HomeMy Public PortalAboutResolution 90-29611
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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
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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
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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
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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.