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HomeMy WebLinkAbout90-468 - Resolutions RESOI/3TTC~ NO. 90-468 A RESOILTIC~ OF ~fiE CITY ~ OF ~fiE CITY OF RANCHO ~, C~T.T]~O];~A, ~ qN~T ~ DISPOSITION AND DEVELOPM~Ff AG~~ BY AND BEIWE~ THE RANCHO A. Recitals. (i) This Rancho C~ Redevelc~ ;~ency proposes to acquire fee title to that real pr~ consisting of approximately 535,788 square feet located c~ Foothill Bcxlle~ard near the 15 Freeway depicted on Exhibit "A" hereto and referred to therein as the Price Parcel ("the Pr~" herein- after). Ran~ ~ Redevelqm~nt Agency ("AgencF' hereinafter) ~lo desires to make disposition fo the Property. (ii) California Health and Safety Code, Section 33433, provides in pertinent part as fo11~s: "... before any property of the Agency ao~u~red in whole or in part, directly or indirectly, with tax increment monies is sold or leased for development pursuant to the Redevelopment Plan,, the sale or lease shall first be approved by the legislative body after public hearing. Notice of the time and place of the hearing shall be published in a newspa~ of general circulation in the c~,,~nity for at least two successive weeks prior to the hearing. ". . . The Resolution approving the lease or sale shall be adopted by a mjority vote . and shall contain findings that the consideration is not less t~ fair market value in accordance with covenants and conditions governing the sale or lease or, with respect to any sale or lease at less than estimated value, determined at the highest use permi~ under the plan, that the lesser consideration is necessary to effectuate the purposes of the plan." (iii) CalifOzTL~a Health and Safety Code, Section 33431 provides as fo11~s: "Any lease or sale made pursuant to Section 33430 (disposal of proDerty by a redevelopment agency) may be made without public bidding but only after a public hearing, notice of which shall be given by publication for not less than onoe a week for two weeks in a newspaper of general circulation published in the county in which the land lies." (iv) In aocordance with Sections 33433 and 33431 of the California Health and Safety Code, on December 5, 1990, this Agency and the Council of the City of Rancho Cucamonga conducted a duly noticed public hearing on the subject rotter of this Acjency's disposition of the Property by and through the approval and impl~tion of a Disposition and Development Agreem~t by and between Agency and THE PRICE CC~PANY, a California Corporation ("the DDA" hereinafter). Resolution No. 90-468 Page 2 (v) Prior to this Council's consideration of the adoption of this Resolution, the public hearing referred to in recital (iv) above was concluded. (vi) All legal prerequisites to the adoption of th~m Resolution have B. Rmsolution. NOW, THEREFORE, the City Council of the City of Rancho Cucamonga does hereby find, determine and resolve as foll~s: 1. This Council hereby finds that all of the facts set forth in the Recitals, Part A, of this Resolution are true and correct. 2. This Council hereby specifically finds that the consideration to be received by Agency for the di-~0osition of t_he Property in a~ with the provisions, covenants and conditions in the DDA is less than the fair market value of the Property, but that such lesser consideration is necessary to effectuate the purposes of the subject redevelo~ plan. 3. This Council hereby approves the DDA. 4. This Council further specifically authorizes and directs City's staff to promptly take any and all actions necessary to implement the DOA and 5. The City Clerk shall certify to the adoption of this Resolution. PASS~D, APPRDV~D, and ADOPI~D this 5th day of December, 1990. AYES: Alexander, Buquet, Stout, Williams, Wright NOES .- None Resolution No. 90-468 Page 3 I, D~RA J. ADAMS, CITY cL~K of the City of Rancho Cucamonga, California, do hereby certify that the f~egoing Resolution w~s duly passed, approved, and adopted by the City ~uncil of the City of Rancho Cucamonga, California, at a regular meeting of said City fk~ncil held on the 5th day of December, 1990. Executed this 6thday of December, 1990 at Rancho~nga, California. D~a J. ~, City Cler~-~ EXHIBIT "A" ,i'"' ~!~'""~'-"~'-'~ .... ~-"'~':"-:~':':':":': ~-' ...... '" 'i ,i. :": !!! :J'-: ill'! ~ ~ i i .': ! :: i .-' .-= i i., ! :j i' '"' ;I! '"~:.'~' ..., ....... ,=,..~, ..,..,~ ~ · .' .... '~'..~" .. o ,~/.~...~ .. .