CC - 1978-43 - Sale of Certain Real PropertyRESOLUTION NO. 43
A RESOLUTION OF THE CITY'COUNCIL OF THE-CITY'
OF ROSEMEAD,FINDING THAT THE CONSIDERATION FOR
THE SALE' OF. CERTAIN REAL PROPERTY IN THE ROSE
MEAD 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 TO ORESTE D.
TADDEO AND LENA P.• TADDEO AND AUTHORIZING THE
EXECUTION OF THE DEED..
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WHEREAS, the City of -Rosemead (the "City") and the
-Rosemead Redevelopment Agency (the "Agency") are -engage&,in
.activities necessary to execute'and implement the-Redepelopment
Plan (the ,'Redevelopment Plan") for the Rosemead Re'devel'opment
Project Area No. 1 (the "Project")"in a portion of the City of
Rosemead (the "Project Area"); and
' A
WHEREAS, to implement'the Redevelopment Plan the
Agency has acquired and proposes to'sel-l-,certain real,property
(the "Property..").'in the Project Area; which"is described on
Attachment A to this resolution, pursuant to the terms and pro-
Visions of an Agreement between the Agency and°Oreste D. and
Lena P. Taddeo (the "Owners"), the'owners of certain developed
property within.the project;.and
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WHEREAS', the Owners have submitted to the Agency a
written offer to purchase the Property for not less than fair
market value for uses in accordance with the Redevelopment Plan
and the covenants'and conditions imposed therein; and
WHEREAS, the proposed Deed contains all the provisions,
terms and conditions-and obligation's.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 after publication
of notice as.required by law; and
WHEREAS, the City Council has duly,.considered'all
terms and conditions of the proposed' sale•and'believes that
the redevelopment of the Property 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 Board, at its meeting of July 24,
1975, approved the proposed,sale-and,its-terms,.and has autho-
rized the transfer.-
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 fin3s-and determines that the consideration for sale of
the"Property described in Attachment A hereof constitutes a
fair.and eauitable.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
and the covenants and conditions contained therein.
SECTION 2. The sale of the Property by the Agency to
Oreste D. and Lena P. Taddeo is hereby approved.
SECTION 3. The Chairman of the Agency is hereby
authorized to execute the Deed and is, further. authorized to take
all steps and to-sign all. documents and 'ns't'ructions,nece'ssary
to implement-and carryout the Agreement on behalf'of the Agency.
•.PASSED,.APPROVED and ADOPTED this 8th: day of- :'Augustaf 1978.
e. ayor the.City.o osemea + r
ATTEST:
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C; tv ("I Prk
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 8 day of August 1978, and the
same was passed and adopted by the following vote, to wit:
AYES: Councilmen Hunter, Cichy & Tury,
NOES: Mayor Taylor
ABSENT.: Councilman. Imperial
ABSTAIN: None
ELLEN POOC.IGIAN; City Clerk
,.~Zf-113 •
ATTACHMENT A
PARCEL C•
That portion of Lot 4 of Tract No. 6806, in the City of Rosemead,
County of Los Angeles, State of California, as per map filed in Book 74,
page 31 of Maps, in the office of the County Recorder of said County,
described as follows:
Beginning at the intersection of the westerly line of the easterly
40 feet of said Lot 4 with the westerly prolongation of the southerly
line of Lot 1 of said.Tract No. 6806; thence along said prolongation
North 89°49'15" East 40.00 feet to the easterly line of said Lot 4;
thence along said easterly line South 0°25'45" East 90.00 feet to the
northerly line of the southerly 10 feet of said Lot 4; thence along
said northerly line South 89°49'15" West 40.00 feet to said westerly
line; thence along said westerly line 0°25'45" West 90.00 feet to the
Point of Beginning.