ARA1978-083RESOLUTION ARA78- 83
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
FIRST AMENDMENT TO PARTICIPATION AGREEMENT PERTAIN-
ING THERETO; AND AUTHORIZING THE EXECUTION OF SAID
FIRST AMENDMENT TO 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 did, on July 19, 1977, enter into a Participation
Agreement with Pacific Southwest Realty Company ( "Developer ") for
the disposition and development of certain property; and
WHEREAS, the parties desire to amend certain provisions
of said Participation Agreement; and
WHEREAS, a First Amendment to Participation Agreement
has been prepared; and
WHEREAS, the proposed First Amendment to 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 as amended by said First
Amendment 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 Redevelopment Law; and
WHEREAS, the Community Redevelopment Commission of the
City of Anaheim has reviewed said proposed First Amendment to
Participation Agreement and has recommended its approval by the
City Council and the Agency; and
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WHEREAS, the Agency has heretofore prepared an
Initial Study with respect to the First Amendment Participa-
tion Agreement, and found and determined that the implementa-
tion of the Agreement will not have a significant effect on
the environment, 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 First
Amendment to Participation 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 First Amendment to
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 First Amendment to
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 First Amendment to 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 First Amendment to
the Participation Agreement which establishes the
terms and conditions for the sale and development
of the Property are hereby approved.
3. The Chairman and the Secretary of the Agency are
hereby authorized to execute the First Amendment
to Participation Agreement.
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�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 Participation Agreement as amended
by this First Amendment on behalf of the Agency.
THE FOREGOING RESOLUTION is approved and adopted by
the Anaheim Redevelopment Agency this 18th day of July, 1978
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CHAIRMAN p 0 TEM
ANAHEIM REDEVELOPMENT AGENCY
ATTEST:
n
ACTING SECRETARY
ANAHEIM REDEVELOPMENT AGENCY
MES: j
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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. ARA78 -83 was passed and
adopted at a regular meeting of the Anaheim Redevelopment Agency held on
the 18th day of July, 1978, by the following vote of the members thereof:
AYES: AGENCY MEMBERS: Overholt, Kaywood, Kott and Roth
NOES: AGENCY MEMBERS: None
ABSENT: AGENCY MEMBERS: Seymour
AND I FURTHER CERTIFY that the Chairman Pro Tem of the Anaheim Redevelopment
Agency signed said Resolution on the 18th day of July, 1978.
IN WITNESS WHEREOF, I have hereunto set my hand and seal this 18th day of
July, 1978.
LINDA D. ROBERTS, SECRETARY OF THE ANAHEIM REDEVELOPMENT AGENCY
BY:
ACTING SECRETARY OF THE ANAHEIM REDEVELOPMENT AGENCY
(SEAL)
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