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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />7R <br />RESOLUTION NO. 48 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RIVERSIDE, <br />CALIFORNIA, AS SUCCESSOR AGENCY TO THE REDEVELOPMENT <br />AGENCY OF THE CITY OF RIVERSIDE APPROVING A PURCHASE, SALE, <br />AND DEVELOPMENT AGREEMENT WITH GILBANE DEVELOPMENT <br />COMPANY FOR THE SALE OF 3.9 ACRES OF SUCCESSOR AGENCY - <br />OWNED VACANT LAND, IDENTIFIED AS ASSESSOR PARCEL NUMBERS <br />230-233-013, 230-245-013 AND -015, AND A PORTION OF 230-235-010, <br />LOCATED ON THE SOUTH SIDE OF RAILROAD AVENUE, BETWEEN <br />MADISON STREET AND JEFFERSON STREET, RIVERSIDE, CALIFORNIA, <br />FOR THE DEVELOPMENT OF A 120 -UNIT, 100% AFFORDABLE MULTI- <br />FAMILY AND SENIOR HOUSING RESIDENTIAL PROJECT IN THE SALE <br />AMOUNT OF $2,400,000. <br />WHEREAS, pursuant to Resolution No. 22322, adopted by the City Council of the City of <br />Riverside ("City") on January 10, 2012, the City of Riverside agreed to serve as the Successor Agency <br />("Successor Agency") to the Redevelopment Agency of the City of Riverside ("Redevelopment <br />Agency") commencing upon dissolution of the Redevelopment Agency on February 1, 2012 pursuant <br />to Assembly Bill xl 26 ("AB 26"); and <br />WHEREAS, Health and Safety Code Section 34177 (i) provides that a successor agency is <br />required to continue to oversee development of properties until the contracted work has been <br />completed or the contractual obligations of the former redevelopment agency can be transferred to <br />other parties; and <br />WHEREAS, the Successor Agency currently owns 3.9 acres of vacant land located on the <br />south side of Railroad Avenue, between Madison Street and Jefferson Street, bearing Assessor's Parcel <br />Numbers 230-233-013, 230-245-013 and -015, and a portion of 230-235-010 ("Property"); and <br />WHEREAS, pursuant to AB 1484 and Health and Safety Code Section 34191.5(c)(2), the <br />Successor Agency prepared a Long Range Property Management Plan dated February 25, 2014, for <br />the disposition of the former Redevelopment Agency properties, which included the Property; and <br />WHEREAS, on March 6, 2014, the Department of Finance approved the Successor Agency <br />Long Range Property Management Plan ("Plan"); and <br />WHEREAS, the Plan sets forth the sale of the Property at fair market value subject to future <br />development as set forth in Exhibit "A" attached hereto and incorporated herein by reference; and <br />