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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 />RESOLUTION NO. 957 <br />A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY <br />OF RIVERSIDE, CALIFORNIA APPROVING THE SALE OF REAL <br />PROPERTY BY THE REDEVELOPMENT AGENCY OF THE CITY OF <br />RIVERSIDE PURSUANT TO THOSE CERTAIN PURCHASE AND SALE <br />AGREEMENTS BY AND BETWEEN THE REDEVELOPMENT AGENCY <br />OF THE CITY OF RIVERSIDE AND GIANG NGUYEN. <br />WHEREAS, the Redevelopment Agency of the City of Riverside, California ( "Agency ") is <br />engaged in activities necessary to execute and implement the Redevelopment Plan for the University <br />Corridor /Sycamore Canyon Redevelopment Project Area ( "Redevelopment Project Area "); and <br />WHEREAS, in order to implement the Redevelopment Plan for the Redevelopment Project <br />Area, the Agency proposes to sell approximately 38,622 square feet of real property, generally <br />located at 1865 & 1875 University Avenue and 1910 University Avenue (the "Property "), pursuant <br />to the terms and provisions of those certain Purchase and Sale Agreements ( "Agreements ") by and <br />between the Agency and Giang Nguyen ( "Buyer "); and <br />WHEREAS, the Agreements propose that the Agency will sell real property located in the <br />Redevelopment Project Area and which property is described in said Agreements by entering into <br />the Agreements with the Buyer; and <br />WHEREAS, the proposed Agreements contains all the provisions, terms, conditions and <br />obligations required by State and local law; and <br />WHEREAS, the Agency has prepared, and the City Council has reviewed and considered, a <br />summary setting forth the cost of the Agreements to the Agency and including the sale of real <br />property to the Buyer and has made said summary available for public inspection in accordance with <br />the California Community Redevelopment Law, Health and Safety Code; and <br />WHEREAS, pursuant to provisions of California Community Redevelopment Law, Health & <br />Safety Code, the Agency and the City Council have noticed and held a duly noticed joint public <br />hearing on the proposed Agreements; and <br />WHEREAS, the City Council has considered all terms and conditions of the proposed <br />Agreements, and has determined that the sale of the Property pursuant to the proposed Agreements is <br />in the best interests of the City and in accord with the public purposes and provisions of applicable <br />