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RESOLUTION NO. 90 -2962
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF TEMPLE CITY APPROVING THE SALE OF REAL
PROPERTY PURSUANT TO THAT CERTAIN FIRST
AMENDMENT TO DISPOSITION AND DEVELOPMENT
AGREEMENT BETWEEN THE TEMPLE CITY COMMUNITY
REDEVELOPMENT AGENCY AND CHAMPION /LBS ASSOCI-
ATES DEVELOPMENT COMPANY
WHEREAS, the Temple City Community Redevelopment Agency
( "Agency ") is engaged in activities necessary to execute and
implement the Redevelopment Plan for the Rosemead Blvd. Redevel-
opment Project ( "Project "); and
WHEREAS, in order to implement the Redevelopment Plan, the
Agency and CHAMPION /LBS ASSOCIATES DEVELOPMENT COMPANY ( "Devel-
oper") entered into a Disposition and Development Agreement
( "Agreement ") dated March 17, 1989 for property, which is de-
scribed in said Agreement; and
WHEREAS, the Developer has submitted to the Agency a
written offer in the form of a First Amendment to the Agreement
to purchase the real property identified in the First Amendment,
as the City Parcel; 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 interest to
be conveyed determined at the highest uses permitted under the
Redevelopment Plan, and the purchase price wad made said summary
available for public inspection in accordance with the California
Community Redevelopment Law; and
WHEREAS, the Agency and the City have found and determined
that the proposed Agreement and development of the City Parcel
will not have a significant effect on the environment or result
in a substantial or potentially substantial adverse change in the
environment, except as identified and considered in said Final
Environmental Impact Report ( "EIR ") for Parcel A and the property
identified in the Agreement as the Developer Parcel prepared and
certified by the Agency and City Council on January 3, 1989; and
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
City Parcel and on the proposed First Amendment; and
WHEREAS, the City Council has considered all terms and
conditions of the proposed sale, and the redevelopment of the
City Parcel pursuant to the proposed First Amendment to the
Agreement is in the best interests of the City and in accordance
with the public purposes and provisions of applicable State and
local laws;
Resolution No. 90 -2962 Page 2
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 City Parcel, pursuant to the First Amendment to
the Agreement between the Agency and The Developer, is not less
than fair market value in accordance with covenants and
conditions governing such sale.
SECTION 2. The sale of the City Parcel by the Agency to
the Developer and the First Amendment to a Disposition and Devel-
opment Agreement which establishes the terms and conditions for
the sale and development of the City Parcel, are hereby approved.
SECTION 3. 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 AND APPROVED THIS 15TH DAY OF MAY, 1990.
THE CITY OF TEMPLE CITY
‘, r 6maet , )ir,etraZ
Mayor
APPROVED AS TO FORM:
City Attorney
I, hereby certify that the foregoing Resolution, Resolution
No. 90 -2962 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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