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ARA1979-048RESOLUTION NO . ARA79 -48 A RESOLUTION OF THE ANAHEIM REDEVELOPMENT AGENCY APPROVING THE PROPOSED SALE OF REAL PROPERTY IN REDEVELOPMENT PROJECT ALPHA; APPROVING THE PROPOSED PARTICIPATION AGREEMENT PERTAINING THERETO; AND AUTHOR- IZING 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 (the "Redevelopment Plan ") for Redevel- opment Project Alpha (the "Project "); and WHEREAS, in order to implement the Redevelopment Plan, the Agency proposes to sell certain real property (the "Prop- erty") in Redevelopment Project Alpha, pursuant to the terms and provisions of a Participation Agreement and which Property is described in the said agreement and incorporated herein by reference; and WHEREAS, Santa Fe Land Improvement Company, (the "Parti- cipant") has submitted to the Agency a written offer in the form of said Participation Agreement to purchase the Property for uses in accordance with the Redevelopment Plan; and WHEREAS, the proposed Participation Agreement contains all the provisions, terms and conditions and obligations required by State and local law; and WHEREAS, the Participant possesses the qualifications and financial resources necessary to acquire and insure develop- ment of the Property in accordance with the purposes and objec- tives 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 Redevelopment Law; and WHEREAS, pursuant to such provisions of the California Community Redevelopment Law the Agency and the City Council of the City of Anaheim (the "City Council ") held a joint pub- lic hearing on the proposed sale of the Property and the proposed Participation Agreement; and WHEREAS, pursuant to such provisions of the California Community Redevelopment Law the City Council following such joint public hearing, has found and determined that the con- sideration for which the Property is to be sold is not less than its fair market value, in accordance with the provisions of the Participation Agreement; and WHEREAS, the Community Redevelopment Commission of the City of Anaheim has reviewed said proposed Participation Agree- ment and has recommended its approval by the City Council and the Agency; and WHEREAS, the Agency has approved the Initial Study of Environmental Impact prepared by Agency staff and has deter- mined that a subsequent environmental impact report need not be prepared in connection with the proposed sale and development of the Property; and WHEREAS, the Agency has duly considered all terms and con- ditions of the proposed sale and believes that the redevelop- ment of the Property pursuant to the proposed Participation Agreement is in the best interest 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 REDEVELOP- MENT AGENCY AS FOLLOWS: 1. The sale of the Property by the Agency to the Partici- pant and the Participation Agreement which establishes the terms and conditions for the sale and development of the Property, are hereby approved. 2. The Chairman is hereby authorized to execute the Par- ticipation Agreement on behalf of the Agency and the Executive Director is hereby authorized to take all steps, and to sign all other documents and instruments (including, but not limited to, the Grant Deed), necessary to implement and carry out the Participation Agreement on behalf of the Agency. THE FOREGOING RESOLUTION is approved and adopted by the Anaheim Redevelopment Agency this 29th day of May ATTEST: C DC , AIt2 SECRETARY ANAHEIM REDEVELOPMENT AGENCY 1979. SFS:ag 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. ARA79- 48 .was passed and adopted at a regular meeting of the Anaheim Redevelopment Agency held on the 29th day of May, 1979, by the following vote of the members thereof: AYES: AGENCY MEMBERS: Overholt, Kaywood, Bay, Roth and Seymour 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 29th day of May, 1979. IN WITNESS WHEREOF, I have hereunto set my hand and seal this 29th day of May, 1979. SECRETAN OF THE ANAHEI REDEVELOPMENT AGENCY (SEAL)