CC - 1978-37 - Sale of Certain Real Property•
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RESOLUTION NO. 37
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ROSEMEAD FINDING THAT THE CONSIDERATION FOR
THE SALE OF CERTAIN REAL PROPERTY IN THE
ROSEMEAD REDEVELOPMENT PROJECT AREA NO. 1 IS NOT
LESS THAN FAIR MARKET VALUE IN ACCORDANCE WITH
COVENANTS AND CONDITIONS GOVERNING SUCH SALE,
APPROVING THE SALE OF SAID PROPERTY PURSUANT TO
AN AGREEMENT WITH O'CONNOR & HUTSELL AND
AUTHORIZING THE EXECUTION OF SAID AGREEMENT.
WHEREAS, the City of Rosemead (the "City") and the
Rosemead Redevelopment Agency (the "Agency") are engaged in
activities necessary to execute and implement the Redevelopment
Plan (the "Redevelopment Plan") for the Rosemead Redevelopment
Project Area No. 1 (the "Project") in a portion of the City of
Rosemead (the "Project Area"); and
WHEREAS, to implement the Redevelopment Plan, the Agency
has acquired and proposes to sell certain real property (the
"Property") in the Project Area pursuant to the terms and pro-
visions of a Disposition and Development Agreement between the
Agency and O'Connor & Hutsell, a joint venture (the "Developer");
and
WHEREAS, the Developer has submitted to the Agency a
written offer in the form of said Disposition and Development
Agreement to purchase the Property for not less than fair
market value for uses in accordance with the Redevelopment Plan
and the covenants and conditions of said Agreement; and
WHEREAS, the proposed Agreement contains all the pro-
visions, terms and conditions and obligations required by state
and local law; and
WHEREAS, the Developer possesses the qualifications
and financial resources necessary to acquire and insure de-
velopment of the property in accordance with the purposes and
objectives of the Redevelopment Plan; and
WHEREAS, pursuant to the provisions of the California
Community Redevelopment Law, the Agency, together with the
City Council of the City of Rosemead, held a joint public hearing
on the proposed sale of the Property and the proposed Disposition
and Development Agreement after publication of notice as required
by law; and
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WHEREAS, the City Council has duly considered all terms
and conditions of the proposed sale and believes that the redevel-
opment of the Property pursuant to the proposed Participation
Agreement is in the best interests of. the City and the health,
safety, morals and welfare of its residents and in accord with
the public purposes and provisions of applicable state and
local law; and
WHEREAS, the Agency has adopted RRA Resolution No. 33
entitled:
A RESOLUTION OF THE ROSEMEAD REDEVELOPMENT AGENCY
FINDING THAT THE CONSIDERATION FOR THE SALE OF
CERTAIN REAL PROPERTY IN THE ROSEMEAD REDEVELOPMENT
PROJECT AREA NO. 1 IS NOT LESS THAN FAIR MARKET
VALUE IN ACCORDANCE WITH COVENANTS AND CONDITIONS
GOVERNING SUCH SALE, APPROVING THE SALE OF SAID
PROPERTY PURSUANT TO AN AGREEMENT WITH O'CONNOR &
HUTSELL AND AUTHORIZING THE EXECUTION OF SAID AGREE-
MENT;
and has approved said Disposition and Development Agreement; and
NOW, THEREFORE, the City Council of the City of
Rosemead does resolve as follows:
SECTION 1. The City Council of the City of Rosemead
hereby fin ss acdcetermines that the consideration for sale of
the Property pursuant to the Disposition and Development Agree-
ment constitutes a fair and equitable price for the Property
according to its value for reuse and is not less than the fair
market value of the Property for uses in accordance with the
Redevelopment Plan, the Agreement, and the covenants and con-
ditions contained therein.
SECTION 2. The sale of the Property by the Agency
to Developer pursuant to the Disposition and Development Agree-
ment is hereby approved.
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SECTION 3. The Chairman of the Agency is hereby
authorized to execute the Disposition and Development Agreement,
and is further authorized to take all steps and to sign all
documents and instructions (including but not limited to the
grant deed) necessary to implement and carry out the Agreement
on behalf of the Agency.
PASSED, APPROVED and ADOPTED this 25 day of July 1978.
YOR
ATTEST:
CITY CLERK
APPROVED AS TO FORM:
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CITY ATTORNEY
STATE OF CALIFORNIA ) ss.
COUNTY OF LOS ANGELES )
I, Ellen Poochigian, City Clerk of the City of Rosemead,
do hereby certify that the foregoing Resolution was duly adopted
by the City Council at a regular meeting of the City Council held
on the 25th day of July, 1978, and the same was passed and
adopted by the following vote, to wit:
AYES: Councilmen Hunter, Imperial & Cichy
NOES: Mayor Taylor
ABSENT:' Councilman Tury
ABSTAIN: None
ELLEN POOCHIGIAN, Clity Clerk
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