HomeMy Public PortalAboutResolution 89-28511
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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.
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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