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RESOLUTION NO. 653 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, CALIFORNIA APPROVING AN ANIENDNIENT TO THAT CERTAIN DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN THE REDEVELOPN/IENT AGENCY OF THE CITY OF RIVERSIDE AND GARY RODRIGUEZ AND GREG POOL WHEREAS. the Redevelopment Agency of the City of Riverside. California ("Agency") is engaged in activities necessary, to execute and implement the Redevelopment Plan for the Downtown/Airport Industrial Merged Redevelopment Project Area CRedevelopment Project Area"); and WHEREAS, the City Council reviewed and adopted a Mitigated Negative Declaration for the Redevelopment Project Area on September 12, 1995; and WHEREAS, in order to implement the Redevelopment Plan for the Redevelopment Project Area, the Agency entered into that certain Disposition and Development Agreement ("Agreement") with Gary Rodriguez and Greg Pool for the rehabilitation of the !and and improvements located at 3245 Orange Street which Agreement was approved by resolution of the City of Riverside in Resolution No. 19409 on Deceml~er 15, 1998, and which Agreement was approved by the Agency in Resolution No. 648 on December 15, 1998; and WHEREAS, Gary, Rodriguez and Greg Pool will not be able to jointly obtain the financing contemplated under the Agreement and therefore will not be able to meet a condition of closing as specified in the Agreement, but Gary Rodriguez individually is reasonably able to obtain the necessary financintg; and WHEREAS, the Agency proposes to amend the Agreement (the "Amendment") by terminating, canceling, and rescinding the Agreement as to Greg Pool and by reaffirming the Agreement as to Gary Rodriguez; and WHEREAS, the Agency staff has reported that such Amendment to the Agreement is necessary to preserve the intent and effect of the Agreement which the Agency previously determined would assist in the elimination of blight in the Redevelopment Project Area by facilitating the sensitive historic rehabilitation and occupancy of an existing substandard residence: and WHEREAS, the Agency has considered all terms and conditions of the proposed Amendment to the Agreement and has determined that the redevelopment of the Project Area pursuant to the proposed Amendment to the Agreement is in the best interest of the Agency and the City and is in accord with the public purpose and provisions of applicable State and local laws. NOW THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of Riverside as follows: Section 1. The Agency finds and determines that the Amendment to the Agreement is necessary to effectuate the intent of the Agreement and to assist in the elimination of blight in the Redevelopment Project Area by facilitating the sensitive historic rehabilitation and occupancy of an existing substandard residence. 1~0062-1