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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 />CRY ATTORNEY'S OFFICE <br />3900 M.dN STREET <br />RmiRS=, CA 92522 <br />(951) 926-5567 <br />RESOLUTION NO. 922 <br />A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY <br />OF RIVERSIDE, CALIFORNIA, APPROVING THE SALE OF 362.0 <br />FAIRMOUNT BOULEVARD AND 3876 SIXTH STREET FROM THE <br />REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE TO THE <br />CITY OF RIVERSIDE TO FACILITATE THE CONSTRUCTION OF <br />PARKING GARAGE 7. <br />WHEREAS, the City Council of the City of Riverside approved and adopted a <br />Redevelopment Plan ("Redevelopment Plan") for the Redevelopment Project Area known as the <br />Downtown/Airport Merged Redevelopment Project Area ("Redevelopment Project Area"); and <br />WHEREAS, the Redevelopment Agency of the City of Riverside ("Agency") is engaged in <br />activities to implement the Redevelopment Plan for the Redevelopment Project Area pursuant to the <br />provisions of California Community Redevelopment Law (CRL Section 33000 et seq.); and <br />WHEREAS, on July 8, 2008, the Agency approved the purchase of 3620 Fairmount <br />Boulevard and 3876 Sixth Street ("Agency Parcels") for $2,000,000, with an additional <br />appropriation of $700,000 for relocations, environmental assessment, consultant costs and site <br />preparation; and <br />WHEREAS, Agency desires to sell the Agency Parcels to the City of Riverside ("City") to <br />facilitate the construction of a 400 space parking garage, with 12,000-square-feet of ancillary retail, <br />which has been designated as Garage7 which sale and future development will assist in the <br />elimination of blight in the area; and <br />WHEREAS, the City will issue revenue bonds in order to develop and pay for the acquisition <br />of Garage 7; and <br />WHEREAS, the City will therefore own and operate Garage 7; and <br />WHEREAS, the Agency has prepared, and the City Council has reviewed and considered a <br />summary pursuant to CRL Section 33433 ("Summary") setting forth: (1) the estimated fair re-use of <br />the interest to be conveyed to the City; (2) the estimated value of the compensation to be received by <br />the Agency from the City; (3) the estimated fair market value of the Agency Parcels at their highest <br />and best use and (4) an explanation of how the acquisition and conveyance of that interest will assist <br />