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HomeMy Public PortalAboutResolution 89-28511 1 RESOLUTION NO. 89 -2851 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TEMPLE CITY APPROVING THE SALE OF REAL PROPERTY BY THE TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY PURSUANT TO THAT CERTAIN DISPOSITION AND DEVELOP- MENT AGREEMENT BETWEEN THE TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY WITH CHAMPION /LBS ASSOCIATES DEVELOPMENT COMPANY WHEREAS, the TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY ( "Agency ") is engaged in activities necessary to execute and implement the Redevelopment Plan for the Temple City Rosemead Blvd. Redevelopment Project ( "Project "); and WHEREAS, in order to implement the Redevelopment Plan, the Agency proposes to sell certain real property in the Project area, pursuant to the terms and provisions of a certain Disposi- tion and. Development Agreement ( "Agreement ") and which property is described in said Agreement; and WHEREAS, CHAMPION /LBS ASSOCIATES DEVELOPMENT COMPANY ( "Developer ") submitted to the Agency a written offer in the form of said Agreement to develop a portion of the real property identified in the Agreement as the Site; and WHEREAS, the proposed agreement contains all the provi- sions, terms, conditions, and obligations required by state and local law; and WHEREAS, Developer possesses the qualifications and finan- cial resources necessary to acquire the Site and develop the Site as described in the Agreement, in accordance with the purposes and objectives of the Redevelopment Plan; and WHEREAS, the Agency has prepared, and the City Council has reviewed and considered, a summary setting forth the cost of the Agreement 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 and made said summary available for public inspection in accordance with. the California Community Redevelopment Law; and WHEREAS, the City Council considered an Initial Study pertaining to said Agreement, sale of the Site, and development of Site; and WHEREAS, said Initial Study conforms to the requirements of the California Environmental Quality Act of 1970 (Public Resources Code, Section 21000, et seq.), the "Guidelines for the Implementation of the California Environmental Quality Act of 1970," as amended, adopted by the Secretary for Resources of the State of California, and the Procedures for Implementation of the California Environmental Quality Act of 1970 adopted by resolu- tion of the Agency; and Resolution No. 89 -2851 Page 2 WHEREAS, the City Council has found and determined that the environmental impacts related to the redevelopment of the Site pursuant to the Agreement were considered under the circum- stances presented in the Final Environmental Impact Report pre- pared for Parcel A of the Project Area and that no substantial changes are proposed in the Project, or with respect to the circumstances under which the Project is to be undertaken, which will require revisions in the Environmental Impact Report previ- ously adopted for the Parcel A due to the involvement of new environmental impacts not covered in said previous Environmental Impact Report. WHEREAS, pursuant to provisions of the California Commu- nity Redevelopment Law, the Agency and the City Council held a duly noticed joint public hearing on the proposed sale of the Site and on the proposed Agreement; and WHEREAS, the City Council has considered all terms and conditions of the proposed sale, and the redevelopment of the Site pursuant to the proposed Agreement is in the best interests of the City and in accord with the public purposes and provisions of applicable State and local laws. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF TEMPLE CITY AS FOLLOWS: SECTION 1. The City Council hereby finds and determines that the consideration for sale of that certain real property described as the Site, pursuant to the Disposition and Develop- ment Agreement between the Agency and CHAMPION /LBS ASSOCIATES DEVELOPMENT COMPANY is less than fair market value in accordance with covenants and conditions governing such sale as established in a reuse appraisal prepared by Keyser Marston. SECTION 2. The City Council hereby finds that the lesser consideration to be paid by the Developer is based upon the De- veloper's differences with the Agency regarding a rate of return for the Project and that the lesser consideration offered by the Developer is necessary to effectuate the purposes of the Redevel- opment Plan in that the Agency requires a Developer with the resources and financial commitments to advance the purchase price and other funds to the Agency since the Agency cannot obtain such financing through other means. SECTION 3. The sale of that certain real property by the Agency to CHAMPION /LBS ASSOCIATES DEVELOPMENT COMPANY and the Disposition and Development Agreement which establishes the terms and conditions for the sale and development of such Site, are hereby approved. SECTION 4. Approval of the Agreement is not a determina- tion by the City Council as to the use or development of the property identified in the DDA as the Developer Parcel which is currently zoned and used for residential uses. 1 1 1 1 1 Resolution No. 89 -2851 Page 3 SECTION 5. The City Clerk shall certify to the passage and adoption of this Resolution and the same shall thereupon take effect and be in force. ADOPTED, SIGNED AND APPROVED this 4th day of April 1989. APPROVED AS •FARM : City Attorne hereby certify that the foregoing Resolution, Resolution No. 89 -2851 was adopted by the City Council of the City of Temple City at a regular meeting held on the 4th day of April 1989 by the following vote: AYES: Councilmen- Atkins,Breazeal ,Froehle,Gillanders,Swain NOES: Councilmen -None ABSENT: Councilmen -None