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RESOLUTION NO. 734 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 MARY ERICKSON HOUSING/RIVERSIDE HOMES, 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 University Corridor/Sycamore Canyon Redevelopment Project Area ("Redevelopment Project Area"); and WHEREAS, in order to implement the Redevelopment Plan for the Redevelopment Project Area, the Agency proposes to sell 1.1 acres of surplus property, comprised of six parcels (the "Property") located on 12th Street just west of Chicago Avenue known as Assessor's Parcel Numbers 221-161-002, 221-161-003, 221-161-024, 221-161-025, 221-161-005, & 221-161-026 pursuant to the terms and provisions of a certain Disposition and Development Agreement ("Agreement") by and between the Agency and Mary Erickson Housing/Riverside Homes, IJ.C ("Developer"); and WHEREAS, the Agreement proposes that the Agency will sell real property located in the Redevelopment Project Area, 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, including the sale of real property to the Developer, 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 on the proposed Agreement; and WHEREAS, the City Council has considered all terms and conditions of the proposed Agreement, and has determined 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 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 detemaines that the sale of the Property, pursuant to the 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.