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111 /12/85
RESOLUTION NO. 184
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE
CITE' OF REDLANDS , CALIFORNIA, APPROVING THE
ACQUISITION AND DISPOSITION OF CERTAIN PROPERTY
PURSUANT TO CERTAIN INSTALLMENT SALE AGREEMENTS
FOR PROPERTY LOCATED WITHIN THE REDLANDS
REDEVELOPMENT PROJECT AREA PURSUANT TO HEALTH AND
SAFETY CODE SECTION 33431 (COAST SAVINGS PLAZA
PROJECT)
WHEREAS, the Redevelopment Agency of the City of Redlands ,
California (the "Agency" ) , is a redevelopment -agency, a public body,
corporate and politic of the State of California , organized and
existing pursuant to the Community Redevelopment Law (Part I of
Division 24 (commencing with Section 33 00) of the Health and Safety
Code of the State of Califoinia) ( the "Act" ) ; ar,,d
WHEREAS , a public hearing on the acquisition and
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disposition of certain real Property was duly held by the Agency on
November 19 , 1935 , in accordance with the Act and the redevelopment
of said real property; and
WHEREAS, Downtown Development , a Califonia limited
partnership, or its successors or assigns (the "Company" ) , has
sought the assistance of the Agency to finance the acquisition of
land and the construction and development thereon of a 24 , 300 square
foot commercial office and ret-ail project ( the "Project" ) for use at
premises generally located within a redevelopment project area of
the Agency known as the Redlands Redevelopment Project Area (the
"Project Area" ) ; and
WHEREAS , the Project , as pr,-op-nsed by the Company, sha I
confer a substantia' benefit upon the Prolect Area and shall
significantly assist the Agency in preventing the spread of blight
into portions of the City of Redlands , California the "C"i ty"
located outside of the Project Area ; and
WHEREAS, the Company has proposed to sell the Project to
the Agency for an acquisition price which is fair and reasonable
based upon a determination of the fair market value of the Project ;
and
MEREAS, pursuant to an appropriate Resolution dated
November 5 , 1985 , the Agency has indicated its intent to provide
Einancinq in connection with the Projec" ; and
WHEREAS , the City, at a duly noticed public hearing held on
November 19 , 1985 , pursuant to an appropriate Resolution of the City
Council of the City of Redlands , California (the "City Council" ) ,
made certain findings and determinations in connection with the
Project as required by Section 103 (k) of the Internal Revenue Code
of 1954 , as amended (the "Code" ) and approved the issuance by the
Agency of its certificates of participation in an aggregate
principal amount not to exceed $3 , 500 , 000 for the purpose of
providing financing for the Project ; and
WHEREAS, the Agency has; been requested by the Company to
enter into a certain installment sale agreement for the disposition
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and redevelopment of! the PfoJect by the Company pursuant to Health
and Safety Code Section 33431 and a certain disposition and
development agreement; and
WHEREAS, it is proposed that said installment sale
agreement contain provisions for the acquisition of the Project from
the Company by the Agency and the disposition of the Project by the
Agency to the Company in accordance with the development , use and
economic restrictions specified therein; and
WHEREAS, pursuant to Section 33431 of the Health and Safety
Code of the State of California , the Agency may convey the Project
to the Company without public bidding after publication of notice
following the conduct of a public hearing thereon; and
WHEREAS, it is deemed desirable that the Agency approve the
form of the proposed First Installment Sale Agreement , the Second
installment Sale Agreement and the Disposition and Development
Agreement for the acquisition of the Project by the Agency from the
Company and the disposition of said Project by the Agency to the
Company.
NOW, THEREFORE, BE IT RESOLVED, by the Redevelopment Agency
of the City of Redlands , California , as follows :
Sect -'Lon 1 . The Agency hereby approves ( i) the
acquisition of the Project from the 'Conipany and ( ii ) the disposition
of said Project to the Company pursuant to Health and Safety Code
Section 33431 .
Section 2 . The Agency hereby approves the execution of
the First Installment Sale Agreement by and between the Agency and
the Company for the acquisition and construction of the Project by
the Agency substantially in the for: as on file with the Agency
Secretary.
Section 3 . The Agency hereby authorizes the form of the
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Second Installment Sale Agreerruent for the financing and disposition
of the Project to the Company and the DiSpur it_on and Development
Agreement both substant- i3 ' ly 4
L I in t-he i^_ ., ---s on .- -L le 'Vji th the Agency
Secretary.
Section 4 . Pursuant to
Health and Safety Code
Section 313431 , a public hearing was duly held on November 19 , 19185 ,
in the City Council Chambers , 212 Brookside Avenue, Safety Hall ,
Redlands , California , in connection with the disposition by the
Agency of the Project to the Company, and the approvals of the
transaction pursuant to this Resolution are hereby taken conditioned
upon the successful conclusion of said hearing .
Sect- Lon 5 . '-Phe Agency Secretary is hereby authorized
and directed to cause this Resolution to be transmitted to the City
Council for appropriate action by that body.
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Section 6 . This Resolution shall take effect upon
adoption.
APPROVED AND ADOPTED this I9t�h day of
1985 . Nnvertbp r
Chairman of the
Redevelopment Agency of the
City of Redlands , California
(SEAL)
ATTEST:
Secr ry of frY .X, edevelopment Agency
of the/City of -`Rdlands , California
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Secretary of the Redevelopment
Agency of the City of Redlands , California, do hereby certify that
the foregoing resolution was regularly introduced and adopted by the
Redevelopment Agency of the City of Redlands, California, at a
regular meeting thereof , held on the 13_th_ day of Nav-e-mb-P-r-
1985 , by the following vote of the Agency:
AYES: Messrs. Johnson, DeMirjyn, Larsen; Chairman Beswick
NOES: None
ABSENT: Mr. Martinez
ABSTAINED: None
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the official seal of the Redevelopment Agency of the City of
Redlands , California, this 19th day of November
1985 .
Setary of
Rede-,(zelopmentIVA'gency of the
City of Redlands , California
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