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RESOLUTION NO. 687 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSID~~, CALIFORNIA, APPROVING THAT CERTAIN AGREEMENT OF PURCHASE AND SALE AND ESCROW INSTRUCTIONS BY AND BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE AND FINN L. COMER AND HOLL Y LYN COMER, AND CHRISTIAN E. SINGLETARY AND RU ANNA SINGU:TARY WHEREAS, the Redevelopment Agency of thc City of Riverside, California ("Agcncy") is cngaged in activities necessary to execute and implement the Redevelopment Plan for the Merged Downtown! Airport Industrial Redevelopment Project Area ("Redevelopment Project Area"); and WHEREAS, in order to implement the Redevelopment Plan for the Rcdevelopment Project Area, the Agency proposes to sell 2,5 acres of surplus property, comprised of two adjoining parcels (the "Property") located at 8856 Arlington and 8855 Philip A venucs, pursuant to thc terms and provisions of a certain Agreemcnt of Purchase and Sale and Escrow Instructions ("Agreement") by and betwecn the Agency and Finn L Comer and Holly Lyn Comer, and Christian E, Singletary and Ru Anna Singletary ("Buyers"); and WHEREAS, the Agrcement proposes that thc Agency will sell real property located in thc Redevelopment Project Area and which property is described in said Agreement by entering into the Agrcement with the Buyers; and WHEREAS, the proposed Agrecment contains all the proVISIons, tenns, conditions and obligations required by State and local law; and WHEREAS, the Agency has prepared, and the City Council has reviewed and considered, a summary setting forth the cost of the Agreement to the Agency and including the sale of real property to the Buyers and has made said summary available for public inspection in accordance with the California Community Redevelopment Law, Health and Safety Code; and WHEREAS, pursuant to provisions of California Community Redevelopment Law. Health & Safety Code. the Agency and the City Council have noticed and held a duly noticed joint public hearing and on the proposed Agreement; and WHERI<:AS, the City Council has considered all tenns and conditions of the proposed Agreement, and has deternlined that the sale of the Property pursuant to the proposed Agreement is in the best interests of the City and in accord with the public purposes and provisions of applicable Statc and IDCallaws, NOW, THEREFORE, BE IT RESOLVED by the Redevelopment Agency of the City of Riverside as follows: Section 1. The Agency hereby finds and detennines that the salc of the Propel1y, pursuant to the Agreement between the Agency and Buyers, will assist in the elimination of blight and is necessary to effectuate the purposes of the Redevelopment Plan for the reasons set forth in the summary, -1-