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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />CITY' ATTORNEY'S OFFICE <br />3990 MAIN STREET <br />RIVERSIDE. CA 92522 <br />(951) 826-5567 <br />RESOLUTION NO. 910 <br />A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF <br />RIVERSIDE, CALIFORNIA, APPROVING AN AMENDED AND RESTATED <br />DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN THE <br />REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE AND <br />METRORIVERSIDE, LLC; AND AUTHORIZING THE EXECUTION OF THE <br />NECESSARY DOCUMENTS. <br />WHEREAS, the City Council of the City of Riverside ("City") approved and adopted a <br />Redevelopment Plan ("Redevelopment Plan") for the Redevelopment Project Area known as the <br />Downtown/Airport Industrial and Hunter Park/Northside Redevelopment Project Area ("Project <br />Area"); and <br />WHEREAS, the Redevelopment Agency of the City of Riverside ("Agency") is engaged <br />I in activities to implement the Redevelopment Plan for the Project Area pursuant to the provisions <br />of the California Community Redevelopment Law ("CRL") (Health and Safety Code Section <br />33000 et seq.); and <br />WHEREAS, Agency staff have negotiated the terms of that certain "Fox Plaza Project - <br />Amended and Restated Disposition and Development Agreement" ("Agreement") with <br />MetroRiverside, LLC ("Developer") for the sale and development of certain Agency-owned real <br />property ("Property") as a mixed-use project ("Project") including retail space, condominiums, a <br />hotel and parking structure as set forth in the Agreement; and <br />WHEREAS, as used in this Resolution, the term "Property" refers to, collectively, the <br />real property described in the Agreement as the "Phase IA Property" and the "Phase IB <br />Property"; and <br />WHEREAS, the Agency has prepared, and the City Council has reviewed and <br />considered, a summary report prepared pursuant to CRL Section 33433 ("Summary Report") <br />setting forth: (1) the cost of the Agreement to the Agency; (2) the estimated value of the fee <br />interest in the Property determined at its (A) highest and best use determined pursuant to the <br />Redevelopment Plan, and (B) use, and with the conditions, covenants and development costs, <br />required by the Agreement; and (3) an explanation of how the acquisition and conveyance of the <br />Property will assist in the elimination of blight within the Project Area; and <br />I <br />