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RESOLUTION NO. 707 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, CALIFORNIA, APPROVING THAT CERTAIN DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE AND THE STEWART GROUP, LLC. 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 Merged Downtown/Airport Industrial Redevelopment Project Area ("Redevelopment Project Area"); and WHEREAS, in order to implement the Redevelopment Plan for the Redevelopment Project Area, the Agency proposes to facilitate the development of a commercial office building and sell approximately 150,000 square feet of vacant land within APNs 207-120- 001,207-120-002, 207-120-003, 207-120-020, 207-120-021, and 207-120-022 (the "Property") located at the Northwest comer of Market Street and Fairmount Boulevard, pursuant to the terms and provisions of a certain Disposition and Development Agreement ("Agreement") by and between the Agency and The Stewart Group LLC ("Developer"); and WHEREAS, the Agreement proposes that the Agency will sell real property located in the Redevelopment Project Area and which property is described in said Agreement by entering into the Agreement with the Developer; and WHEREAS, the proposed Agreement contains all the provisions, terms, 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 has made said summary available for public inspection in accordance with the California Community Redevelopment Law, Health and Safety Code {}33433; 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 on the proposed Agreement; and WHEREAS, the City Council has considered all terms and conditions of the proposed development Agreement, and has determined that the redevelopment of the Project pursuant to the proposed Agreement is in the best interests of the City and in accord with the public purposes 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 hereby finds and determines that the sale and development of the Property, pursuant to the Disposition and Development Agreement between the Agency and Developer, 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.