ARA1985-005RESOLUTION NO. ARA85 -5
A RESOLUTION OF THE ANAHEIM REDEVELOPMENT AGENCY APPROVING
THE ASSIGNMENT OF A DISPOSITION AND DEVELOPMENT AGREEMENT
FROM LEWIS AND MARION FREEDMAN TO HURST ASSOCIATES, APPROVING
THE FIRST IMPLEMENTATION AGREEMENT THERETO AND FINDING THAT
THE CONSIDERATION FOR THE SALE OF THE PROPERTY THEREUNDER IS
NOT LESS THAN FAIR MARKET VALUE IN ACCORDANCE WITH COVENANTS
AND CONDITIONS GOVERNING SUCH SALE
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, the Agency has heretofore entered into a Disposition and
Development Agreement with Lewis and Marion Freedman (the "Freedmans ")
dated February 17, 1981 (the "DDA "), providing for the sale and
redevelopment of a portion of the Project Area (the "Site "); and
WHEREAS, the Freedmans assigned all of their right, title and
interest in the DDA to Hurst Associates, a California Limited Partnership
( "Developer "), by that certain Assignment Agreement dated January 15,
1985; and
WHEREAS, Developer accepted the assignment of the DDA from the
Freedmans, and assumed the obligations thereof, and agreed to perform all
of said obligations thereunder, and agreed to be bound by all of the
covenants, conditions and restrictions contained therein, all by that
certain Acceptance and Assumption Agreement dated January 15, 1985; and
WHEREAS, Developer has submitted to the Agency a written offer in
the form of a First Implementation Agreement to the DDA (the "First
Implementation Agreement ") to purchase the Site at a fair and equitable
price for uses in accordance with the Redevelopment Plan; and
WHEREAS, the Agency has determined that Developer possesses the
qualifications and financial resources necessary to acquire and ensure
redevelopment of the Site in accordance with the purposes and objectives
of the Redevelopment Plan; and
WHEREAS, the Agency has prepared, reviewed and considered a
summary setting forth the cost of the DDA, as implemented by the First
Implementation Agreement thereto, to the Agency, the estimated value of
the interests to be conveyed determined at the highest uses permitted
under the Redevelopment Plan, and the purchase price for the Site, and
made said summary available for public inspection in accordance with the
California Community Redevelopment Law; and
WHEREAS, pursuant to the California Community Redevelopment Law,
the Agency and the City Council of the City of Anaheim (the "City
Council ") held a joint public hearing on the proposed sale of the Site
and the proposed First Implementation Agreement; and
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WHEREAS, the Agency has duly considered all terms and conditions
of the First Implementation Agreement and finds that the redevelopment of
the Site pursuant to the DDA, as implemented by the First Implementation
Agreement, is in the best interest of the City of Anaheim and the health,
safety 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 approves the assignment of the DDA from the
Freedmans to Developer.
2. The Agency hereby finds and determines that the consideration
for the sale of the Site pursuant to the DDA, as implemented by the First
Implementation Agreement, is not less than fair market value in
accordance with covenants and conditions governing such sale, as set
forth in the summary prepared in connection herewith.
3. The Agency hereby approves the First Implementation Agreement.
4. The Chairman of the Agency is hereby authorized to execute the
First Implementation Agreement.
THE FOREGOING RESOLUTION is approved and adopted by the Anaheim
Redevelopment Agency this 12th day of FPbrunr; , 1985.
ATTEST:
SECRETARY
ANAHEIM REDEVELOPMENT AGENCY
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STATE OF CALIFORNIA )
COUNTY OF ORANGE )
CITY OF ANAHEIM )
I, LEONORA N. SOHL, Secretary of the Anaheim Redevelopment Agency, do hereby
certify that the foregoing Resolution No. ARA85 -5 was passed and adopted at a
regular meeting of the Anaheim Redevelopment Agency held on the 12th day of
February, 1985, by the following vote of the members thereof:
AYES: AGENCY MEMBERS: Kaywood, Bay, Pickler, Overholt and Roth
NOES: AGENCY MEMBERS: None
ABSENT: AGENCY MEMBERS: None
AND I FURTHER CERTIFY that the Chairman of the Anaheim Redevelopment Agency
signed said Resolution on the 12th day of February, 1985.
IN WITNESS WHEREOF, I have hereunto set my hand and seal this 12th day of
February, 1985.
SECRETARY OF THE ANAHEIM REDEVELOPMENT AGENCY
(SEAL)