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HomeMy Public PortalAboutResolution 90-29611 1 1 RESOLUTION NO. 90 -2961 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TEMPLE CITY APPROVING AGREEMENT FOR ACQUI- SITION OF REAL PROPERTY IN THE CITY OF TEMPLE CITY WHEREAS, the Temple City Community Redevelopment Agency (the "Agency ") is engaged in activities necessary to execute and implement the Redevelopment Plan for the Rosemead Blvd. Redevel- opment Project ( "Project "); and WHEREAS, the City owns certain real property contiguous to the Project area which it desires to dispose of, as described in the Agreement for Acquisition for Real Property; and WHEREAS, the Agency has offered to buy such property from the City pursuant to the terms of the Agreement for Acquisition of Real Property attached hereto as Exhibit 1; and WHEREAS, the City Council and the Agency have approved and adopted and Environmental Impact Report ( "EIR ") in connection with development of Block A of the Project area and of the area in which such Property is located; and 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 sale and development of the property will not have a significant effect on the environment or result in a substan- tially adverse impact as determined by the City and Agency in certification of the EIR. SECTION 2. The Agreement (Exhibit 1) is hereby approved and the Mayor is authorized to execute said Agreement on behalf of the City Council and to take all action to carry out said Agreement. SECTION 3. The City Clerk shall certify to the adoption of this resolution. ADOPTED AND APPROVED THIS 15TH DAY OF MAY, 1990. THE CITY OF TEMPLE CITY Mayor Z4'; iaZ i Resolution No. 90 -2961 ATTEST: City Clerk APPROVED AS TO FO City Attorn Page 2 I, here •. certify that the foregoing Resolution, Resolution No. 90 -2961 was duly adopted by the City Council of the City of Temple City at a regular meeting held on the 15th day of May, 1990 by the following vote: AYES: NOES: ABSENT: Councilmember - Froehle, Manning, Wilson, Breazeal Councilmember- McGowan Councilmember -None 1 1 1 1 OR'GINAL AGREEMENT FOR ACQUISITION OF REAL PROPERTY THIS AGREEMENT is entered into this 2nd day of Jule , 1990, by and .between the TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY, a public agency ( "Buyer "), and the CITY OF TEMPLE CITY, a municipal corporation ( "Seller "), of certain real property. IT IS HEREBY AGREED AS FOLLOWS: 1. Agreement to Sell and Purchase. Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller, upon the terms and for the consideration set forth in this Agreement, all that certain real property (hereinafter called the "Property ") contigous to the Rosemead Blvd. Redevelopment Project ( "Project ") in the City of Temple City, County of Los Angeles, State of California, and legally described on Exhibit A. The property consists of one parcel which is legally described on Exhibit A. 2. Purchase Price. The total purchase price payable by the Agency shall be the sum of Seven Hundred Ninety Three Thousand Three Hundred and Seventy Six Dollars ($793,376.00). The purchase price shall be payable in by assumption of an existing note secured by deed of trust encumbering the property in the sum of Six Hundred Fifty Thousand Dollars ($650,000.00) and the Agency's unsecured note to the City for the balance of the purchase price. Such note shall bear interest at the rate of twelve percent (12 %) per annum until paid. 3. Conveyance of Title. The Seller agrees to convey by Grant Deed to Buyer fee simple title to the Property free and clear of all recorded covenants, conditions, restrictions, reservations, rights, rights -of -way, liens, encumbrances, assessments, easements, leases and taxes, except: (a) Easements or rights of way over said land for public or quasi - public utility purposes. (b) Easement of Sunnyslope Water Company. (c) Trust Deed securing note in the principal amount of Six Hundred Fifty Thousand Dollars ($650,000.00) in favor of Champion /LBS Associates Development Co. 4. Title Insurance Policy. Buyer shall obtain such title insurance as Buyer requires. The Buyer agrees to pay the premium charged therefor. 5. Conveyance of Title. Seller agrees to execute and deliver to Agency the grant deed conveying the Property to Buyer - 1 - Exhibit 1 Resolution No. 90 -2961 as soon as the title can be insured in Agency. No escrow shall be required. 6. Title Insurance. Charges and Costs. Buyer agrees to pay all title policy charges for title policy required under Paragraph 4 and charges and costs for conveyance of title. 7. Successors and Assigns. This Agreement shall extend to and be binding upon the heirs, executors, administrators, successors and assigns of the respective parties. IN WITNESS WHEREOF, the parties have executed this Agreement the day and year first above written. Seller: CITY OF TEMPLE CITY BY: A60742.4 S241,,44 Mayor Buyer: TEMPLE CITY COMMUNITY REDEVELOPMENT AGENCY ecutive Director - 2 - 1 1 1 1 1 LEGAL DESCRIPTION CITY PARCEL: Lot 104 of Tract 3623, in the City of Temple City, County of Los Angeles, State of California, per Map recorded in Book 40, Page 52 of Maps in the Office of the County Recorder of said County except the Southerly 5 feet of said Lot deeded to the County of Los Angeles for road purposes, in Deed recorded in Book 1488, page 361 of Official Records, and also except the North 135 feet of said Lot.