to Pacific Southwest Realty Company and the Participation Agreement which establishes the terms and conditions for the sale and development of the Property are hereby approved. -2- 3. The Chairman and the Secretary of the Agency are hereby authorized to execute the Participation Agreement. 4. The Executive Director is hereby authorized to take all steps, and to sign all documents and instructions (including, but not limited, to the Grant Deed), necessary to implement and carry out the Participa- tion Agreement on behalf of the Agency. THE FOREGOING RESOLUTION is approved and adopted by the Anaheim Redevelopment Agency this 19th day of July, 1977. CHAIRMAN ANAHEIM REDEVELOPMENT AGENCY ATTEST: ARY ANAHEIM REDEVELOPMENT AGENCY MES : j h -3- STATE OF CALIFORNIA ) COUNTY OF ORANGE ) CITY OF ANAHEIM ) I, LINDA D. ROBERTS, Secretary of the Anaheim Redevelopment Agency, do hereby certify that the foregoing Resolution No. ARA77 -53 was passed and adopted at a regular meeting of the Anaheim Redevelopment Agency held on the 19th-day of-July, 1977, by the following vote of the members thereof: AYES: AGENCY MEMBERS: Kaywood, Seymour, Kott, Roth and Thom NOES: AGENCY MEMBERS: None ABSENT: AGENCY MEMBERS: None AND I FURTHER CERTIFY that the Chairman of the Anaheim Redevelopment Agency approved and signed said Resolution on the 19th day of July,:1977. IN WITNESS WHEREOF, I have hereunto set my hand and seal this 19th day of July, 1977. SECRETARY OF THE AN IM REDEVELOPMENT AGENCY (SEAL) A U I, D1;SC�IJPTION OF THE SITF All tl ";)t ( - (•main real property in the City of Anaheim, County of Orange, St'ite of California being all of hots 14 and 16, portions of Lots 13, 15 and that certain unnumbered parcel of ]and lying Westerly of said Lots 15 and 16 to- gether with that portion of Lincoln Avenue (formerly Centre Street) vacated by Resolution No. _ - recorded on _ 197_ as Instrument No. in Book Page of Official Records of said County, pcwtion of Ilelena Street (formerly Adelaide Street) vacated. by Resolution No. recorded on 197 as Instrument No. in Book Page _ of said Official Records and a portion of Oak Street (formerly First South Street) vacated by Resolution No. _ , recorded on _197_as Instrument No. _ in Book Page of said Official Records, all being a portion of Block E5 of the Langenberger Tract per map recorded in Book 1, Page 550 and 551 of Miscellaneous Records in the Office of the County Recorder of Los Angeles County and described as follows: Eeginning at a point in the Southerly line of said Oak Street (50.00 feet wide), said point being distant 179.86 feet measured North 75 0 28 1 03" East along said line from the Northwesterly corner of Lot 33 in said Block E5; thence along said Southerly line South 75 0 28'03" West, 140.14 feet to a point on a non - tangent curve concave Westerly having a radius of 2055.00 feet to which point a radial line of said curve bears North 77 1 06'46" East; thence Northerly along said curve through a central angle of 1 1 32'30" an are distance of 55.29 feet; thence tangent North 14 1 25'44" West, 99.15 feet to the beginning of a curve concave Southeasterly having a radius of 26.00 feet; thence Northeasterly along said curve through a central angle of 89 °53'40" an arc distance of 40.79 feet; thence tangent North 75 1 27'56" East, 0.30 feet to the bed nning of'a curve concave Northerly having a radius of 1055.00 feet; thence Easterly along said curve through a central angle of 6 1 10 1 34" an arc distance of 113.72 feet to a reverse curve concave Southerly having a radius of 100.00 feet; thence Easterly along said curve through a central angle of 9 an arc distance of 16.59 feet; thence tangent North 78 1 47'35" East, 39.71 feet to a reverse curve concave Northerly having a radius of 100.00 feet; thence Easterly along said curve through a central angle of 13 1 47'05" an are distance of 24.06 to a compound curve concave Northwesterly having a radius of 1067.00 feet; thence Northeasterly along said curve through a central angle of 2 0 33 1 27" an are distance of 47.63 feet to a reverse curve concave Southwesterly. having a radius of 30.00 feet; thence Southeasterly along said curve through a central angle of 87 0 13'51" an arc dis- tance of 45 .67 feet; thence tangent South 30 1 19'06" East, 7.51 feet to the beginning of a curve concave Southwesterly having a radius of 282.17 feet; thence Southeasterly along said curve through a central angle 15 °51'11" an arc distance of 78.07 feet; thence tangent South 14 0 27'55" East, 31.34 feet to the beginning of a curve concave Northwesterly having a radius of 20.00 feet; thence Southwesterly along said curve through a central angle of 89 0 54'47" an are dis- tance of 31.39 feet; thence tangent South 75 1 2652" West, 155.76 feet; thence South 14 1 33'08" East, 39.05 feet to the point of beginning-­ The legal description herein is prepared for the exclusive use of the Anaheim Redevelopment Agency for parcel identification purposes and should not be used in a Grant Deed for conveyance purposes.