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R-692
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Resolutions
General 2 - Date
1/8/2002
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R-692
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1 <br /> <br /> 2 <br /> <br /> 3 <br /> <br /> 4 <br /> <br /> 5 <br /> <br /> 6 <br /> <br /> 7 <br /> <br /> 8 <br /> <br /> 9 <br /> <br />10 <br /> <br />11 <br /> <br />12 <br /> <br />13 <br /> <br />14 <br /> <br />15 <br /> <br />16 <br /> <br />17 <br /> <br />18 <br /> <br />19 <br /> <br />20 <br /> <br />21 <br /> <br />22 <br /> <br />23 <br /> <br /> 24 <br /> <br />25 <br /> <br />26 <br /> <br />27 <br /> <br /> RESOLUTION NO. 692 <br /> <br /> A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY <br /> OF RIVERSIDE APPROVING THE UNIVERSITY VILLAGE CENTER <br /> SIXTH IMPLEMENTATION AMENDMENT AGREEMENT RE <br /> UNIVERSITY VILLAGE DEVELOPMENT AND PURCHASE OF <br /> PARKING STRUCTURE <br /> <br /> WHEREAS, The Redevelopment Agency of the City of Riverside ("Agency") is <br />engaged in activities necessary to execute and implement the redevelopment plan <br />("Redevelopment Plan") for the Agency's University Corridor/Sycamore Canyon Project Area <br />("Project Area") pursuant to the provisions of the California Community Redevelopment Law <br />(Health and Safety Code Section 33000 et seq.) ("CRL") and the Redevelopment Plan; and <br /> <br /> WHEREAS, University Village LLC ("Owner") is the owner of University Village <br />("Development"), a commercial/retail development located at the northeast corner of University <br />Avenue and Iowa Avenue within the Project Area; and <br /> <br /> WHEREAS, Agency and Owner have negotiated the terms of that certain "University <br />Village Center Sixth Implementation and Amendment Agreement Re University Village <br />Development and Purchase of Parking Structure" of even date herewith ("Sixth Implementation <br />Agreement") which provides for, among other things, the issuance of tax-exempt debt by the <br />Agency to facilitate the financing of the Parking Structure; and <br /> <br /> WHEREAS, within the University Village, Owner plans to construct and develop a <br />parking structure which shall consist of six (6) stories and approximately 910 parking spaces <br />("Parking Structure"); and <br /> <br /> WHEREAS, the Agency and Owner have negotiated the terms of a Purchase and Sale <br />Agreement ("Agreement"), attached to the Sixth Implementation Agreement as Exhibit B, to <br />provide for, among other things, the Agency's purchase of the Parking Structure from Owner for <br />the purpose of providing public parking; and <br /> <br /> WHEREAS, pursuant to CRL Section 33445, the Agency may, with the consent of the <br />City Council, pay all or part of the costs of the Parking Structure if the City Council makes certain <br />findings; and <br /> <br />City Attorney's Office <br />3900 Main Street <br />Riverside, CA 92522 <br />(909) 782-5567 <br /> <br /> <br />
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