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RESOLUTION NO. 690 1 2 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF 3 RIVERSDE, CALIFORNIA, APPROVING THAT CERTAIN AGREEMENT OF PURCHASE AND SALE BY AND BETWEEN THE REDEVELOPMENT AGENCY OF 4 THE CITY OF RIVERSDE AND THE CITY OF RIVERSIDE 5 WHEREAS, the Redevelopment Agency of the City of Riverside, California 6 ("Agency") is engaged in activities necessary to execute and implement the Redevelopment Plan 7 for the Casa Blanca Redevelopment Project Area ("Redevelopment Project Area"); and 8 WHEREAS, in order to implement the Redevelopment Plan for the Redevelopment 9 Project Area, the Agency proposes to sell 0.5 acres of surplus property, located at the southeast 10 comer of Emerald and Madison Street (the "Property"), pursuant to the terms and provisions of a 11 certain Agreement of Purchase and Sale ("Agreement") by and between the Agency and the City; 12 and 13 WHEREAS, the Agreement proposes that the Agency will sell real property located in 14 the Redevelopmerit Project Area and which property is described in said Agreement by entering 15 into the Agreement with the City; and 16 WHEREAS, the proposed Agreement contains all the provisions, terms, conditions 17 and obligations required by State and local law; and 18 WHEREAS, the Agency has prepared, and the City Council has reviewed and 19 considered, a summary setting forth the cost of the Agreement to the Agency and including the 20 sale of real property to the City and has made said summary available for public inspection in 21 accordance with the California Community Redevelopment Law, Health and Safety Code; and 22 WHEREAS, pursuant to provisions of California Community Redevelopment Law, 23 the Agency and the City Council have noticed and held a duly noticed joint public hearing on the 24 proposed Agreement; and 25 WHEREAS, the City Council has considered all terms and conditions of the proposed 26 Agreement, and has determined that the sale of the Property pursuant to the proposed Agreement is 27 in the best interest of the City and in accord with the public purposes and provisions of applicable City AttorneyIs Office 3900 Main Street Riverside, CA 92522 (909) 826-5567